Zerodha vs Upstox
Both are flat-fee discount brokers with trader-friendly platforms. The main differences are delivery brokerage and ancillary fees.
Fees checked on against each broker's official pricing page.
Charges side by side
| Charge | Zerodha | Upstox |
|---|---|---|
| Account opening | Free for individual accounts; ₹500 for NRI and corporate accounts. | Free (Upstox notes an account processing fee may be charged during onboarding). |
| Demat AMC | Free for the first year for resident individual accounts opened on or after 1 June 2026 (primary demat). After that, Basic Services Demat Account (BSDA): free for holdings up to ₹4 lakh, ₹100 per year + GST for ₹4–10 lakh; non-BSDA: ₹300 per year + 18% GST, charged quarterly. | Zero for the first year for new customers (from 14 Feb 2025); non-BSDA ₹300 + GST per year thereafter. |
| Equity delivery | ₹0 (zero brokerage). | ₹20 per executed order. |
| Equity intraday | 0.03% or ₹20 per executed order, whichever is lower. | ₹20 or 0.1% per executed order, whichever is lower. |
| Futures | 0.03% or ₹20 per executed order, whichever is lower. | ₹20 or 0.05% per executed order, whichever is lower. |
| Options | Flat ₹20 per executed order. | Flat ₹20 per executed order. |
| Commodity | Same pattern as equity: 0.03% or ₹20 for futures, ₹20 flat for options. | — |
| Currency | 0.03% or ₹20 for futures, ₹20 flat for options. | — |
| DP charge (on selling delivery shares) | Once per stock (ISIN) per day. ₹3.50 CDSL + ₹9.50 Zerodha + 18% GST = ₹15.34. Women first holders get a ₹0.25 CDSL discount (₹15.05). Selling the same stock once or several times on one day costs one DP charge. | Once per stock (ISIN) per day. ₹20 + 18% GST (₹23.60) per scrip per day, only on sell. Split: ₹3.50 CDSL + ₹16.50 Upstox (men), ₹3.25 + ₹16.75 (women). |
| Margin trading (MTF) | Interest 0.04% per day; MTF brokerage 0.3% or ₹20 per order, whichever is lower. | Up to 4x leverage; interest ₹20 per day for each ₹40,000 slab. |
| Other notable charges | Call & trade: ₹50 per order (also charged for auto square-off). Direct mutual funds on Coin: no commission. A 27 Mar 2026 clarification states an extra ₹20 per F&O order applies only to accounts using collateral margin without at least 50% cash margin when the shortfall exceeds ₹5 lakh. | Call & trade: ₹75 + GST. Auto square-off: ₹75 + GST (the Upstox Plus section of the same page shows ₹50). |
Company, regulation & platforms
| Zerodha | Upstox | |
|---|---|---|
| Type | Discount broker | Discount broker |
| Legal entity | Zerodha Broking Limited | Upstox Securities Private Limited |
| SEBI registration | INZ000031633 | INZ000315837 |
| Mobile app | Kite (Android, iOS) | Upstox app (Android, iOS) |
| Web / desktop | Kite web, Console (reports), Coin (mutual funds), Kite Connect API | Upstox Pro web with TradingView charts, free Upstox API |
| Best for | Low-cost long-term investing | Active traders and API users |
Key differences
Delivery: Zerodha ₹0; Upstox ₹20 per order.
Intraday: Zerodha 0.03% or ₹20; Upstox 0.1% or ₹20.
Futures: Zerodha 0.03% or ₹20; Upstox 0.05% or ₹20. Options: ₹20 at both.
AMC: Zerodha ₹300 + GST (non-BSDA); Upstox zero in year one for new customers, then ₹300 + GST.
DP: Zerodha ₹15.34 and Upstox ₹23.60 (₹20 + GST). Both charge once per stock per day.
Extras: call & trade is ₹50 at Zerodha versus ₹75 + GST at Upstox; Upstox's auto square-off is ₹75 + GST.
Platforms: Zerodha's Kite is in-house; Upstox Pro uses TradingView-based charts. Upstox lists its API as free, while Zerodha's Kite Connect is a paid API.
The examples above use brokerage alone; statutory charges (GST, STT, exchange, SEBI and stamp duty) apply on top and do not differ much between the two.
Which should you choose?
- Choose Zerodha for ₹0 delivery, a lower DP charge and lower call & trade fees.
- Choose Upstox if you want TradingView-style charts and a free API, and trade mostly intraday or F&O where both cap at ₹20.
Zerodha
Pros
- ₹0 brokerage on equity delivery
- Clearly published, easy-to-read charges page
- Mature in-house platforms (Kite, Console, Coin)
Cons
- No research calls or advisory
- ₹300/year + GST AMC on non-BSDA accounts
- Call & trade costs ₹50 per order
Upstox
Pros
- ₹20 cap on every segment
- TradingView-based charts
- Free trading API
Cons
- ₹20 brokerage on delivery orders
- Call & trade and auto square-off cost ₹75 + GST
- DP charge of ₹20 + GST per stock per day
Frequently asked questions
Is Upstox cheaper than Zerodha?
For options, both charge ₹20 per order. For delivery, Zerodha is cheaper (₹0 vs ₹20). Upstox waives AMC in the first year for new customers.
Sources
- Zerodha – official pricing — accessed 30 September 2026
- Upstox – official pricing — accessed 30 September 2026