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Dhan charges ₹0 delivery brokerage and ₹0 AMC, while Upstox charges ₹20 per order on delivery and ₹300 + GST a year after year one. Intraday is the lower of ₹20 or 0.03% at Dhan and the lower of ₹20 or 0.1% at Upstox. A ₹1,00,000 delivery round trip costs ₹237.23 on Dhan and ₹293.28 on Upstox.
Last updated: October 2026
This page compares Upstox 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 Dhan: charges side by side
| Charge | Upstox | Dhan |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Equity delivery brokerage | ₹20 per order | ₹0 |
| Equity intraday brokerage | Lower of ₹20 or 0.1% | Lower of ₹20 or 0.03% |
| Futures and options | Options ₹20 per order; futures lower of ₹20 or 0.05% | ₹20 per order |
| Demat AMC | 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) | ₹12.50 + GST per ISIN sold |
| Pledge | ₹20 + GST per scrip | ₹15 + GST per ISIN |
| Call and trade | ₹75 + GST per order | ₹50 + GST per order |
| Auto square-off | ₹75 + GST | ₹20 + 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 | Dhan |
|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹293.28 | ₹237.23 |
| Intraday (₹1,00,000 buy and sell) | ₹82.68 | ₹82.68 |
| Options (₹50,000 buy, ₹60,000 sell) | ₹184.95 | ₹184.95 |
Delivery is where they differ most: Dhan costs ₹56.05 less on the ₹1,00,000 round trip, before counting Upstox’s AMC after year one. The options example is the same on both. On small intraday orders Dhan’s 0.03% is lower than Upstox’s 0.1%.
Upstox or Dhan: what to weigh
Upstox may suit you if:
- you want Upstox’s margin trading facility at up to 4x leverage
- you want phone orders at ₹75 + GST, against ₹50 + GST at Dhan (only if you use the desk)
- you want Upstox’s account features such as cover and bracket orders
Dhan may suit you if:
- you buy and hold shares, since delivery brokerage and AMC are both ₹0
- you place small intraday orders, where 0.03% is lower than 0.1%
- you want a lower DP charge on each sell (₹12.50 + GST per ISIN at Dhan, against ₹20 per scrip at Upstox)
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 Upstox charges page and the Dhan charges page. More pairs are on the broker comparisons hub.
Upstox vs Dhan: FAQs
Which is cheaper for delivery, Upstox or Dhan?
Dhan. Delivery brokerage is ₹0 on Dhan and ₹20 per order on Upstox. A ₹1,00,000 buy and sell costs ₹237.23 on Dhan and ₹293.28 on Upstox.
Which has the lower AMC?
Dhan charges ₹0 for individuals and HUFs. Upstox is free for the first year, then ₹300 + GST a year for non-BSDA users.
Do Upstox and Dhan charge the same for F&O?
Options are ₹20 per order at both. Futures are the lower of ₹20 or 0.05% at Upstox and ₹20 per order at Dhan.
How do DP charges compare?
Dhan charges ₹12.50 + GST per ISIN sold. Upstox charges ₹20 per scrip per day on sells.
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. 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.
