Upstox vs Zerodha
Zerodha charges nothing for equity delivery and direct mutual funds, which makes it the cheaper choice for pure buy-and-hold investing. Upstox costs ₹0 to open with a free first year, charges ₹20 or 0.1% on delivery, and gives you the same paperless setup in about 15 minutes. Both are SEBI-regulated discount brokers with the same statutory charges.
The short answer
Two honest summaries, written for a first-time investor who has never opened an account.
Upstox
Our partnerUpstox suits first-time investors who want a ₹0 opening, a free first year, and one straightforward pricing sheet. You pay ₹20 or 0.1% per delivery order (whichever is lower) and ₹0 commission on mutual funds and IPOs. If you mostly hold and rarely sell, the yearly cost stays close to zero in year one and ₹300 + GST from year two for a non-BSDA account.
- 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
Zerodha
ComparedZerodha is the lowest-cost option for buy-and-hold investors: ₹0 brokerage on equity delivery, ₹0 commission and DP charges on direct mutual funds, and a ₹0 opening online. Its AMC story matches Upstox for accounts opened from 1 June 2026: free first year, then ₹300 + GST per year for non-BSDA accounts. If you sell rarely and never trade intraday, Zerodha’s delivery pricing is unbeatable.
- Account opening
- ₹0 online
- AMC
- ₹0 first year (accounts opened from 1 June 2026); ₹300 + GST from year two (non-BSDA)
- Equity delivery
- ₹0 brokerage
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 | Zerodha |
|---|---|---|
| Account opening | ₹0 | ₹0 online |
| AMC after the first year | ₹0 first year; ₹300 + GST from year two (non-BSDA) | ₹0 first year (accounts opened from 1 June 2026); ₹300 + GST from year two (non-BSDA) |
| Equity delivery | ₹20 or 0.1% per order, whichever is lower | ₹0 brokerage |
| Equity intraday | ₹20 or 0.05% per order, whichever is lower | ₹20 or 0.03% per order, whichever is lower |
| Futures & options | Futures: ₹20 or 0.05%, whichever is lower. Options: flat ₹20 per order. | Futures: ₹20 or 0.03%, whichever is lower. Options: flat ₹20 per order. |
| Mutual funds | ₹0 commission | ₹0 commission and ₹0 DP charges |
| 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 | ₹15.34 per scrip on sell (₹3.5 CDSL fee + ₹9.5 Zerodha fee + ₹2.34 GST), irrespective of quantity |
Upstox
OUR PARTNER
Zerodha
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.
Zerodha
ComparedZerodha AMC, in detail
New resident individual accounts opened from 1 June 2026 get the first year free. From year two: BSDA accounts pay ₹0 up to ₹4 lakh holdings and ₹100 + GST from ₹4–10 lakh. Non-BSDA accounts pay ₹300 + 18% GST per year, charged quarterly.
Where each one wins
No broker wins everything. These are the specific, verifiable edges of each side.
Upstox
Our partner- Delivery at ₹20 or 0.1% is capped, so large single orders stay cheap
- Intraday at ₹20 or 0.05%, whichever is lower, against Zerodha’s 0.03% — close, but Upstox caps at ₹20 the same way
- SIPs start at ₹100 and fund transfers via UPI are free
- ISO 27001 certified, with 2FA and biometric login on every session
- Opening flow takes about 15 minutes with DigiLocker KYC
Zerodha
Compared- ₹0 brokerage on every equity delivery order, buy or sell
- ₹0 commissions and ₹0 DP charges on direct mutual funds
- The Kite app and Coin platform are mature, widely used tools
- Varsity, Zerodha’s free education library, has no direct equivalent
- First-year AMC waiver for resident accounts opened from 1 June 2026
What people usually get wrong
Three beliefs that keep circulating about this comparison. Each one has a simple fix.
Zerodha is completely free
Brokerage is free on delivery, but AMC of ₹300 + GST per year starts in year two for non-BSDA accounts, and statutory charges apply on every order.
Upstox is expensive for delivery
₹20 or 0.1%, whichever is lower, caps your cost. On a ₹1,00,000 order you pay ₹20, not 0.1% of the whole amount.
The two are basically the same
Delivery pricing is the real difference: ₹0 at Zerodha against ₹20-or-0.1% at Upstox. If you sell shares more than a few times a year, that adds up.
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 beginners, Zerodha costs less on paper because equity delivery is free. Upstox is equally simple to open and costs ₹0 in the first year. If you expect to buy shares and hold them for years with occasional selling, the two are close; if you plan to trade intraday or F&O, compare the 0.05% (Upstox) against 0.03% (Zerodha) rates and the ₹20 caps before deciding. This page compares charges; it is not a recommendation.
Upstox: free for the first year, then ₹300 + 18% GST per year for non-BSDA accounts. Zerodha: free for the first year for resident accounts opened from 1 June 2026, then ₹300 + 18% GST per year for non-BSDA accounts. BSDA accounts at both brokers pay ₹0 up to ₹4 lakh holdings and ₹100 + GST from ₹4 lakh to ₹10 lakh.
Yes. Zerodha’s official site states online account opening is free. Some comparison sites list a ₹200 fee; the published position on Zerodha’s own pages is ₹0 online. Confirm on Zerodha’s website before opening.
Yes, every broker passes on depository charges when shares leave your demat account. Upstox charges ₹20 + GST per scrip per day on sell. Zerodha charges ₹15.34 per scrip including GST, irrespective of quantity.
You can hold demat accounts with multiple brokers under the same PAN. Paying two AMCs usually is not worth it for beginners; one BSDA account keeps maintenance costs at ₹0 while your holdings stay under ₹4 lakh.
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/
- Zerodha Broking Ltd. “Charges: equity, F&O, currency and commodity.” Accessed 16 August 2026. zerodha.com/charges
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.