Upstox vs INDmoney vs HDFC Sky: Charges & Costs (2026)
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Upstox: delivery ₹20 per order, AMC ₹0 in year one, then ₹300 + GST a year; INDmoney: delivery lower of ₹20 or 0.1% (min ₹2), AMC ₹0; HDFC Sky: delivery lower of ₹20 or 2.5%, AMC ₹0 in year one, then ₹20 a month. On a ₹1,00,000 delivery round trip the total charges are ₹293.28 on Upstox, ₹291.51 on INDmoney, ₹289.68 on HDFC Sky.
Last updated: October 2026
This page compares Upstox, INDmoney and HDFC Sky 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.
Upstox vs INDmoney vs HDFC Sky: charges side by side
| Charge | Upstox | INDmoney | HDFC Sky |
|---|---|---|---|
| Account opening | ₹0 | ₹0 | Free |
| Equity delivery brokerage | ₹20 per order | Lower of ₹20 or 0.1%; minimum ₹2 | Lower of ₹20 or 2.5% |
| Equity intraday brokerage | Lower of ₹20 or 0.1% | Lower of ₹20 or 0.1%; minimum ₹2 | Lower of ₹20 or 2.5% |
| Futures and options | Options ₹20 per order; futures lower of ₹20 or 0.05% | ₹20 per order | Options ₹20 per order; futures lower of ₹20 or 2.5% |
| Demat AMC | Free for the first year, then ₹300 + GST a year (non-BSDA) | ₹0 | ₹20 a month, free for the first year |
| DP charge on sells | ₹20 per scrip sold (the examples add 18% GST) | ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks) | ₹20 per demat transaction (GST not stated) |
| Call and trade | ₹75 + GST per order | ₹500 per order | ₹20 per call |
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 | Upstox | INDmoney | HDFC Sky |
|---|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹293.28 | ₹291.51 | ₹289.68 |
| Intraday (₹1,00,000 buy and sell) | ₹82.68 | ₹82.68 | ₹82.68 |
| Options (₹50,000 buy, ₹60,000 sell) | ₹184.95 | ₹184.95 | ₹184.95 |
Delivery: HDFC Sky is lowest at ₹289.68; the next lowest is ₹291.51 (₹1.83 more). Intraday: all three cost the same (₹82.68). Options: all three cost the same (₹184.95). Your own order sizes and how often you trade decide which costs least, so test them in the calculator.
Upstox vs INDmoney vs HDFC Sky: what to weigh
Upstox may suit you if:
- you value features and service that this charges-only page does not cover
INDmoney may suit you if:
- you keep the account for years: AMC after year one is ₹0
HDFC Sky may suit you if:
- you value features and service that this charges-only page does not cover
These statements describe published charges, not a recommendation. Use the brokerage calculator to test your own numbers.
Full charge breakdowns
Upstox charges page. INDmoney charges page. HDFC Sky charges page. More pairs are on the broker comparisons hub.
Upstox vs INDmoney vs HDFC Sky: FAQs
Which of Upstox, INDmoney and HDFC Sky is cheapest for delivery?
HDFC Sky on the ₹1,00,000 delivery example: ₹293.28 on Upstox, ₹291.51 on INDmoney, ₹289.68 on HDFC Sky.
Which has the lowest AMC?
Upstox: ₹0 in year one, then ₹300 + GST a year; INDmoney: ₹0; HDFC Sky: ₹0 in year one, then ₹20 a month.
How do F&O charges compare?
Upstox: Options ₹20 per order; futures lower of ₹20 or 0.05%; INDmoney: ₹20 per order; HDFC Sky: Options ₹20 per order; futures lower of ₹20 or 2.5%. Options example totals: ₹184.95 on Upstox, ₹184.95 on INDmoney, ₹184.95 on HDFC Sky.
How do DP charges compare?
Upstox: ₹20 per scrip sold (the examples add 18% GST); INDmoney: ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks); HDFC Sky: ₹20 per demat transaction (GST not stated).
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
Upstox: Upstox brokerage charges page. INDmoney: INDmoney pricing page. HDFC Sky: HDFC Sky pricing 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.
