Upstox vs Zerodha vs Dhan

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


  • 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
  • Upstox Demat Account Review

    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

  • Zerodha Demat Account Review

    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

  • Dhan Demat Account Review

    Dhan Demat Account Review

    9.6

  • Dhan demat account charges, features, and safety — verified against official sources.

  • In stock
  • -
  • Features & Services Provided
    9
    Brokerage Charges & Fees
    9.6
    Users Rating
    9.8
    User Interface
    9.5
    Customer Support
    9

  • 2021

  • Pravin Jadhav, Siddharth Menon

  • ₹0

  • ₹0 (Free for lifetime)

  • ₹0/year

  • Regular flat-fee online plan

  • ₹20 per executed order

  • ₹20 per executed order

  • ₹20 per executed order

  • ₹20 per executed order

  • ₹0

  • ₹20 per executed order

  • Lower of ₹20 or 0.03%

  • ₹20 per executed order

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • Yes

  • 12.49% to 16.49% p.a. (Tiered)

  • Yes

  • ₹15 + GST per ISIN

  • ₹15 + GST per ISIN

  • 1x; 100% upfront delivery margin

  • Up to 5x

  • No

  • No

  • Yes

  • Yes

  • No

  • Yes

  • No

  • No

  • No

  • No

  • Yes

  • No

  • No

  • Yes

  • Yes

  • Yes

  • Yes

  • 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

  • Yes

  • 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 + GST

  • ₹250 per certificate + courier

  • ₹12.50 + 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

  • ₹20 per order + GST

  • Free

  • ₹0

By Ajay Bohra · About the author

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

This Upstox vs Zerodha vs Dhan guide compares charges and account terms for Upstox, Zerodha, and Dhan 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

ParameterUpstoxZerodhaDhan
Annual Maintenance Charges (AMC)₹0 first year; then ₹300 + GST/year for non-BSDA users₹300 + GST/year for non-BSDA resident accounts (₹75/quarter)₹0 (Free for lifetime)
Brokerage PlanRegular Upstox pay-per-use planRegular Zerodha online planRegular flat-fee online plan
Equity Delivery Charges₹20 per executed order₹0₹0
Equity Intraday ChargesLower of ₹20 or 0.05% per executed orderLower of ₹20 or 0.03% per executed orderLower of ₹20 or 0.03%
Equity Futures chargesLower of ₹20 or 0.05%Lower of ₹20 or 0.03% per executed order₹20 per executed order

Key differences from our sheet

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

Individual broker reviews

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

FAQs

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 account opening fee?

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

What is the Dhan demat account opening fee?

Per our master broker sheet: ₹0. Verify on Dhan'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 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 Dhan demat AMC on our sheet?

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

What are Upstox equity delivery brokerage charges?

Per our master broker sheet: ₹20 per executed order. 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.

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.

Sources checked

  • SEBI — investor education & regulations
  • NSE India — market reference
  • Official broker pricing/charges pages — verify on each broker's site before opening an account

Risk warning: Investing and trading involve market risk. Brokerage charges and platform features change. This article is for information only, not investment advice.

See our review methodology · affiliate disclosure

Lets Think Wise

Lets Think Wise helps Indian investors compare brokers, estimate trading costs and understand investing tools through practical, research-based content.

Disclaimer

Content on Lets Think Wise is for informational and educational purposes only and should not be considered investment advice. Investing and trading involve market risk. Brokerage charges, platform features and terms may change over time, so always verify details from official broker websites before making financial decisions.

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