Broker app Registered, not enabled

Zerodha review

Zerodha is a low cost route to government securities: primary bids carry no fee since 1st Mar 2024 and land in your Zerodha demat. It does not sell corporate bonds through the RFQ platform yet, because NSE lists its OBPP as Not enabled on 14th Oct 2026, so corporate bonds on Zerodha means the Kite order book only.

Verified 17th Oct 2026

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Key facts

Legal entity: Zerodha Broking Ltd source
Group or backers: Not verified in our research source
SEBI registration: INZ000031633 (stock broker) source
NSE OBPP status: Registered, status Not enabled (list as on 14th Oct 2026) source
BSE OBPP status: Not on the BSE list (file dated 24th Sep 2026) source
Corporate bonds via RFQ: Not live. Press on 26th Aug 2026 reported SEBI approval and internal testing, with no launch date reported source
Listed bonds on the exchange order book: Yes: listed NCDs, bonds and tax-free bonds on Kite, per Zerodha staff on 18th Apr 2026 source
NCD IPOs: Not available; Zerodha tells users to apply through net banking ASBA source
G-sec, T-bill and SDL bids: Yes, non-competitive bids on Kite; the 0.06% fee was waived from 1st Mar 2024 source
SGBs: Zerodha supports SGB bids and states STT does not apply to SGBs; no new tranche has been issued since Feb 2024 source
Where your bonds sit: In your Zerodha demat; G-secs bought in primary bids and held to maturity show in Coin source
Minimum investment: Zerodha's own minimum not captured in our research; brokers quote ₹10,000 face value for non-competitive G-sec bids source
Fees and markup: G-sec, T-bill and SDL primary bids free; no brokerage on secondary purchases on Kite, exchange charges apply; STT not applicable to SGB, G-sec, T-bill and SGrB source
DP charge when you sell: ₹15.34 per scrip (₹3.5 CDSL plus ₹9.5 Zerodha plus ₹2.34 GST), with an extra ₹0.25 CDSL discount on bond debits source
Yield shown as: Coin and Console show the dirty price of a G-sec as your buy average source
Selling before maturity: Sell on the exchange; costs the same as exiting any demat security source
Settlement: Exchange cash segment, where G-secs trade at the dirty price (NSE circular NSE/CMTR/39581) source
Credit range on shelf: Not applicable: no curated shelf; the order book carries whatever is listed source
NRI access: Zerodha's G-sec help section has an NRI eligibility article; the rules were not captured in our research source
Play Store (India): Kite: 4.4 from 3.94 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 source
App Store (India): Kite: 4.35 from 10,574 ratings, read 17th Oct 2026 source
SEBI or exchange actions: None bond specific found in our research source

Sells: G-secsT-billsSDLsSGBsCorporate bondsTax-free bonds

Suits

Buying T-bills, G-secs and SDLs without a bid fee
Keeping government securities in the same demat as shares
Buying a specific listed NCD or tax-free bond with a limit order

Watch out for

No RFQ corporate bond platform; OBPP is Not enabled
No NCD IPO applications in the app
Order book liquidity for most listed bonds is thin
Exchange prices are dirty prices, so the buy average includes accrued interest

Can you buy corporate bonds on Zerodha?

Only listed ones, on the Kite order book. Zerodha staff confirmed on 18th Apr 2026 that listed NCDs, bonds and tax-free bonds can be bought on Kite in the secondary market, that bond IPOs are not available, and that users should apply to public issues through net banking ASBA (TradingQnA).

Zerodha does not run an RFQ bond platform of the kind Groww and the specialist apps use. Zerodha Broking Ltd is on NSE's OBPP list with status Not enabled as on 14th Oct 2026, and it is not on BSE's list (NSE list; BSE list). Buying on the order book means you place a limit order against whatever sellers are showing; for many corporate bonds that may be nobody.

Step by step help is in how do I buy corporate bonds on Zerodha.

How do you bid for T-bills, G-secs and SDLs on Zerodha, and what does it cost?

Bidding is free. Zerodha waived the 0.06% fee on primary G-sec, T-bill, SDL and sovereign green bond bids from 1st Mar 2024, and bids are placed on Kite (kite.zerodha.com/bids/gsecs, per a user post of 13th Oct 2026) (TradingQnA staff thread; TradingQnA).

Brokers route retail bids into the exchange's non-competitive scheme. NSE, for example, pools retail bids and submits one bid to RBI, and allotment is at the weighted average price of the auction (NSE). Securities bought this way and held to maturity show in Coin. Zerodha's support section has 26 articles on bid windows, the issuance calendar, SGB bids, NRI eligibility and exiting before maturity (Zerodha support).

Route	Fee on a primary bid
Zerodha	₹0 since 1st Mar 2024
Fyers	₹0
RBI Retail Direct	₹0 (payment gateway charges extra)
Upstox, HDFC Sky	0.06% of allotment plus GST

For the full process see how to buy T-bills, how to buy G-secs and SDLs and RBI Retail Direct vs Zerodha.

What do you pay to hold and sell bonds at Zerodha?

The main cost is the DP charge when you sell: ₹15.34 per scrip, made up of ₹3.5 CDSL, ₹9.5 Zerodha and ₹2.34 GST, with an additional ₹0.25 CDSL discount on debits of bonds (Zerodha charges).

Charge	Amount
Brokerage on secondary bond purchases on Kite	₹0 (exchange charges apply)
STT	Not applicable to SGB, G-sec, T-bill and SGrB
Stamp duty on buying	0% on government securities; 0.0001% on corporate bond transfers
DP charge per sell	₹15.34 per scrip
AMC	First year free for new resident individuals; non-BSDA ₹300 a year plus GST; BSDA ₹0 up to ₹4 lakh, ₹100 a year plus GST from ₹4 lakh to ₹10 lakh
Pledge request	₹30 plus GST per ISIN

Sources: Zerodha charges; Zerodha support; NSE levies. Exiting a G-sec before maturity costs the same as exiting any other demat holding.

When will Zerodha launch its corporate bond platform?

There is no date. Free Press Journal reported on 26th Aug 2026 that Zerodha had SEBI approval and was testing internally, planning both public bond issues and secondary trading of listed bonds on Kite (Free Press Journal). As of 17th Oct 2026 NSE still shows its OBPP as Not enabled.

The history explains the caution. Zerodha launched a corporate bonds platform on Coin on 18th Jun 2020, stopped offering corporate bonds on Coin by 7th Dec 2021, and in Oct 2024 staff said work had moved to Kite and pointed users to GoldenPi or Wint Wealth in the meantime (TradingQnA, 2020 to 2022; TradingQnA, Oct 2024). On 22nd Jan 2026 a staff member said a bonds widget with full data was planned, and on 4th Feb 2026 added: "Can take couple of quarters." (TradingQnA). On 30th Sep 2026 staff said corporate bond fundamentals in Console would be taken up in the coming weeks (TradingQnA).

GoldenPi and Wint Wealth are separate companies, not Zerodha products; see is GoldenPi or Wint Wealth part of Zerodha.

Why does Zerodha show a G-sec buy price above the quoted price?

Because exchange prices include accrued interest. NSE circular NSE/CMTR/39581 of 4th Dec 2018 says G-secs in the capital market segment trade inclusive of accrued interest, the dirty price, and SDLs followed under NSE/CMTR/45096 of 22nd Jul 2020 (NSE circulars). Coin and Console then show that dirty price as your buy average (Zerodha support).

RFQ platforms and NDS-OM quote clean and add accrued interest separately, so the same bond can look cheaper on a specialist app than on Kite while costing you the same. Clean price vs dirty price works through an example.

Questions people ask

Is Zerodha a SEBI registered bond platform?

Zerodha Broking Ltd is on NSE's OBPP list but with status Not enabled as on 14th Oct 2026, and it is not on BSE's list. It can still sell listed bonds on the exchange order book and take G-sec bids as a stock broker.

Can I apply for NCD IPOs on Zerodha?

No. Zerodha staff said on 18th Apr 2026 that bond IPOs are not available on the platform and that users should apply through net banking ASBA.

Is there a fee for T-bill bids on Zerodha?

No. Zerodha waived its 0.06% fee on primary G-sec, T-bill and SDL bids from 1st Mar 2024. You still pay the DP charge of ₹15.34 per scrip if you sell before maturity.

Are GoldenPi and Wint Wealth part of Zerodha?

No. They are separate companies. Zerodha staff have pointed users to them for corporate bonds while Zerodha's own platform is not live.

Can I sell a G-sec bought on Zerodha before maturity?

Yes, on the exchange, at whatever price buyers offer. Zerodha says exiting costs the same as exiting any other demat security.