Upstox vs Zerodha Charges Latest Comparison: Brokerage, AMC

Upstox and Zerodha both are discount brokers that offer discount brokerage plans to their customers.

According to our research report on top 20 stockbrokers in India, Zerodha is the largest stockbroker in India with an active client base of 64 lakh. While Upstox holds the fourth position with an active user base of 25 lakh.

Let’s delve into the comprehensive details of Upstox vs. Zerodha charges, enabling you to make an informed decision based on your trading cost.

Upstox vs Zerodha Charges

#1. Zerodha vs Upstox Account Opening Charges

Upstox provides a Demat and trading account free of cost.

Zerodha also charges Rs. 0 for an online demat account. It’s important to note that Commodity trading is an optional feature with Zerodha. 

Segment	Upstox	Zerodha
Equity + Derivatives	Free	Rs. 0

If you prefer offline account opening, Zerodha charges Rs. 0 for an equity trading and Demat account. While Upstox doesn’t offer an offline account opening facility. 

Winner – Tie

#2. Upstox Vs Zerodha Annual Maintenance Charges (AMC)

Upstox continues to be budget-friendly as it does not charge any AMC fees for its Demat and trading accounts. 

On the other hand, Zerodha charges Rs. 75 per quarter, amounting to Rs. 300 per year, as AMC for its accounts.

Stock Broker	AMC Charges
Upstox	Free for 1st year. Rs 75 per quarter from 2nd year
Zerodha	Rs. 75 per quarter (Rs. 300 annually)

Winner – Upstox

#3. Upstox Vs Zerodha Brokerage Charges

Zerodha offers free equity delivery but Upstox charges Rs 20 which makes Zerodha a better option for long-term investment.

Upstox and Zerodha charge a maximum brokerage of Rs 20 per trade on intraday. But there is a catch for small traders. Upstox charges a lower of 0.1% or Rs 20, whereas Zerodha charges a lower 0.03% or Rs 20. 

For example, if you execute a trade valued at Rs. 15,000 through both platforms, Upstox will charge you Rs. 15 (lower of 0.1% or Rs. 20), while Zerodha will charge Rs. 4.5 (lower of 0.03% or Rs. 20).

Intraday trading charges remain the same for high-volume traders on both platforms. Notably, Zerodha is a good option for small trade volumes. If you want to do intraday trading, you can start with Rs 5000 as an initial investment. 

Segment	Upstox	Zerodha
Equity Delivery	Rs. 20 per executed order	Zero
Equity Intraday	0.1% or Rs. 20 per order(whichever is lower)	0.03% or Rs. 20 per order(whichever is lower)
Futures – Equity/Currency/Commodity	0.05% or Rs. 20 per order(whichever is lower)	0.03% or Rs. 20 per order(whichever is lower)
Options – Equity/Currency/Commodity	Flat Rs. 20 per order	Flat Rs. 20 per order

Winner – Zerodha

#4. Call and Trade Charges

Upstox charges Rs. 75 per order and Zerodha levy a fee of Rs. 50 per executed order, including all aspects such as successful, executed, rejected, and canceled orders.

Zerodha	Rs. 50 per order
Upstox	Rs. 75 per order

Winner – Zerodha

#5. Mutual Fund and IPO Investment Charges

Both Upstox and Zerodha offer a lucrative advantage to you by providing zero charges for mutual fund investments through their platforms. 

Additionally, both platforms do not charge any fees for IPO investments, making it easier for you to participate in an IPO.

Winner – Tie

#6. Pledge and Unpledged Charges

You can use the stock pledge margin against Demat holdings for trading futures & options only. Zerodha charges Rs 30 per scrip on pledging. There is no fee charged for unpledging. 

On the other hand, Upstox charges Rs 20 per scrip on both pledging and unpledging. 

Winner – Upstox 

#7. Margin Shortfall Penalty

Both stockbrokers Upstox and Zerodha charge the same penalty on the debit balance in the trading account.

Shortfall collection	Penalty
(< Rs 1 lakh) and (< 10% of applicable margin)	0.50%
(>= Rs 1 lakh) or (>= 10% of applicable margin)	1%

A penalty of 5% will be applicable for 

• Every further instance of the shortfall is applicable, If there are more than 5 instances of a shortfall in a calendar month.
• Each subsequent instance of the margin shortfall, If the margin shortfall continues for more than 3 consecutive days.
• For MCX, from the 4th instance of the shortfall, if the margin shortfall is reported 3 times or more during a month. 

Winner – Tie

#8. Auto-square Off Charges

Upstox charges Rs. 75 and Zerodha charges Rs. 50 per auto-squared off for all open intraday positions after the cut-off time.

Winner – Zerodha

You can read the detailed Zerodha vs Ustox comparison to compare their trading platforms, product offerings, and customer support.

Other Charges

#1. CMR Copy Charges

Zerodha provides the first CMR (Client Master Report) copy for free, subsequent requests are charged Rs. 20 + Rs. 100 (courier charge).

On the other hand, Upstox charges a fee of Rs. 10 per page for providing a physical copy of the CMR (Client Master Report) to its customers.

#2. Off-Market Share Transfer Charges 

For off-market share transfers, Zerodha levies Rs. 25 or 0.03% of the transfer value, whichever is higher.

While Upstox charges for off-market share transfers are as – 

• Buy orders will continue to be charged lower of Rs 100 or 1.5%.
• ‘Invest More’ orders will be charged a lower of Rs 100 or 1.5% 
• SIP orders will be charged a lower of Rs 10 or 1.5% 

#3. Funds Transfer Charges 

Upstox charges a fee of Rs. 7 per deposit through net banking, whereas Zerodha imposes a fee of Rs. 9 for net banking deposits.

Both Upstox and Zerodha do not levy any fees for depositing money through UPI, IMPS, NEFT, or RTGS.

You can also check the detailed guide on how to add and withdraw money from Zerodha.

#4. Charges for Cancelled Orders

For canceled orders, both Upstox and Zerodha do not charge any fees. 

Cancellation can be due to –

• Canceling orders manually
• Auto-canceled by the system
• The order rejected for the shortage of funds or any reason

#5. GTT Order Charges

Good Till Trigger (GTT) allows you to set certain trigger (price) conditions leading to buying/ selling of shares at a particular price. 

Both stock brokers do not charge any fees for setting up GTT orders. However, you need to pay the brokerage fee of Rs. 20 when the order is triggered.

#6. BTST Trading Charges

For BTST (Buy Today Sell Tomorrow) trades, Zerodha does not charge any fees, as these orders fall under the delivery product category.

On the other hand, Upstox charges a flat fee of Rs. 20 per executed trade for all BTST trades.

Government Taxes and Regulatory Charges Fixed For Both

#1. SEBI Charges

Every broker has to pay a fee to SEBI for every trade that they execute on behalf of their clients.

Both Upstox and Zerodha charge a fee of Rs 10 per crore traded as SEBI charges.

#2. GST (Goods and Services Tax)

GST is levied by the government on the services provided by the broker. 18% GST needs to be paid on all the charges like brokerage fees, SEBI charges, and transaction fees.

#3. Transaction Charges

Both Upstox and Zerodha charge the same transaction charges for every trade executed on the exchange. The charges are levied by the exchange and vary from one exchange to another. The charges are as follows:

Segment	Charges
NSE Equity (intraday/ delivery)	0.00297% per trade on buy & sell
BSE Equity (intraday/delivery)	As per the stock group
NSE Equity Futures	0.00173%
NSE Equity Options	0.03503% (on premium)
NSE Currency Futures	0.00035%
NSE Currency Options	0.0311%
BSE Currency Futures	0.00045%
BSE Currency Options	0.001%
Commodity Futures	0.0026%
Commodity Options	0.05%

#4. STT Charges

STT (Securities Transaction Tax) is levied by the government on securities and commodities on all trades executed on the exchange. Both Upstox and Zerodha charge the same STT charges. 

The charges are as follows:

Trading Segment	Charges
Equity Delivery	0.1% on both buy & sell
Equity Intraday	0.025% only on sell
Equity Futures	0.02% only on sell
Equity Options	0.1% on sell side (on premium)
Currency F&O	No STT
Commodity Futures	0.01% on sell (Non-Agri)
Commodity Options	0.05% on sell

#5. Stamp Duty

Stamp duty charges, which are levied by the state government on the transfer of securities. Stamp duty is charged only on the buy side. 

Stamp Duty is also the same between the two platforms. 

Trading Segment	Charges
Equity Delivery	0.015% or Rs 1500 / crore
Equity Intraday	0.003% or Rs 300 / crore
Equity Futures	0.002% or Rs 200 / crore
Equity Options	0.003% or Rs 300 / crore
Currency Futures	0.0001% or Rs 10 per crore
Currency Options	0.0001% or Rs 10 per crore
Commodity Futures	0.002% or Rs 200 per crore
Commodity Options	0.003% or Rs 300 per crore

#6. DP Charges

For each Demat debit transaction (sell), Zerodha applies a DP charge of Rs. 13.5 per scrip, whereas Upstox imposes a DP charge of Rs. 20 per scrip (including CDSL charges).

There are no charges for Demat credit transactions. This is charged only on selling shares from the demat account.

Conclusion

Upstox is better than Zerodha only in terms of account opening charges & annual maintenance charges. You get free account opening with Zero annual maintenance charges which is ideal for a beginner investor. 

On the other hand, Zerodha’s free equity delivery and lower brokerage charges, and its advanced trading tools appeal to active investors and traders.

FAQs About Upstox vs Zerodha Charges