Zerodha, Groww and Dhan now let you buy US stocks and US-listed ETFs through GIFT City, at 0.1% to 0.25% brokerage per order. That is cheap for buying individual US shares. For a long-term index investor, brokerage matters less than what these apps leave out: they do not offer UCITS ETFs, so the S&P 500 or world index funds you buy are US-listed, with 25% US tax on dividends and US estate tax exposure. Your money still goes abroad under LRS either way.
Table of contents
- What do Zerodha, Groww and Dhan offer for US investing?
- Is 0.1% brokerage cheap?
- What can't you buy through these apps?
- How much does the fund's domicile change your return?
- Which route fits you?
What do Zerodha, Groww and Dhan offer for US investing?
All three run US investing through GIFT City, with a US broker holding the shares. As of October 2026:
| Zerodha | Groww | Dhan | |
|---|---|---|---|
| Route | India INX Global Access at GIFT City | Its own GIFT City approval | Raise IFSC, its GIFT City subsidiary |
| US broker and custodian | ViewTrade | Alpaca Securities | ViewTrade |
| Available since | October 2026, in beta on Kite web | September 2026, open to all from 23 October 2026 | 12 June 2026 |
| What you can buy | About 2,000 US companies and about 1,000 ETFs | 10,000+ US stocks and ETFs | 10,000+ US stocks and ETFs |
| Brokerage | 0.1%, capped at $10 per order | 0.1%, $1 minimum, no cap | 0.25%, no cap |
For each pair in detail, see Groww vs Zerodha, Zerodha vs Dhan and Groww vs Dhan.
Note: GIFT City does not take you outside LRS. Money you send to buy US shares through these apps is still a remittance under the Liberalised Remittance Scheme, with the same $250,000 yearly limit and the same tax collected at source. See LRS for investments.
Is 0.1% brokerage cheap?
For a single order, yes. But the headline rate is only one of several costs, and for most long-term investors it is not the biggest.
Brokerage on one buy order, before GST, as of October 2026:
| Order size | Zerodha (0.1%, capped at $10) | Groww (0.1%, $1 minimum) | Dhan (0.25%) |
|---|---|---|---|
| $500 | $0.50 | $1.00 | $1.25 |
| $2,000 | $2.00 | $2.00 | $5.00 |
| $25,000 | $10.00 | $25.00 | $62.50 |
The same rate applies again when you sell, so a round trip costs twice the figure above.
What the brokerage rate leaves out:
- Currency conversion. Turning rupees into dollars usually costs more than brokerage. The markup on the exchange rate is set by the app or bank and is not always shown up front.
- Remittance charges. Your bank may charge for each outward transfer.
- Tax collected at source. Investment remittances above a yearly threshold attract TCS. It is not a cost in the end, because you can adjust it against your income tax, but it ties up cash until you do.
- The fund's own tax treatment. For index ETFs held for years, how the fund is taxed on dividends and at death matters far more than a few dollars of brokerage (see the next two sections).
To compare all-in costs across platforms, use the global brokerage calculator and see how to compare brokerage for global stocks.
What can't you buy through these apps?
The GIFT City services from Zerodha, Groww and Dhan cover US-listed stocks and ETFs. Three things are missing:
- UCITS ETFs. Irish-domiciled funds that track the S&P 500, Nasdaq 100 or world indices trade on European exchanges, not in the US, so they are not on these apps.
- UCITS mutual funds. The same applies to UCITS funds that are not exchange-traded.
- Stocks on other exchanges. Shares listed in Japan, Europe, Hong Kong or Singapore on their home exchanges are outside a US-only service.
For individual US companies, that does not matter. For index investing, it does, because a US-listed ETF and an Irish UCITS ETF holding the same shares are taxed differently. See why most UCITS ETFs are domiciled in Ireland.
How much does the fund's domicile change your return?
Example. Suppose you are resident, in the 30% slab, and hold $50,000 in an S&P 500 fund that yields about 1.2%, so about $600 of dividends a year. Compare a US-listed ETF bought through a GIFT City app with an Irish accumulating UCITS ETF bought directly.
| US-listed ETF | Irish accumulating UCITS ETF | |
|---|---|---|
| US tax on $600 of dividends | $150 (25%, taken from your payout) | $90 (15%, paid inside the fund) |
| Indian tax on the dividends | $187.20 at 31.2%, less $150 foreign tax credit, so $37.20 more | None while you hold; dividends stay in the fund |
| Tax on dividends each year | $187.20 | $90.00 |
The result: about $97 a year less tax on dividends, or about 0.19% of the investment
That difference repeats every year you hold the fund. Over the same period it is far larger than the gap in brokerage between apps. The Irish fund's growth is taxed in India as a capital gain when you sell, so this compares the yearly dividend drag, not your final tax.
Two other differences point the same way:
- US estate tax. US-listed ETFs are US assets. If you die holding more than $60,000 of US assets, your heirs can face US estate tax. Units of an Irish fund are not US assets. See how US estate tax works for Indians and NRIs.
- Accumulating share classes. Most US-listed ETFs pay dividends out, which are taxed in India each year. Many UCITS ETFs reinvest them. See accumulating vs distributing UCITS ETFs.
Which route fits you?
| If you mainly want to | A GIFT City app fits when | Buying UCITS ETFs directly fits when |
|---|---|---|
| Buy individual US companies | You trade small amounts often and want low brokerage | You also want non-US shares in the same account |
| Invest in an S&P 500, Nasdaq 100 or world index for years | You are happy with a US-listed ETF and its tax treatment | You want lower dividend tax drag, no US estate tax and an accumulating fund |
| Invest beyond the US | It does not fit; these services are US-only | You want Japanese, European or Asian shares on their home exchanges |
Note: Both routes send money abroad under LRS, so the $250,000 yearly limit, TCS and Schedule FA reporting apply either way. GIFT City changes who you deal with, not the LRS rules.
About Paasa
Paasa is a global investing platform built for Indian and Asian investors. It gives anyone direct access to stocks, ETFs and UCITS funds on their home exchanges across the US, Canada, the UK, Germany, France, Switzerland, the Netherlands, South Korea, Japan, Hong Kong and Singapore.
- UCITS and US-listed in one account: hold Irish UCITS ETFs and UCITS mutual funds alongside US stocks, in any trading currency.
- Beyond the US: buy shares on 11 home exchanges, not only US listings.
- A dedicated relationship manager: help choosing between US-listed and UCITS funds for your tax situation, plus LRS and reporting support.
