Upstox vs Zerodha Charges 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 31 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 charges Rs. 200 for an online demat account. However, you need to pay an additional Rs. 100 for an MCX commodity account. It’s important to note that Commodity trading is an optional feature with Zerodha. 

SegmentUpstoxZerodha
Equity + DerivativesFreeRs. 200
& Rs 100 for commodity trading a/c (optional) 

If you prefer offline account opening, Zerodha charges Rs. 400 for an equity trading and Demat account, and Rs. 200 for a commodity trading account. While Upstox doesn’t offer an offline account opening facility. 

Winner – Upstox

#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 BrokerAMC Charges
UpstoxFree
ZerodhaRs. 75 per quarter (Rs. 300 annually)

Winner – Upstox

#3. Upstox Vs Zerodha Brokerage Charges

Zerodha offers free equity delivery but Upstox charges a lower of 2.5% or 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 0.05% or Rs 20, whereas Zerodha charges a lower 0.03% or Rs 20. 

For example, if you execute a trade valued at Rs. 20,000 through both platforms, Upstox will charge you Rs. 10 (lower of 0.05% or Rs. 20), while Zerodha will charge Rs. 6 (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. 

SegmentUpstoxZerodha
Equity Delivery2.5% or Rs. 20 per order(whichever is lower)Zero
Equity Intraday0.05% or Rs. 20 per order(whichever is lower)0.03% or Rs. 20 per order(whichever is lower)
Futures – Equity/Currency/Commodity0.05% or Rs. 20 per order(whichever is lower)0.03% or Rs. 20 per order(whichever is lower)
Options – Equity/Currency/CommodityFlat Rs. 20 per orderFlat Rs. 20 per order

Winner – Zerodha

#4. Call and Trade Charges

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

ZerodhaRs. 50 per order
UpstoxRs. 50 per order

Winner – Tie

#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 50 per scrip on both pledging and unpledging. 

Winner – Zerodha 

#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

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

Winner – Tie

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. 20 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)0.00325% per trade on buy & sell
BSE Equity (intraday/delivery) As per the stock group
NSE Equity Futures0.0019%
NSE Equity Options0.050% (on premium)
NSE Currency Futures0.0009%
NSE Currency Options0.035%
BSE Currency Futures0.00022%
BSE Currency Options0.001%
Commodity Futures0.0026%
Commodity Options0.05%

#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 SegmentCharges
Equity Delivery0.1% on both buy & sell
Equity Intraday 0.025% only on sell
Equity Futures0.0125% only on sell
Equity Options0.0625% on sell side (on premium)
Currency F&ONo STT
Commodity Futures0.01% on sell (Non-Agri)
Commodity Options0.05% 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 SegmentCharges
Equity Delivery0.015% or Rs 1500 / crore
Equity Intraday 0.003% or Rs 300 / crore
Equity Futures0.002% or Rs 200 / crore
Equity Options0.003% or Rs 300 / crore 
Currency Futures0.0001% or Rs 10 per crore
Currency Options0.0001% or Rs 10 per crore
Commodity Futures0.002% or Rs 200 per crore
Commodity Options0.003% 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. 18.5 per scrip.

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

Are there any Annual Maintenance Charges (AMC) for holding accounts with Upstox and Zerodha?

Upstox does not charge any AMC fees, whereas Zerodha charges Rs. 75 per quarter (Rs. 300 annually) as AMC for its accounts.

What are the account opening charges for Upstox and Zerodha?

Upstox offers free Demat and trading accounts, while Zerodha charges Rs. 200 for an online demat account and Rs. 100 for an MCX commodity account (optional).

What are the auto-square off charges for intraday positions with Upstox and Zerodha?

Both charge Rs. 50 per auto-squared off for all open intraday positions after the cut-off time.

Do Upstox and Zerodha impose any government taxes and regulatory charges on trades?

Yes, both platforms charge SEBI fees, GST, transaction charges, STT, stamp duty, and DP charges as per regulations.

What are the charges for mutual fund and IPO investments with Upstox and Zerodha?

Both Upstox and Zerodha offer free mutual fund and IPO investments.

How does the brokerage compare between Upstox and Zerodha?

Both charge a maximum brokerage of Rs. 20 per trade, with Upstox charging a lower of 0.05% or Rs 20 and Zerodha charging a lower of 0.03% or Rs 20.

What are the DP charges for Demat debit transactions on Upstox and Zerodha?

Zerodha charges Rs. 13.5 per scrip, while Upstox charges Rs. 18.5 per scrip for each Demat debit transaction (sell).

Are there any charges for canceled orders on Upstox and Zerodha?

No, both platforms do not charge any fees for order cancellations.

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

Leave a Comment

Open FREE Demat Account
Guide to Million Dollar Success
My Website
Limited Time Offer
  • Zero Account Opening Fee
  • Zero Maintenance Charges
  • Upto 90% Savings on Brokerage
Save Upto 90% on BrokerageOpen Free Account Now