Zerodha vs Indmoney vs Upstox

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Last updated: May 2026 · Charges and offers verified against official broker pages where noted.

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Overview
Description
Brand/Store
Availability
User Rating
Review
Company Overview
Establishment Year
Founder
Account opening & AMC
Account Opening Fee
AMC Upto ₹4 Lakh
AMC ₹4 to ₹10 Lakh
Brokerage Charges & Fees
Brokerage Plan
Commodity Futures charges
Commodity Options charges
Currency Futures charges
Currency Options charges
Equity Delivery Charges
Equity Futures charges
Equity Intraday Charges
Equity Options charges
Customer Services Offered
Demat Services
Intraday Services
IPO Services
NRI Services
Referral Program
Share Pledging
Trading Services
Customer Support
Call Support
Email Support
Website Support
Whatsapp Support
Pledge Charges
Interest on Margin Trading
Margin Re-Pledge
Pledge Creation Charges
Pledge Invocation Charges
Leverage (Margin) Offered
Equity Delivery Margin
Equity Intraday Margin
Unique Offerings
Brokerage Cashback
Flexible Brokerage Plans
Free Account Opening
Free AMC
Free Brokerage
Free Equity Delivery
Free Intraday Trading
Free Trading calls
Happy Trading Hours
No Brokerage on Loss Trades
Referral Offers
Relationship Manager
Services Provided
Banking
Corporate Bonds
Currency Futures
Currency Options
Digital Gold
Equity Delivery
Equity Futures
Equity Intraday
Equity Options
Foreign Stocks
Govt. Bonds
Insurance
Mutual Funds
Order Types
After Market Order (AMO)
Bracket Order
Buy Today Sell Tomorrow
Cover Order
Good Till Cancelled (GTC)
Limit Order
Market Order
Sell Today Buy Tomorrow
Research & Reports
Annual Reports
Company Reports
Daily Market Review
Fundamental Reports
IPO Reports
Monthly Review
Research Reports
Robo Advisory
Stock tips
Technical Reports
Weekly Review
STT & CTT Charges
Currency Futures STT & CTT
Currency Options STT & CTT
Equity Delivery STT & CTT
Equity Futures STT & CTT
Equity Intraday STT & CTT
Equity Options STT & CTT
Trading Features
Advanced charting
Customized Recommendations
Global indices
Live market
Multiple Profile Management
Mutual Fund Buying
Portfolio Details
Price Alert
Real Time Updates
Secure Platform
Watchlist
Trading Platforms
Algo Trading Platform
Android App
Basket Trading Platform
Bonds Investment Platform
Digital Gold Investment
Foreign Stocks Trading
iOS App
Mutual Fund Investment
Trading Terminal
Web Trading Platform
Transaction Charges
Comm. Futures Trxn. Charges
Comm. Options Trxn. Charges
Curr. Futures Trxn. Charges
Curr. Options Trxn. Charges
Equity Del. Trxn. Charges
Equity Futures Trxn. Charges
Equity Intra. Trxn. Charges
Equity Options Trxn. Charges
Stamp Duty charges
Commodity Futures Stamp Duty
Commodity Options Stamp Duty
Currency Futures Stamp Duty
Currency Options Stamp Duty
Equity Delivery Stamp Duty
Equity Futures Stamp Duty
Equity Intraday Stamp Duty
Equity Options Stamp Duty
Other Charges
Account Closure Charges
Call and Trade charges
Dematerialization Charges
DP Charges
GST charges
Reactivation Charges
SEBI Turnover Charges
Auto Square off Charges
Email Statements
KRA, CKYC, ESign Charges

Zerodha Demat Account Review
Zerodha demat account charges, features, and safety — verified against official sources.
In stock
-
2010
Nithin Kamath, Nikhil Kamath
₹0
₹300 + GST/year for non-BSDA resident accounts (₹75/quarter)
₹100/year (BSDA)
Regular Zerodha online plan
₹20 or 0.03% per executed order, lower
₹20 per executed order
₹20 or 0.03% per executed order, lower
₹20 per executed order
₹0
Lower of ₹20 or 0.03% per executed order
Lower of ₹20 or 0.03% per executed order
₹20 per executed order
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
14.60% p.a. (0.04%/day)
Yes
₹30 + GST per ISIN standard; ₹15 + GST per ISIN for MTF
₹30 + GST per ISIN standard; ₹15 + GST per ISIN for MTF
1x; 100% upfront delivery margin
Up to 5x
No
No
Yes
No
No
Yes
No
No
No
No
Yes
No
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
No
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
No
No
Yes
No
No
No
No
No
Yes
No
Nil
Nil
STT 0.10% on buy and sell
STT 0.05% on sell side
STT 0.025% on sell side
STT 0.15% on sell side premium; 0.15% on exercise intrinsic value
Yes
No
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
MCX 0.00210%; NCDEX 0.0058%
MCX 0.0418%; NCDEX 0.03%
NSE 0.00035% on turnover
NSE 0.0311% on premium
NSE 0.00307%; BSE 0.00375%
NSE 0.00183% on contract value
NSE 0.00307%; BSE 0.00375%
NSE 0.03553% on premium; BSE 0.0325% on premium
0.002% on buy side
0.003% on buy side premium
0.0001% on buy side
0.0001% on buy side
0.015% or ₹1,500/crore on buy side
0.002% or ₹200/crore on buy side
0.003% or ₹300/crore on buy side
0.003% or ₹300/crore on buy side
₹0
₹50 per order
₹150 per certificate
₹13 + GST per ISIN
18% on brokerage, DP, exchange transaction charges, SEBI charges and other taxable service charges
₹0
₹10/crore or 0.0001% of turnover
₹50 per order
Free
₹0

Indmoney Demat Account Review
Indmoney demat account charges, features, and safety — verified against official sources.
In stock
-
2019
Ashish Kashyap
₹0
₹0 (Free for lifetime)
₹0/year
INDstocks Indian Stocks pricing
₹20 per executed order
₹20 per executed order
₹20 per executed order
₹20 per executed order
Lower of ₹20 or 0.1% per executed order; minimum ₹2
₹20 per executed order
Lower of ₹20 or 0.1% per executed order; minimum ₹2
₹20 per executed order
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
MTF offered up to 4x; interest charged on funded amount
Yes
₹0 margin pledge/unpledge; ₹20 + GST per ISIN for MTF pledge/unpledge
₹0 margin unpledge; ₹20 + GST per ISIN for MTF unpledge
1x; 100% upfront delivery margin
Up to 5x
No
No
Yes
Yes
No
No
No
No
No
No
Yes
No
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
No
Yes
No
No
Yes
Yes
No
Yes
No
No
No
No
No
No
No
No
No
No
Nil
Nil
STT 0.10% on buy and sell
STT 0.05% on sell side
STT 0.025% on sell side
STT 0.15% on sell side premium; 0.15% on exercise intrinsic value
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
No
Yes
No
Yes
Yes
Yes
No
Yes
MCX 0.00210%; NCDEX 0.0058%
MCX 0.0418%; NCDEX 0.03%
NSE 0.00035% on turnover
NSE 0.0311% on premium
NSE 0.00307%; BSE 0.00375%
NSE 0.00183% on contract value
NSE 0.00307%; BSE 0.00375%
NSE 0.03553% on premium; BSE 0.0325% on premium
0.002% on buy side
0.003% on buy side premium
0.0001% on buy side
0.0001% on buy side
0.015% or ₹1,500/crore on buy side
0.002% or ₹200/crore on buy side
0.003% or ₹300/crore on buy side
0.003% or ₹300/crore on buy side
₹0
₹500 per order
₹250 per certificate
₹18.50 + GST per ISIN on delivery sell
18% on brokerage, DP, exchange transaction charges, SEBI charges and other taxable service charges
₹0
₹10/crore or 0.0001% of turnover
₹50 per order
Free
₹0

Upstox Demat Account Review
8.7
Upstox demat account charges, features, and safety — verified against official sources.
In stock
Features & Services Provided
9
Brokerage Charges & Fees
8.7
Users Rating
8.5
User Interface
8.8
Customer Support
9.3
2009
Ravi Kumar, Kavitha Subramanian, Shrini Viswanath
₹0
₹0 first year; then ₹300 + GST/year for non-BSDA users
₹100/year (BSDA)
Regular Upstox pay-per-use plan
₹20 per executed order
₹20 per executed order
₹20 per executed order
₹20 per executed order
₹20 per executed order
Lower of ₹20 or 0.05%
Lower of ₹20 or 0.05% per executed order
₹20 per executed order
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
MTF interest ₹20/day per ₹50,000 borrowed slab
Yes
₹20 + GST per scrip
₹20 + GST per scrip
1x; 100% upfront delivery margin
Up to 5x
No
No
Yes
No
No
No
No
No
No
No
Yes
No
No
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
Yes
No
No
Yes
No
No
No
No
No
Yes
No
Nil
Nil
STT 0.10% on buy and sell
STT 0.05% on sell side
STT 0.025% on sell side
STT 0.15% on sell side premium; 0.15% on exercise intrinsic value
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
MCX 0.00210%; NCDEX 0.0058%
MCX 0.0418%; NCDEX 0.03%
NSE 0.00035% on turnover
NSE 0.0311% on premium
NSE 0.00307%; BSE 0.00375%
NSE 0.00183% on contract value
NSE 0.00307%; BSE 0.00375%
NSE 0.03553% on premium; BSE 0.0325% on premium
0.002% on buy side
0.003% on buy side premium
0.0001% on buy side
0.0001% on buy side
0.015% or ₹1,500/crore on buy side
0.002% or ₹200/crore on buy side
0.003% or ₹300/crore on buy side
0.003% or ₹300/crore on buy side
₹0
₹75 + GST
₹100 per cert + ₹50 courier
₹20 + GST per scrip/day
18% on brokerage, DP, exchange transaction charges, SEBI charges and other taxable service charges
₹0
₹10/crore or 0.0001% of turnover
₹75 + GST
Free
₹50 + GST account modification

By Ajay Bohra · About the author

For Annual Maintenance Charges (AMC), our sheet shows Zerodha: ₹300 + GST/year for non-BSDA resident accounts (₹75/quarter); Indmoney: ₹0 (Free for lifetime); Upstox: ₹0 first year; then ₹300 + GST/year for non-BSDA users. Informational only; confirm tariffs on each broker's official site before opening an account.

This Zerodha vs Indmoney vs Upstox guide compares charges and account terms for Zerodha, Indmoney, and Upstox using our master broker sheet (updated from the same source as the live table above). Figures below are copied verbatim from that sheet—confirm current tariffs on each broker’s official website before opening an account. More comparisons: broker comparisons hub.

Charges at a glance

Parameter	Zerodha	Indmoney	Upstox
Annual Maintenance Charges (AMC)	₹300 + GST/year for non-BSDA resident accounts (₹75/quarter)	₹0 (Free for lifetime)	₹0 first year; then ₹300 + GST/year for non-BSDA users
Brokerage Plan	Regular Zerodha online plan	INDstocks Indian Stocks pricing	Regular Upstox pay-per-use plan
Equity Delivery Charges	₹0	Lower of ₹20 or 0.1% per executed order; minimum ₹2	₹20 per executed order
Equity Intraday Charges	Lower of ₹20 or 0.03% per executed order	Lower of ₹20 or 0.1% per executed order; minimum ₹2	Lower of ₹20 or 0.05% per executed order
Equity Futures charges	Lower of ₹20 or 0.03% per executed order	₹20 per executed order	Lower of ₹20 or 0.05%

Key differences from our sheet

Annual Maintenance Charges (AMC): Zerodha — ₹300 + GST/year for non-BSDA resident accounts (₹75/quarter); Indmoney — ₹0 (Free for lifetime); Upstox — ₹0 first year; then ₹300 + GST/year for non-BSDA users.
Brokerage Plan: Zerodha — Regular Zerodha online plan; Indmoney — INDstocks Indian Stocks pricing; Upstox — Regular Upstox pay-per-use plan.
Equity Delivery Charges: Zerodha — ₹0; Indmoney — Lower of ₹20 or 0.1% per executed order; minimum ₹2; Upstox — ₹20 per executed order.
Equity Intraday Charges: Zerodha — Lower of ₹20 or 0.03% per executed order; Indmoney — Lower of ₹20 or 0.1% per executed order; minimum ₹2; Upstox — Lower of ₹20 or 0.05% per executed order.
Equity Futures charges: Zerodha — Lower of ₹20 or 0.03% per executed order; Indmoney — ₹20 per executed order; Upstox — Lower of ₹20 or 0.05%.

Individual broker reviews

Read our detailed reviews: Zerodha demat review, Indmoney demat review, Upstox demat review.

FAQs

What is the Zerodha demat account opening fee?

Per our master broker sheet: ₹0. Verify on Zerodha's official site.

What is the Indmoney demat account opening fee?

Per our master broker sheet: ₹0. Verify on Indmoney's official site.

What is the Upstox demat account opening fee?

Per our master broker sheet: ₹0. Verify on Upstox's official site.

What is the Zerodha demat AMC on our sheet?

Per our master broker sheet: ₹300 + GST/year for non-BSDA resident accounts (₹75/quarter). Verify on Zerodha's official site.

What is the Indmoney demat AMC on our sheet?

Per our master broker sheet: ₹0 (Free for lifetime). Verify on Indmoney's official site.

What is the Upstox demat AMC on our sheet?

Per our master broker sheet: ₹0 first year; then ₹300 + GST/year for non-BSDA users. Verify on Upstox's official site.

What are Zerodha equity delivery brokerage charges?

Per our master broker sheet: ₹0. Verify on Zerodha's official site.

What are Indmoney equity delivery brokerage charges?

Per our master broker sheet: Lower of ₹20 or 0.1% per executed order; minimum ₹2. Verify on Indmoney's official site.

Brokerage plans, AMC slabs, and F&O tariffs can change. Use the comparison table at the top of this page for side-by-side product fields, and verify final numbers on official broker sites before you trade. This page is for information and education only—not personalized investment advice.