Upstox vs Angel One
Angel One is cheaper to keep after the first year, at ₹240 + GST against Upstox’s ₹300 + GST, and it gives new customers a ₹500 brokerage waiver for the first 30 days. The two brokers now quote the same 0.1% intraday rate, and Upstox charges a flat ₹20 on options. Both cost ₹0 to open, with ₹0 commission on mutual funds and IPOs.
The short answer
Two honest summaries, written for a first-time investor who has never opened an account.
Upstox
Our partnerUpstox and Angel One quote the same intraday rate at ₹20 or 0.1%, and Upstox charges a flat ₹20 on options. Its fee sheet is short and its AMC is free for year one, then ₹300 + GST. For a beginner who mostly buys delivery, the ₹60 + GST annual AMC gap with Angel One only shows up from year two.
- Account opening
- ₹0
- AMC
- ₹300 + GST (non-BSDA)
- Equity delivery
- ₹20 per executed order
Angel One
ComparedAngel One wins on recurring cost for holders: ₹0 opening, no AMC in year one, then ₹240 + GST per year (₹60 + GST quarterly, charged only after your first trade each quarter). It also waives brokerage up to ₹500 for the first 30 days for new customers. Its delivery rate is ₹20 or 0.1% with a ₹5 minimum, and its intraday rate sits at the same 0.1% as Upstox.
- Account opening
- ₹0 (NRI approx ₹500)
- AMC
- ₹60 + GST per quarter (non-BSDA)
- Equity delivery
- ₹20 or 0.1% (whichever is lower), min ₹5
One rule before you pick
For a first account, opening cost and AMC matter more than any single brokerage rate. You will not place a thousand orders in your first year. You will, however, pay the AMC every year the account exists.
Charges side by side
As published on each broker’s pricing page on 16 September 2026. Statutory charges (STT, stamp duty, exchange fees, SEBI fees, GST) apply at every broker and are shown in the calculators, not here.
| Charge | UpstoxOUR PARTNER | Angel One |
|---|---|---|
| Account opening | ₹0 | ₹0 (NRI approx ₹500) |
| AMC after the first year | ₹300 + GST (non-BSDA) | ₹60 + GST per quarter (non-BSDA) |
| Equity delivery | ₹20 per executed order | ₹20 or 0.1% (whichever is lower), min ₹5 |
| Equity intraday | ₹20 or 0.1% (whichever is lower) | ₹20 or 0.1% (whichever is lower), min ₹5 |
| Futures & options | F ₹20 or 0.05% (whichever is lower) · O Flat ₹20 per executed order | F ₹20 per executed order · O ₹20 per executed order |
| Mutual funds | ₹0 commission on mutual funds and IPOs | Not published |
| IPO applications | ₹0 brokerage on IPO applications | Not published |
| DP charges (sell side) | ₹20 + GST per scrip per day, sell only | ₹20 + 18% GST per ISIN, sell only |
Upstox
OUR PARTNER
Angel One
Upstox
Our partnerUpstox AMC, in detail
ZERO AMC applies for newly onboarded customers in the first year, and a footnote states annual maintenance charges are free up to one year for users onboarded from 14-Feb-2025 onwards. For non-BSDA accounts the published AMC is ₹300 + GST. BSDA accounts follow the published slab table of ₹0 up to ₹400,000 of holdings, ₹100 per annum from ₹400,001 to ₹10,00,000, and ₹300 per annum above that.
Angel One
ComparedAngel One AMC, in detail
AMC is a fixed quarterly charge, and the first year is ₹0. Non-BSDA clients pay ₹60 + GST per quarter, triggered after the first trade in that quarter. BSDA clients pay nothing below ₹4 lakh of holdings and ₹100 + GST per year between ₹4 lakh and ₹10 lakh. NRI accounts are charged ₹450 per year or ₹2,950 lifetime.
Where each one wins
No broker wins everything. These are the specific, verifiable edges of each side.
Upstox
Our partner- Intraday at ₹20 or 0.1%, whichever is lower, with the ₹20 cap binding above ₹20,000 of turnover
- Options at a flat ₹20, with no percentage component to track
- Futures at ₹20 or 0.05%, whichever is lower
- No minimum brokerage floor on delivery orders
- ISO 27001 certification and free UPI fund transfers
Angel One
Compared- Lower AMC from year two: ₹240 + GST against ₹300 + GST
- Brokerage up to ₹500 waived for the first 30 days after onboarding
- AMC is charged only after your first trade each quarter, not on a fixed date
- A listed company (Angel One Ltd) with a large retail franchise
What people usually get wrong
Three beliefs that keep circulating about this comparison. Each one has a simple fix.
Angel One is free for the first month, so it wins
The ₹500 waiver expires after 30 days or when the ₹500 is used, whichever comes first. After that, normal brokerage applies: 0.1% on intraday at both brokers.
The AMC difference is too small to matter
₹60 per quarter versus ₹75 per quarter at Upstox (non-BSDA, year two onwards) saves about ₹60 + GST per year. Small, but if both platforms serve you equally, cheaper maintenance is cheaper.
The headline intraday rate is what decides the cost
Both brokers now quote ₹20 or 0.1% on intraday, so on ₹2,00,000 of turnover a day 0.1% would come to ₹200 and the ₹20 cap brings the charge back to ₹20. Above ₹20,000 of turnover the cap decides, and below it the percentage applies in full.
Questions people ask about this comparison
The fee figures come from each broker’s published pricing pages, read on 16 August 2026.
For buy-and-hold investing the two are close: both open at ₹0, both waive year-one AMC, and delivery costs a flat ₹20 at Upstox against ₹20 or 0.1% with a ₹5 minimum at Angel One. Angel One is ₹60 + GST cheaper per year from year two. If you will trade intraday or options, both now quote ₹20 or 0.1% on intraday and a flat ₹20 on options, so the caps and minimums decide the cost. This page compares charges; it is not a recommendation.
Upstox: ₹0 for the first year, then ₹300 + 18% GST per year for non-BSDA accounts. Angel One: ₹0 for the first year, then ₹240 + 18% GST per year, collected as ₹60 + GST per quarter and only after your first trade that quarter. BSDA tiers (₹0 up to ₹4 lakh, ₹100 up to ₹10 lakh) apply at both.
Angel One does not charge brokerage up to ₹500 for the first 30 days after onboarding. The waiver ends when 30 days pass or the ₹500 is consumed, whichever comes first, after which its normal rates apply.
Upstox: ₹20 + GST per scrip per day on sell. Angel One: ₹20 + GST per ISIN debit on sell, with a ₹0.25 discount per debit for accounts where the first holder is a woman and for mutual fund and bond ISINs.
Angel One collects its quarterly AMC only after your first trade in that quarter. If you open the account and simply hold, the quarterly charge does not trigger. Confirm the current wording on Angel One’s pricing page, as offers change.
Your first share is 15 minutes away.
Open the account, add as little as ₹100 and start when you feel ready. Opening is free, and the first year of AMC is on the house.
- ₹0 opening
- 15 min setup
- SEBI-regulated partner
Investments in securities markets are subject to market risks. Read all relevant documents carefully before investing.
Sources
Every fee figure on this page was read from the broker’s own pricing pages on 16 September 2026. Brokerages change rates without warning, and a comparison is only as honest as its last check.
- Upstox, RKSV Securities India Pvt Ltd. “Brokerage charges.” Accessed 16 September 2026. upstox.com/brokerage-charges/
- Angel One Ltd. “Pricing & brokerage charges.” Accessed 16 September 2026. www.angelone.in/pricing
Brokerage and AMC figures are as published by the respective brokers and may change. Confirm current rates on the broker’s official pricing page before opening an account. This comparison is for informational purposes only. DematOpen is an Authorized Person of Upstox and does not provide investment advice. Investments in securities markets are subject to market risks. Read all relevant documents carefully before investing.