Zerodha has declared that it will no longer charge an account opening fee from resident Indians. This policy change will be effective from July 1, 2024.

What Happened: The announcement was made by the company on Wednesday, July 24, 2024. Zerodha, which started operations in 2010, initially had an offline account opening process that involved substantial costs, leading to the imposition of an account opening fee. “Opening an account had significant costs, and we had to charge an account opening fee to cover these costs,” the company stated in a press release.

The advent of Aadhaar-enabled KYC and e-signatures in 2016-17 transformed the account opening process into a fully online one, leading to a reduction in the account opening fee from ₹600 to ₹200. However, Zerodha believes that even the ₹200 fee is no longer justifiable.

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“Over the years, our mission has evolved from just offering the best platforms to helping Indians do better with their money. To further that goal in mind, we've made account opening free for all resident Indians starting July 1, 2024,” the company added.

This move comes after Zerodha faced a series of technical glitches that impacted its users. On July 8, 2024, Zerodha users once again faced technical issues, with orders placed on the app not being executed. This led to a wave of displeasure among users who took to social media to express their frustration.

On July 10, 2024, the brokerage is said to have refunded ₹9 lakh to a trader who claimed to have lost ₹9.56 lakh due to a technical error on the platform.

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