INDmoney vs Upstox: Charges, AMC & Costs (2026)
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INDmoney: delivery brokerage lower of ₹20 or 0.1% (min ₹2), AMC ₹0. Upstox: delivery ₹20 per order, AMC ₹0 in year one, then ₹300 + GST a year. A ₹1,00,000 delivery round trip costs ₹291.51 on INDmoney and ₹293.28 on Upstox.
Last updated: October 2026
This page compares INDmoney and Upstox on what you actually pay: brokerage, AMC, DP charges and the total cost of three sample trades. Charges were checked against each broker’s published pricing in October 2026 and can change, so confirm before you open an account. This is information, not investment advice.
INDmoney vs Upstox: charges side by side
| Charge | INDmoney | Upstox |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Equity delivery brokerage | Lower of ₹20 or 0.1%; minimum ₹2 | ₹20 per order |
| Equity intraday brokerage | Lower of ₹20 or 0.1%; minimum ₹2 | Lower of ₹20 or 0.1% |
| Futures and options | ₹20 per order | Options ₹20 per order; futures lower of ₹20 or 0.05% |
| Demat AMC | ₹0 | Free for the first year, then ₹300 + GST a year (non-BSDA) |
| DP charge on sells | ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks) | ₹20 per scrip sold (the examples add 18% GST) |
| Pledge | ₹0 for margin (non-MTF); ₹20 + GST per ISIN for MTF | ₹20 + GST per scrip |
| Call and trade | ₹500 per order | ₹75 + GST per order |
| Auto square-off | Not listed on the pricing page | ₹75 + GST |
What the same trades cost on each broker
These examples add up brokerage, STT, exchange charges, SEBI fees, stamp duty, GST and the DP charge on a round trip (buy and sell). Delivery and intraday trades buy and sell ₹1,00,000 of shares once each. The options trade buys premium worth ₹50,000 and sells it for ₹60,000, with one lot per order. Amounts are rounded to the nearest paisa.
| Trade | INDmoney | Upstox |
|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹291.51 | ₹293.28 |
| Intraday (₹1,00,000 buy and sell) | ₹82.68 | ₹82.68 |
| Options (₹50,000 buy, ₹60,000 sell) | ₹184.95 | ₹184.95 |
Delivery: INDmoney costs ₹1.77 less (₹291.51 against ₹293.28). Intraday: the two cost the same (₹82.68). Options: the two cost the same (₹184.95). Your own order sizes and how often you trade decide which costs less, so test them in the calculator.
INDmoney or Upstox: what to weigh
INDmoney may suit you if:
- you keep the account for years: AMC after year one is ₹0 against ₹300 + GST a year
Upstox may suit you if:
- you place phone orders: call and trade is cheaper (₹75 + GST per order against ₹500 per order)
Both statements describe published charges, not a recommendation. Your own order sizes, how often you trade and how long you hold shares decide which costs more. Use the brokerage calculator to test your own numbers.
Full charge breakdowns
See every charge, worked examples and FAQs on the INDmoney charges page and the Upstox charges page. More pairs are on the broker comparisons hub.
INDmoney vs Upstox: FAQs
Which is cheaper for delivery, INDmoney or Upstox?
INDmoney on the ₹1,00,000 delivery example: ₹291.51 on INDmoney and ₹293.28 on Upstox. Delivery brokerage is lower of ₹20 or 0.1% (min ₹2) at INDmoney and ₹20 per order at Upstox.
Which has the lower AMC?
INDmoney: ₹0. Upstox: ₹0 in year one, then ₹300 + GST a year.
How do F&O charges compare?
INDmoney: ₹20 per order. Upstox: Options ₹20 per order; futures lower of ₹20 or 0.05%. On the options example the round trip costs ₹184.95 on INDmoney and ₹184.95 on Upstox.
How do DP charges compare?
INDmoney: ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks). Upstox: ₹20 per scrip sold (the examples add 18% GST).
Is STT different between brokers?
No. STT is set by the government: 0.1% on buy and sell for delivery, 0.025% on the sell side for intraday, 0.05% on the sell side for futures and 0.15% on the sell premium for options. It is the same at every broker.
Sources
INDmoney: INDmoney pricing page. Upstox: Upstox brokerage charges page. STT, stamp duty, SEBI turnover fee and exchange transaction charges follow the rates set by the government, SEBI and the exchanges.
Brokerage, AMC and statutory charges change. This page is for information and education only, not investment advice.
