Upstox
Flat ₹20 on delivery. Backed by Ratan Tata and Tiger Global. Developer-friendly API.
True cost on ₹50,000 delivery trade
₹178.71
₹111.51 unavoidable govt/exchange charges
+ ₹67.20 broker charges
vs ₹126.26 at Dhan (cheapest)
— ₹52.45 more
About Upstox
Upstox (formerly RKSV) has been around since 2011. Backed by Ratan Tata and Tiger Global, it grew fast on the back of low brokerage and strong API access. It charges ₹20 flat on delivery — not zero — but its intraday and F&O pricing is competitive. The API is free and popular with algo traders. AMC is free for the first year, then ₹300/year.
Who is Upstox right for?
Long-term / Delivery investing Good
₹20 flat on delivery is higher than zero-brokerage peers. AMC is waived in year 1, then ₹300/year.
Intraday trading Good
0.1% capped at ₹20 is competitive.
F&O / Options trading Good
Flat ₹20 for options/futures. Free API is excellent for algo traders.
Beginner investors Good
Decent platform. AMC waiver in year 1 is helpful.
Every Upstox charge, listed
All charges Upstox can collect — grouped by type. Regulatory charges (STT, exchange fees, SEBI fee, stamp duty) are fixed by law and identical at every broker; they're listed separately below.
| Charge | Rate / Amount | What it means |
|---|---|---|
| Trading charges | ||
| Delivery Brokerage | ₹20/order flat | Per order, charged on both buy and sell legs. The most-advertised number. |
| Intraday Brokerage | 0.1% or ₹20, lower | MIS orders — buy and sell same day. Per order. |
| F&O Futures Brokerage | 0.05% or ₹20, lower | Per futures order/lot. |
| F&O Options Brokerage | Flat ₹20/order | Per options order/lot. |
| MTF Brokerage | ₹20/order flat | Brokerage on Margin Trading Facility orders. MTF lets you buy more than your balance and hold overnight. |
| Demat charges | ||
| DP Charge (per sell) | ₹20/scrip/day on sell | Once per company (ISIN), per sell day. Not charged on intraday or F&O. |
| AMC (annual) | Zero AMC first year, then ₹300/year | Charged yearly to maintain your demat account, regardless of activity. |
| Other fees | ||
| MTF Interest Rate | ₹20/day for every ₹40,000 taken as MTF (~0.05%/day, ~18.25% p.a.) | Daily interest on borrowed margin. Rate shown is p.a. — confirm before using. |
| Call & Trade | ₹88.50 (₹75 + GST)/order | Extra fee per order placed by phone instead of app. |
| Auto Square-off | ₹88.50 (₹75 + GST)/order | Charged if broker closes your open intraday position at market end. |
| Payment Gateway | ₹7 + GST/transaction | Per fund transfer. UPI is usually free — use it. |
| DDPI (one-time) | ₹150 | Demat Debit & Pledge Instruction — avoids TPIN entry on every sell. |
| Account Opening | Free | One-time cost to open demat + trading account. |
| Settlement & custody | ||
| Physical Settlement | 0.25% of physically settled value | Brokerage when an F&O contract results in physical delivery of shares instead of cash settlement. |
| Pledge / Unpledge | ₹20 + GST = ₹23.60/scrip (pledge & unpledge) | Fee to pledge shares as margin collateral. Charged per ISIN per request. |
| Delayed Payment | 0.05%/day on account debit balance | Daily interest on your debit balance when you owe money to the broker (e.g., after a loss or pending funds transfer). |
| Off-Market Transfer | ₹20 + GST = ₹23.60/scrip | Fee to transfer shares to another demat account outside of exchange settlement. |
| Currency & Commodity | ||
| CDS Futures | 0.05% or ₹20, lower | Brokerage on currency derivative futures (USDINR, EURINR, etc.). |
| CDS Options | Flat ₹20/order | Brokerage on currency derivative options. |
| Commodity Futures | 0.05% or ₹20, lower | Brokerage on MCX commodity futures (Gold, Silver, Crude Oil, etc.). |
| Commodity Options | Flat ₹20/order | Brokerage on MCX commodity options. |
| Demat services | ||
| MF DP Charges | Not applicable | DP charges on mutual fund redemptions from demat. |
| Corporate Action | Free | Processing fee for bonus, split, dividend, rights issue, etc. |
| Dematerialisation | ₹150 + GST/certificate | Fee to convert physical share certificates to electronic demat form. |
| Rematerialisation | ₹200 + GST/certificate | Fee to convert demat shares back to physical certificates. |
| Failed Demat | ₹50 + GST per failed instruction | Penalty when a demat transfer instruction fails. |
| Account & documents | ||
| API Access | Free (Upstox API) | Monthly or annual fee for trading API access. |
| API Brokerage | Same as regular trades | Brokerage rate when trading via API. |
| Account Reactivation | ₹100 + GST = ₹118 | Fee to reactivate a dormant or frozen account. |
| Instant Withdrawal | Free via UPI | Fee for instant fund withdrawal to bank account. |
| DIS Slip | ₹100 + GST/booklet | Physical Delivery Instruction Slip booklet. |
| Physical CMR | ₹50 + GST | Physical copy of Client Master Report. |
| Physical Contract Note | Not available | Physical copy of daily contract note. |
| Account modifications | ||
| Name Change | ₹50 + GST (₹59) | Fee and processing time to change your name on demat records. |
| Mobile & Email | ₹50 + GST (₹59) | Fee to update your registered mobile number or email address. |
| Address Change | ₹50 + GST (₹59) | Fee to update your registered address. |
| Nominee Change | ₹50 + GST (₹59) | Fee to add, remove, or modify nominee details. |
| DOB Correction | ₹50 + GST (₹59) | Fee to correct date of birth on demat records. |
| Bank Account Change | ₹50 + GST (₹59) | Fee to change your primary linked bank account. |
| KYC Update | ₹50 + GST (₹59) | Fee for re-KYC or KYC detail modification. |
| Cheque Bounce Penalty | N/A | Penalty when a cheque deposited with the broker bounces. |
What you'd actually pay
All-in cost per trade — brokerage + GST + DP charge + every regulatory charge.
₹10K
₹89.50
0.895% of trade
₹67.20 broker ₹22.30 govt/exchange incl. ₹20.00 DP
₹25K
₹122.96
0.492% of trade
₹67.20 broker ₹55.76 govt/exchange incl. ₹20.00 DP
₹50K
₹178.71
0.357% of trade
₹67.20 broker ₹111.51 govt/exchange incl. ₹20.00 DP
₹1L
₹290.23
0.290% of trade
₹67.20 broker ₹223.03 govt/exchange incl. ₹20.00 DP
₹5L
₹1,182.35
0.236% of trade
₹67.20 broker ₹1,115.15 govt/exchange incl. ₹20.00 DP
Govt/exchange charges (₹111.51 on ₹50K) are identical at every broker — only the broker portion differs.
Regulatory charges — the ones no broker can change
These charges are fixed by law and collected by exchanges / the government. Every broker charges them identically. They add up to ₹111.51 on a ₹50,000 delivery trade.
| Charge | Rate | Amount on ₹50K trade | Who collects | Learn more |
|---|---|---|---|---|
| STT (Securities Transaction Tax) | 0.1% on turnover (delivery) | ₹100.00 | Government of India | STT explained → |
| Exchange Transaction Charge | 0.00297% of turnover (NSE) | ₹2.97 | NSE / BSE | Exchange fee → |
| GST on Exchange Charge | 18% on exchange charge | ₹0.53 | Government of India | GST explained → |
| SEBI Regulatory Fee | ₹10 per crore turnover | ₹0.51 | SEBI | SEBI fee → |
| Stamp Duty | 0.015% on buy value | ₹7.50 | State governments | Stamp duty → |
| Total regulatory charges | ₹111.51 | Cannot be reduced by choosing any broker | ||
How does Upstox compare?
See how Upstox stacks up against all 16 brokers on any trade value and type.