Upstox vs Zerodha
How Upstox and Zerodha compare on brokerage, demat AMC and DP charges — verified as of Jun 2026.
By NexMaxo Editorial Team · Charges verified Jun 2026
“Open account” links may be affiliate links — we may earn a commission at no extra cost to you; it never affects this comparison. How we make money →
Quick take
Zerodha gives free equity delivery (₹0) while Upstox charges ₹20 per order, so Zerodha is cheaper for delivery-based investing.
Upstox — active intraday/f&o traders who want a fast modern app and api, and don't mind ₹20 flat on delivery.
Zerodha — long-term, diy investors who want free equity delivery, a clean fast app, and low flat-fee intraday/f&o without cross-selling.
Charges side by side
| UpstoxOpen | ZerodhaOpen | |
|---|---|---|
| Equity delivery | ₹20 per order | ₹0 brokerage |
| Intraday | ₹20 or 0.1%, lower | ₹20 or 0.03%, lower |
| DP sell / scrip | ₹23.6 | ₹15.34 |
| Account opening | ₹0 | ₹0 (online individual) |
| Demat AMC | ₹0 first year, then ₹300 + GST (₹354)/yr | ₹0 first year, then ₹300 + GST (₹354)/yr |
| Type | Discount | Discount |
Standard published equity plans, verified Jun 2026. Statutory STT, exchange, SEBI, stamp duty & GST are identical across brokers.
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)
Zerodha
- Zero brokerage on equity delivery + flat ₹20-or-lower intraday/F&O — among the cheapest, fully transparent pricing
- Largest retail broker by active clients, with the well-regarded, stable Kite platform
- First-year demat AMC free and ₹0 online account opening; no pushy in-app cross-selling or relationship managers
- No 3-in-1 account (no in-house bank); funds move via UPI/payment gateway rather than a linked savings account
- Kite Connect API is paid (≈₹500/mo); no built-in research, stock tips or analyst recommendations
Upstox vs Zerodha — FAQs
Zerodha gives free equity delivery (₹0) while Upstox charges ₹20 per order, so Zerodha is cheaper for delivery-based investing. On intraday, Upstox charges ₹20 or 0.1%, lower and Zerodha ₹20 or 0.03%, lower. The DP sell charge is ₹23.6 (Upstox) vs ₹15.34 (Zerodha). Statutory charges are identical across brokers.
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. Zerodha is a discount broker — long-term, diy investors who want free equity delivery, a clean fast app, and low flat-fee intraday/f&o without cross-selling.
Either works to start. Look at the demat AMC (Upstox: ₹0 first year, then ₹300 + GST (₹354)/yr; Zerodha: ₹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.