Terms & Conditions for Referral Incentive Scheme Policy

All clients of Zerodha Broking Limited (hereinafter referred to as “Zerodha”) shall be eligible to receive an incentive for referring friends/family/colleagues and prospective clients at Zerodha. Clients will earn 10% of all brokerage generated from referred clients and 300 reward points for each referred clients, if the below stated points are met, and till such time Zerodha continues to carry on this Referral Incentive Scheme which will be read in accordance with the extant laws, regulations, and rules prescribed by SEBI and the Exchanges (i.e. NSE, BSE, MCX) which are applicable to stock brokers/trading members. The client making the referral will hereafter be referred to as the “Referer Client,” and the referred individual will be known as the "Referred Client."

Below are the terms and conditions which need to be satisfied for Referer Clients to receive the referral benefits successfully.

  1. All such referred clients must complete their account opening process & have their trading and demat account activated (they should have received login & password via email) within 60 days of being referred on Zerodha’s website/application.
  2. If a referred client completes his/her account activation within 60 days of being referred, using the same contact number & email ID either via the affiliate link or as entered by the referer through console would be recognized as a “Completed Referral”. As long as the client details were correctly entered at the time of the referral, it will be recognized as a "Completed Referral".

    Note: Referrer Clients will need to complete at least 3 Completed Referrals in the previous 12 months on a rolling basis, and a minimum balance of Rs. 100 should be available for the Referer Clients to be eligible to withdraw the referral amount into his/her linked bank account. All points as per Point 10 below should be satisfied, for the Referer Clients to be eligible for a cash withdrawal.

  3. An act of being referred would include:
    1. The referrer inputting the referred client details, i.e. contact number and email ID, on the referral page of Zerodha’s website or application; &
    2. The referred clients inputting his/her own contact number & email ID on a referral link/URL or web page under the Zerodha domain (i.e. zerodha.com), created by the referrer.
    3. The referrer can share their affiliate link with the referred clients to facilitate the account opening process.
  4. All Completed Referrals who have opened an account on or after June 1, 2026 will be eligible for brokerage sharing towards clients/referrers who have referred clients under this Referral Incentive Scheme.
  5. Mapping for referrer clients will only be considered if the referred client signs up and registers initially through the referrer link. If the referred client is already registered and then later uses the referrer client’s affiliate link to complete the account opening process, this account will not be mapped to the Referrer Client.
  6. A referral implies that the referred client has no prior association with Zerodha and is being newly introduced by the referrer.
  7. Clients who close and reopen their trading accounts, with the specific intention of being mapped to a specific introducer/referrer, will not be considered as a referral/ Completed Referral under this Referral Incentive Scheme.
  8. Individual referrer clients cannot refer another non-individual account (eg. HUF, Corporate, Partnership/LLP, Trust) with the same contact details as their own account. All referred non-individual accounts must be referred by inputting the contact details via Console before any such non-individual account application is initiated.
  9. Referred clients from one Client ID are not transferable to another Client ID in any way possible.
  10. To be able to withdraw referral money successfully from your account, the below points will need to be satisfied:
    1. The cumulative referral brokerage payout must meet a minimum threshold of Rs. 100 (Rupees One Hundred);
    2. The Referer Client would need to refer at least 3 unique clients / accounts in the previous 12 months on a rolling basis, in any given period of time, to be eligible to place a withdrawal;
    3. The Referer Client’s account must maintain a positive ledger balance at the time of submitting such a request; and
    4. The account holder’s PAN must be actively linked with their Aadhaar.
  11. Any eligible revenue equal to Rs. 100 (One Hundred Rupees) or more that remains unclaimed as of the financial year-end, i.e., March 31, shall not be eligible for carry-forward to the subsequent financial year and will be settled automatically to the referrer registered bank account. Any revenue less than Rs. 100 (Rupees One Hundred) will be converted into the 2X Rewards Points and added to the referrer Console referral dashboard.
  12. All payouts made to such clients under this Referral Incentive Scheme shall be post-tax deducted at Source (TDS) which shall be at 2% & 31.2% for NRI accounts or as per the Applicable Income-tax Law.
  13. Any additional payments with respect to GST or any other such taxes, even if any such person is eligible for the same, will not be made over and above the amount eligible to be withdrawn as per the brokerage generated shown on the referral page.
  14. All eligible amounts available for withdrawal will be deposited towards the client’s linked primary bank account which is in his/her own name and not in any other person’s name.
  15. The breakup of the brokerage generated from each Completed Referral will not be shown to the Referer Client, and only a total of all brokerage generated from all Completed Referrals will be shown to clients/referrers referred prospective clients under this Referral Incentive Scheme.
  16. Only 10% brokerage generated from such Completed Referrals shall be shared, and this shall not include any other charges, such as; taxes, transaction charges, SEBI/Exchange related charges, call and trade charges, and such other charges.

    If the Referer Client’s account has any additional penalty charges (either from Zerodha directly, or via the Exchanges / Depositories / SEBI) for negative balance or margin penalty or charges related to usage of excessive collateral margin, the referral payout will not be made.

  17. If any Referred Clients, or the Referer Client himself/herself, has had any brokerage reversal, or brokerage waiver, or compensation paid out from Zerodha (directly or indirectly) for any reason whatsoever, then the referral payout will not be made up to such amount. Any such amount will be deducted from the cumulative referral brokerage, and then be considered towards an eligible payout.
  18. Reward points redeemed to subscribe to any products/services (such as AMC) listed on the Console rewards and referral page shall be non-refundable. If a Referring Client closes his/her trading account, any accumulated reward points will be forfeited and will lapse. Even if they reopen the account, the points cannot be reinstated or used.
  19. Gifting stocks via your Zerodha account (https://console.zerodha.com/gift) shall not be considered as a referral under this Referral Incentive Scheme. Any malicious behaviour of attempting to open referral accounts by offering gifting of shares in lieu / or offering stocks for free (or for any consideration) in return for opening an account via a referral link, if found to be true, such Referer Clients shall be banned from Zerodha’s referral programmes and no such past / future referral benefits shall be eligible towards such customers.
  20. If a client is not in compliance with Sec 206 AB & 206 CCA Income Tax Act 1961, or if the PAN & Aadhaar have not been linked/furnished to the satisfaction of Zerodha, TDS will be applied at the rate of 20%. For NRI clients TDS is at the rate of 30% plus surcharge and cess, if applicable.
  21. If a client closes his/her trading account, brokerage referral amounts shall stop being accrued/accumulated after such closure of account and the referred client would be unlinked. All clients must request and complete all such withdrawal of pending/accrued referral amounts from his/her referral wallet before requesting for any account closure process.
  22. Zerodha reserves the right to periodically audit, inspect, and request for the source for generating such leads/referrals of all clients. Failure to fulfill any such audit / informational requirements to showcase such responses to any queries from Zerodha, may result in the termination of all past/future benefits permanently under this Referral Incentive Scheme.
  23. Referral incentives or any referral rewards cannot be transferred to another account, and will not be considered even if the same client closes and reopens his/her trading account with Zerodha, or even if it is converted from an individual/resident to a Non-individual / NRE/NRO account.
  24. Using affiliate referral links as paid or sponsored advertisements on any social media channels/websites/searches are strictly prohibited, and leads generated by any client from such means shall be terminated permanently under this Referral Incentive Scheme.
  25. No referral incentives / rewards shall be provided for referral of any Minor accounts.
  26. No referral incentives / rewards shall be provided for non brokerage income, such as interest on Margin trade funding, or any interest/penalties or additional brokerage charged on non maintenance of margins / call and trade charges or such other items.
  27. No referral incentives shall be provided on other segments / products, such as Global Investing / US securities, or Fixed Deposits, or National Pension scheme, and such other products & services.
  28. Any pending action to be completed by clients to receive their referral incentives under this Referral Policy (such as responding to any queries of Zerodha or completing KYC/showcasing income proof to reactivate their account etc.) shall be completed on or before April 15th every year.
  29. All Referer Clients requesting for withdrawal of any incentive payouts must abide by, declare, and agree to all clauses stated below. In case of any misrepresentation or any incorrect declaration is provided, such clients shall indemnify Zerodha for any such damages, direct or consequential, with respect to any violations of Circulars, Rules & Regulations, Bye-Laws of all Recognized Stock Exchanges (as defined by SEBI) and any such Applicable Law in India:
    1. I/We, having a trading account with Zerodha Broking Limited (hereinafter referred to as “Zerodha”) hereby agree to and declare the below points with respect to accepting any payment/incentives from Zerodha, with respect to any referral bonus or marketing fee or incentives from Zerodha;
    2. I/We am/are not forbidden to do any business under the Rules, Bye-Laws and Regulations of National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX) or any Recognized Stock Exchange as defined by SEBI;
    3. I/We have read and understood all the terms, conditions, and clauses of the NSE, BSE, MSEIL and MCX with respect to the “Byelaws” of all the Exchanges, “incentives/referral schemes” rules, and rules with respect to marketing and incentives. I/We understand that by receiving referral incentives from Zerodha, I/We and Zerodha are both bound by the rules of the Exchanges;
    4. I/We have read NSE Circular NSE/INSP/43029 dated 26th Dec -2019 to NSE/INSP/43824 dated 11th March-2020 and have clearly understood all the terms of the circular. Any dispute/grievance under this Referral Incentive Scheme cannot be referred to the Investor Grievance Panel at NSE and will be resolved between me and Zerodha as stated in the above-mentioned NSE Circular, and any such dispute should not be made public;
    5. I/We are accepting this incentive from Zerodha only for the referral of new clients/persons, and have not carried out any other activities, such as any financial advisory, inducing persons to use or trade/transact with Zerodha, providing stock tips, managing portfolios etc;
    6. I/We acknowledge that details of clients referred to by me/us, such as; contract notes, daily margin statement, statement of accounts, will not be sent to me/us from Zerodha without the consent of the referred clients;
    7. I/We have not, since being eligible to receive any payment/payout from Zerodha, entered into any contracts or published any marketing material/advertisement acting as Zerodha or act as a referral agent of Zerodha without the explicit written permission of Zerodha. I/We understand that publishing any marketing or advertisement material requires permission/intimation towards the Exchanges. I/We will not & have not publish/’ed any marketing material without the explicit permission of Zerodha;
    8. I/We have/will not post the affiliate link of my referral code on public forums without any context, and spam any such groups/platforms/pages on social media;
    9. I/We hereby declare that, since being eligible to receive any incentives from Zerodha, I/We are not an employee/Authorized Person/Sub broker of any other Trading Member (apart from Zerodha) of any of the Exchanges. I/We also hereby declare that we are not a Trading Member on any of the Exchanges; and
    10. I/We are not an employee of Zerodha or any associate/group entity of Zerodha, and I/We are not a relative of an employee of Zerodha.
    11. I/We hereby declare that the above information are true and correct, and if any information is found to be false and incorrect, Zerodha will have the right to recover the entire amount received by me/us through whatever means Zerodha deems necessary.
    12. I/We agree to indemnify Zerodha and its Directors/agents/employees for any damages/claims that may arise from me/us deviating from the Rules/Bye-Laws of the Exchanges, and any terms, conditions, Policies & Procedures of Zerodha.
    13. I/We hereby declare that I/We have read, understood and agree to abide by this Policy, Zerodha’s terms & conditions, privacy policy and policies & procedures on Zerodha’s websites.
    14. I/We hereby understand this Referral Incentive Scheme, along with these terms & conditions with respect to all incentives from Zerodha may be changed from time to time by Zerodha, at the sole discretion of Zerodha; or by any changes directed by the Exchanges/SEBI or any such regulator/quasi judicial authority. Therefore, at all times, I/We shall abide by the change in such Policies and Procedures of Zerodha & Exchanges without any objections in the future.
    15. I/We hereby understand that Zerodha’s management reserves all rights to withhold any such incentives / this Referral Incentive Scheme to any such referrer, at its sole discretion, for any reason whatsoever.