Upstox vs Zerodha vs Dhan: Charges & Costs (2026)
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Upstox: delivery ₹20 per order, AMC ₹0 in year one, then ₹300 + GST a year; Zerodha: delivery ₹0, AMC ₹0 in year one, then ₹300 + GST a year; Dhan: delivery ₹0, AMC ₹0. On a ₹1,00,000 delivery round trip the total charges are ₹293.28 on Upstox, ₹237.82 on Zerodha, ₹237.23 on Dhan.
Last updated: October 2026
This page compares Upstox, Zerodha and Dhan 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 Zerodha vs Dhan: charges side by side
| Charge | Upstox | Zerodha | Dhan |
|---|---|---|---|
| Account opening | ₹0 | ₹0 | ₹0 |
| Equity delivery brokerage | ₹20 per order | ₹0 | ₹0 |
| Equity intraday brokerage | Lower of ₹20 or 0.1% | Lower of ₹20 or 0.03% | Lower of ₹20 or 0.03% |
| Futures and options | Options ₹20 per order; futures lower of ₹20 or 0.05% | ₹20 per order (futures: lower of ₹20 or 0.03%) | ₹20 per order |
| Demat AMC | Free for the first year, then ₹300 + GST a year (non-BSDA) | Free for the first year, then ₹300 + GST a year (non-BSDA) | ₹0 for individuals and HUFs |
| DP charge on sells | ₹20 per scrip sold (the examples add 18% GST) | ₹15.34 per scrip sold including GST | ₹12.50 + GST per ISIN sold |
| Call and trade | ₹75 + GST per order | ₹50 per order | ₹50 + GST per order |
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 | Zerodha | Dhan |
|---|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹293.28 | ₹237.82 | ₹237.23 |
| 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: Dhan is lowest at ₹237.23; the next lowest is ₹237.82 (₹0.59 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 Zerodha vs Dhan: what to weigh
Upstox may suit you if:
- you value features and service that this charges-only page does not cover
Zerodha may suit you if:
- you value features and service that this charges-only page does not cover
Dhan may suit you if:
- you keep the account for years: AMC after year one is ₹0
These statements describe published charges, not a recommendation. Use the brokerage calculator to test your own numbers.
Full charge breakdowns
Upstox charges page. Zerodha charges page. Dhan charges page. More pairs are on the broker comparisons hub.
Upstox vs Zerodha vs Dhan: FAQs
Which of Upstox, Zerodha and Dhan is cheapest for delivery?
Dhan on the ₹1,00,000 delivery example: ₹293.28 on Upstox, ₹237.82 on Zerodha, ₹237.23 on Dhan.
Which has the lowest AMC?
Upstox: ₹0 in year one, then ₹300 + GST a year; Zerodha: ₹0 in year one, then ₹300 + GST a year; Dhan: ₹0.
How do F&O charges compare?
Upstox: Options ₹20 per order; futures lower of ₹20 or 0.05%; Zerodha: ₹20 per order (futures: lower of ₹20 or 0.03%); Dhan: ₹20 per order. Options example totals: ₹184.95 on Upstox, ₹184.95 on Zerodha, ₹184.95 on Dhan.
How do DP charges compare?
Upstox: ₹20 per scrip sold (the examples add 18% GST); Zerodha: ₹15.34 per scrip sold including GST; Dhan: ₹12.50 + GST per ISIN sold.
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. Zerodha: Zerodha charges page. Dhan: Dhan 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.
