ICICI Direct vs Upstox
How ICICI Direct and Upstox compare on brokerage, demat AMC and DP charges — verified as of Jun 2026.
By NexMaxo Editorial Team · Charges verified Jun 2026
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Quick take
ICICI Direct charges 0.29% (no cap) and Upstox charges ₹20 per order on delivery — so intraday/F&O fees, the DP charge and AMC decide it.
ICICI Direct — existing icici bank customers who value a seamless 3-in-1 account and full-service research, and don't mind high percentage brokerage on the default plan.
Upstox — active intraday/f&o traders who want a fast modern app and api, and don't mind ₹20 flat on delivery.
Charges side by side
| ICICI DirectOpen | UpstoxOpen | |
|---|---|---|
| Equity delivery | 0.29% (no cap) | ₹20 per order |
| Intraday | 0.029%/side (no cap) | ₹20 or 0.1%, lower |
| DP sell / scrip | ₹23.6 | ₹23.6 |
| Account opening | ₹0 | ₹0 |
| Demat AMC | ₹700/yr standard (₹300/yr on opt-in iValue/Neo plans) | ₹0 first year, then ₹300 + GST (₹354)/yr |
| Type | Full-service | Discount |
Standard published equity plans, verified Jun 2026. Statutory STT, exchange, SEBI, stamp duty & GST are identical across brokers.
ICICI Direct
- Seamless 3-in-1 account integrating ICICI Bank savings, demat and trading for instant fund transfers
- Full-service: extensive in-house research, advisory, IPOs, mutual funds, bonds, NCDs across segments
- Free account opening and the backing/scale of one of India's largest, most established brokers
- Default MoneySaver plan is expensive: 0.29% delivery and 0.029%/side intraday vs discount brokers' flat ₹20 / free delivery
- Percentage brokerage with no cap means large-value delivery orders incur very high charges
Upstox
- Flat, predictable pricing: ₹20 per order on delivery, ₹20-or-0.1%-lower intraday, ₹20 flat on options
- Fast, modern Upstox Pro platform with TradingView charts plus a well-documented trading/developer API
- Free account opening and zero AMC in the first year; large, established Tiger Global-backed broker
- Equity delivery is NOT free — ₹20 per executed order, unlike Zerodha/Dhan-style zero-delivery brokers
- Demat AMC of ₹300/yr + GST from the second year (non-BSDA)
ICICI Direct vs Upstox — FAQs
ICICI Direct charges 0.29% (no cap) and Upstox charges ₹20 per order on delivery — so intraday/F&O fees, the DP charge and AMC decide it. On intraday, ICICI Direct charges 0.029%/side (no cap) and Upstox ₹20 or 0.1%, lower. The DP sell charge is ₹23.6 (ICICI Direct) vs ₹23.6 (Upstox). Statutory charges are identical across brokers.
ICICI Direct is a full-service broker — existing icici bank customers who value a seamless 3-in-1 account and full-service research, and don't mind high percentage brokerage on the default plan. Upstox is a discount broker — active intraday/f&o traders who want a fast modern app and api, and don't mind ₹20 flat on delivery.
Either works to start. Look at the demat AMC (ICICI Direct: ₹700/yr standard (₹300/yr on opt-in iValue/Neo plans); Upstox: ₹0 first year, then ₹300 + GST (₹354)/yr), whether delivery is free, and which app you find simpler. Both hold your shares safely with CDSL/NSDL. This is information, not advice.
This is an informational comparison of published charges, not investment advice. Brokers change pricing and run promotions — confirm current rates on each broker's official charges page before opening. Investing carries market risk.