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 a flat ₹20 per delivery order, 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 flat per delivery order 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
- ₹300 + GST (non-BSDA)
- Equity delivery
- ₹20 per executed order
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 (NRI ₹500)
- AMC
- ₹300 + 18% GST per year (non-BSDA)
- Equity delivery
- Zero brokerage (₹0)
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 | Zerodha |
|---|---|---|
| Account opening | ₹0 | ₹0 online (NRI ₹500) |
| AMC after the first year | ₹300 + GST (non-BSDA) | ₹300 + 18% GST per year (non-BSDA) |
| Equity delivery | ₹20 per executed order | Zero brokerage (₹0) |
| Equity intraday | ₹20 or 0.1% (whichever is lower) | 0.03% or ₹20 (whichever is lower) |
| Futures & options | F ₹20 or 0.05% (whichever is lower) · O Flat ₹20 per executed order | F 0.03% or ₹20 (whichever is lower) · O Flat ₹20 per executed order |
| Mutual funds | ₹0 commission on mutual funds and IPOs | ₹0 commissions and ₹0 DP charges on direct mutual fund investments |
| IPO applications | ₹0 brokerage on IPO applications | Not published |
| DP charges (sell side) | ₹20 + GST per scrip per day, sell only | ₹15.34 per scrip on sell |
Upstox
OUR PARTNER
Zerodha
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.
Zerodha
ComparedZerodha AMC, in detail
Demat AMC is billed quarterly. Year one is free for resident individual accounts. From year two the charge follows the BSDA holding-value slabs, and a non-BSDA account pays ₹300 per year + 18% GST regardless of holdings value.
Where each one wins
No broker wins everything. These are the specific, verifiable edges of each side.
Upstox
Our partner- Delivery costs a flat ₹20 per executed order, so a large single order does not scale up in cost
- Intraday at ₹20 or 0.1%, whichever is lower, and futures at ₹20 or 0.05%
- 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
Delivery is a flat ₹20 per executed order. On a ₹1,00,000 order you pay ₹20 in brokerage, not a percentage of the whole amount.
The two are basically the same
Delivery pricing is the real difference: ₹0 at Zerodha against a flat ₹20 per executed order 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 0.1% (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 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/
- Zerodha Broking Ltd. “Charges: equity, F&O, currency and commodity.” Accessed 16 September 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.