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 rate is 0.1% and its options rate is a 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 0.1%, 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
- ₹300 + GST (non-BSDA)
- Equity delivery
- ₹20 per executed order
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
- 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 | Groww |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| AMC after the first year | ₹300 + GST (non-BSDA) | ₹0 |
| 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 order (Equity and Commodity F&O) · O ₹20 per order (Equity and Commodity F&O) |
| Mutual funds | ₹0 commission on mutual funds and IPOs | ₹0 transaction charges on mutual funds |
| IPO applications | ₹0 brokerage on IPO applications | Not published |
| DP charges (sell side) | ₹20 + GST per scrip per day, sell only | ₹20 + GST per sell (₹0 under ₹100) |
Upstox
OUR PARTNER
Groww
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.
Groww
ComparedGroww AMC, in detail
A single account maintenance charge line of ₹0 is published, with no year-one/year-two split and no BSDA holding-value slab table.
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 no minimum brokerage floor
- Options at a flat ₹20 per order, simpler than a percentage-plus-minimum
- Delivery at a flat ₹20 per executed order, with no percentage component to calculate
- 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, so 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, and a flat ₹20 delivery charge has the same effect on an order that small.
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, the two intraday rates now sit at 0.1% with a ₹20 cap, and Upstox charges no minimum floor where Groww applies a ₹5 minimum. 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 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/
- Groww Invest Tech Private Limited. “Pricing — account opening, AMC and brokerage.” Accessed 16 September 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.