Upstox vs Groww
Groww charges no AMC at all, which makes it the cheapest account to simply hold. Upstox waives the first year and then charges ₹300 + GST on non-BSDA accounts, but its intraday and options rates are lower at 0.05% and flat ₹20, and its trading platform is built for more than buying funds. Both cost ₹0 to open and ₹0 for mutual funds.
The short answer
Two honest summaries, written for a first-time investor who has never opened an account.
Upstox
Our partnerUpstox is the stronger fit if you plan to trade beyond delivery: intraday at ₹20 or 0.05%, futures at ₹20 or 0.05%, options at a flat ₹20, and a ₹20 + GST DP charge when you sell. For pure investing, you pay nothing to open, nothing for the first year, and ₹300 + GST from year two unless your holdings stay under ₹4 lakh in a BSDA.
- Account opening
- ₹0
- AMC
- ₹0 first year; ₹300 + GST from year two (non-BSDA)
- Equity delivery
- ₹20 or 0.1% per order, whichever is lower
Groww
ComparedGroww is the cheapest account to keep: ₹0 opening and ₹0 AMC with no first-year-only condition, plus ₹0 commission on direct mutual funds. Its brokerage of ₹20 or 0.1% (minimum ₹5) covers delivery and intraday, and its DP charge on selling is ₹3.5 depository fee plus ₹16.5 Groww fee. For a buy-and-hold beginner who wants zero recurring fees, Groww’s maintenance pricing is hard to beat.
- Account opening
- ₹0
- AMC
- ₹0 (no AMC charged)
- Equity delivery
- ₹20 or 0.1% per executed order, whichever is lower (minimum ₹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 August 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 | Groww |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| AMC after the first year | ₹0 first year; ₹300 + GST from year two (non-BSDA) | ₹0 (no AMC charged) |
| Equity delivery | ₹20 or 0.1% per order, whichever is lower | ₹20 or 0.1% per executed order, whichever is lower (minimum ₹5) |
| Equity intraday | ₹20 or 0.05% per order, whichever is lower | ₹20 or 0.1% per executed order, whichever is lower (minimum ₹5) |
| Futures & options | Futures: ₹20 or 0.05%, whichever is lower. Options: flat ₹20 per order. | ₹20 or 0.05% per executed order, whichever is lower (minimum ₹5) |
| Mutual funds | ₹0 commission | ₹0 commission on direct mutual funds |
| IPO applications | ₹0 application fee | ₹0 application fee |
| DP charges (sell side) | ₹20 + GST per scrip per day, charged only when you sell from your Demat account | Depository ₹3.5 + Groww ₹16.5 per sell transaction (₹0 for debit value under ₹100) |
Upstox
OUR PARTNER
Groww
Upstox
Our partnerUpstox AMC, in detail
First year free for newly onboarded users. From year two: BSDA accounts pay ₹0 up to ₹4 lakh holdings, ₹100 + GST from ₹4–10 lakh, ₹300 + GST above ₹10 lakh. Non-BSDA accounts pay ₹300 + 18% GST per year.
Groww
ComparedGroww AMC, in detail
Groww publishes no annual maintenance charge for demat accounts. Other per-service charges apply as listed on its pricing page.
Where each one wins
No broker wins everything. These are the specific, verifiable edges of each side.
Upstox
Our partner- Intraday at ₹20 or 0.05% against Groww’s 0.1% — half the rate on active trading
- Options at a flat ₹20 per order, simpler than a percentage-plus-minimum
- Delivery at ₹20 or 0.1% with no minimum, so small orders are not pushed to a ₹5 floor
- Commodity and currency segments available alongside equity and F&O
- ISO 27001 certified, with free UPI fund transfers
Groww
Compared- ₹0 AMC with no first-year condition — the account costs nothing to keep
- Direct mutual fund investing is the core of the product, with ₹0 commission
- A simpler, investing-first app that does not push trading features
- DP charge on selling totals ₹20 but women pay a lower depository rate of ₹3.25
What people usually get wrong
Three beliefs that keep circulating about this comparison. Each one has a simple fix.
Groww is completely free
Brokerage of ₹20 or 0.1% applies on every stock order, DP charges apply when you sell, and statutory charges apply everywhere. What is free is the AMC and the account opening.
The ₹5 minimum is too small to matter
On a ₹3,000 order, ₹20 or 0.1% (₹3) becomes ₹5. Small trades cost proportionally more at any broker with a minimum, including Upstox’s ₹20 cap on delivery.
AMC of ₹300 does not matter either
₹300 + GST per year for 20 years is about ₹7,000 plus GST, before inflation. That is real money on a small portfolio, which is exactly what the BSDA option exists to prevent.
Questions people ask about this comparison
The fee figures come from each broker’s published pricing pages, read on 16 August 2026.
If you will only buy mutual funds and hold shares, Groww’s zero AMC is the cheaper structure. If you expect to trade intraday or F&O, Upstox’s 0.05% and flat ₹20 rates are lower than Groww’s 0.1% on the same orders. Both open free in about 15 minutes. This page compares charges; it is not a recommendation.
No. Groww publishes ₹0 account maintenance charges with no first-year-only condition. Other per-service charges, such as DP charges on selling and brokerage on orders, still apply.
₹0 for the first year for newly onboarded users. From year two, non-BSDA accounts pay ₹300 + 18% GST per year. BSDA accounts pay ₹0 up to ₹4 lakh holdings and ₹100 + GST from ₹4 lakh to ₹10 lakh.
Groww: ₹3.5 depository fee plus ₹16.5 Groww fee per sell transaction, ₹0 when the debit value is under ₹100. Upstox: ₹20 + GST per scrip per day on sell. Both apply only when shares leave your demat account.
No AMC is published and none is conditioned on trading frequency. The one trap to know about is that orders funded through UPI-mandate balances carry 1% brokerage with no cap. Fund your account through a bank transfer and that charge never applies.
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 August 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 August 2026. upstox.com/brokerage-charges/
- Groww Invest Tech Private Limited. “Pricing — account opening, AMC and brokerage.” Accessed 16 August 2026. groww.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.