Opening an account without an account-opening fee does not mean that all trades are free.

Zerodha currently lists zero brokerage on equity delivery investments. For intraday equity trades, the brokerage is listed as 0.03% or ₹20 per executed order, whichever is lower. Options are charged at a flat ₹20 per executed order.

Other costs can include Securities Transaction Tax, exchange transaction charges, GST and stamp duty, depending on the transaction.

Investors should therefore review the current charges before trading.

Zerodha Referral Programme

Zerodha's referral programme is currently active.

According to Zerodha, a successful referral can earn the referrer 10% of the brokerage generated by the referred account, along with 300 reward points. The brokerage-sharing benefit requires at least three successful referrals in the preceding 12 months.

The reward points can be used for eligible Zerodha services and can also contribute towards AMC payments under the applicable programme rules.

This referral system is separate from the first-year AMC waiver available to new resident individual accounts.

Things to Consider Before Opening a Zerodha Account

Before registering, consider the following:

Check eligibility: The first-year AMC waiver applies to new resident individual accounts opened from 1 June 2026.

Review charges: Brokerage may be zero for some investment types, but other transaction and statutory charges can still apply.

Understand BSDA: Your AMC after the first year may depend on whether your account qualifies for BSDA.

Check the referral: If you want the referral associated with your application, make sure the code or referral link is captured during registration.

Review current terms: Promotional and referral programme conditions can change.

What If ZQF906 Does Not Work?

If ZQF906 is not accepted during registration, check the code for typing errors.

It is also worth noting that Zerodha's official referral system uses personalised referral links, which automatically capture referrals when someone opens an account through the relevant link.

If the referral code is not recognised, check whether the registration page currently supports manual referral-code entry or use the applicable referral link.

The first-year AMC waiver should still be available to eligible new resident individual accounts under Zerodha's current policy, regardless of whether a specific referral code is accepted.

Final Thoughts

The Zerodha referral code “ZQF906” is promoted as an option for opening a Zerodha account with a free first year. Zerodha's current official pricing confirms that new resident individual accounts opened from 1 June 2026 have no AMC for the first year, while account opening itself is free.