Choosing the right discount broker can significantly impact your trading and investment outcomes, especially when it comes to costs. Zerodha and Upstox, two of India’s leading discount brokers, are often pitted against each other due to their competitive pricing and robust platforms.
This article provides a comprehensive, professional comparison of Zerodha and Upstox as of February 2025, focusing on charges for intraday trading, equity delivery, futures and options (F&O), annual maintenance charges (AMC), and other key factors. With accurate data sourced from their official websites, we’ll help you decide which broker aligns best with your financial goals.
Overview of Zerodha and Upstox
Zerodha
Founded in 2010 by Nithin and Nikhil Kamath, Zerodha pioneered the discount broking model in India. Based in Bengaluru, it boasts over 7.5 million active clients as of May 2024 and is renowned for its transparency, zero-brokerage equity delivery, and platforms like Kite. It’s a SEBI-registered broker offering trading on NSE, BSE, and MCX.
Upstox
Originally launched as RKSV Securities in 2009 by Ravi Kumar, Raghu Kumar, and Shrinivas Viswanath, Upstox rebranded and emerged as a tech-driven discount broker headquartered in Mumbai. Backed by investors like Tiger Global and Ratan Tata, it serves over 8 million active clients by December 2024, offering trading across NSE, BSE, and MCX via platforms like Upstox Pro.
Both brokers cater to cost-conscious traders, but their fee structures and services differ in key areas. Let’s break it down.
Brokerage Charges Comparison
Brokerage fees are the core of any trading cost analysis. Here’s how Zerodha and Upstox stack up across intraday, delivery, and F&O segments as of February 2025.
Equity Delivery
- Zerodha: ₹0 per order (free brokerage).
- Ideal for long-term investors who buy and hold stocks without incurring trading fees.
- Upstox: Lower of ₹20 or 2.5% per executed order.
- For a ₹500 trade, 2.5% is ₹12.5, so you pay ₹12.5. For ₹1,000, it’s ₹20 (capped).
Winner: Zerodha, hands down, for delivery traders due to its zero-brokerage model.
Equity Intraday
- Zerodha: Lower of ₹20 or 0.03% per executed order.
- Example: ₹20,000 trade = 0.03% = ₹6, so you pay ₹6. ₹70,000 trade = ₹20 (capped).
- Upstox: Lower of ₹20 or 0.05% per executed order.
- Example: ₹20,000 trade = 0.05% = ₹10, so you pay ₹10. ₹50,000 trade = ₹20 (capped).
Winner: Zerodha edges out for smaller trades due to its lower percentage (0.03% vs. 0.05%), but both cap at ₹20 for larger volumes, making them equal for high-turnover traders.
Futures
- Zerodha: Lower of ₹20 or 0.03% per executed order.
- Example: ₹1,00,000 futures trade = 0.03% = ₹30, so ₹20 is charged.
- Upstox: Lower of ₹20 or 0.05% per executed order.
- Example: ₹1,00,000 futures trade = 0.05% = ₹50, so ₹20 is charged.
Winner: Zerodha offers a slight advantage for smaller futures trades, but the ₹20 cap levels the field for larger orders.
Options
- Zerodha: Flat ₹20 per executed order.
- Consistent cost regardless of lot size or premium value.
- Upstox: Flat ₹20 per executed order.
- Identical to Zerodha, simplifying cost planning for options traders.
Winner: Tie—both charge a flat ₹20, making them equally cost-effective.
Brokerage Charges Comparison
| Segment | Zerodha | Upstox |
|---|---|---|
| Equity Delivery | ₹0 | Lower of ₹20 or 2.5% |
| Equity Intraday | Lower of ₹20 or 0.03% | Lower of ₹20 or 0.05% |
| Futures | Lower of ₹20 or 0.03% | Lower of ₹20 or 0.05% |
| Options | Flat ₹20 | Flat ₹20 |
Source: Zerodha Charges, Upstox Charges
Statutory and Additional Charges
Brokerage isn’t the whole story—statutory fees and other charges add to your costs. These are largely uniform across brokers, but some differences exist.
Securities Transaction Tax (STT)
- Zerodha & Upstox:
- Delivery: 0.1% on buy and sell.
- Intraday: 0.025% on sell.
- Futures: 0.0125% on sell.
- Options: 0.0625% on sell (premium value).
Transaction Charges
- Zerodha: NSE: 0.00297%, BSE: Varies by stock group (~0.003%).
- Upstox: NSE: 0.00297%, BSE: Similar to Zerodha.
GST
- Both: 18% on brokerage + transaction charges + SEBI charges + DP charges.
DP (Depository Participant) Charges
- Zerodha: ₹13.50 + 18% GST (₹15.93) per scrip per day on equity delivery sell.
- Upstox: ₹20 + 18% GST (₹23.60) per scrip per day on equity delivery sell.
Stamp Duty
- Both: Delivery: 0.015% on buy; Intraday/F&O: 0.003% on buy (state-dependent).
SEBI Charges
- Both: ₹10 per crore of turnover (negligible for retail traders).
Key Difference: Upstox’s higher DP charges (₹23.60 vs. ₹15.93) make it costlier for equity delivery sell transactions, especially for frequent sellers.
Additional Charges Comparison
| Charge | Zerodha | Upstox |
|---|---|---|
| STT (Delivery) | 0.1% buy & sell | 0.1% buy & sell |
| Transaction (NSE) | 0.00297% | 0.00297% |
| GST | 18% on service fees | 18% on service fees |
| DP Charges | ₹15.93 per scrip/day (sell) | ₹23.60 per scrip/day (sell) |
| Stamp Duty | 0.015% (delivery buy) | 0.015% (delivery buy) |
Annual Maintenance Charges (AMC)
AMC affects your long-term holding costs, especially for Demat accounts.
Zerodha
- Trading Account: ₹0.
- Demat Account: ₹300 + 18% GST (₹354) annually.
- BSDA (holdings < ₹4 lakh): ₹0 AMC.
Upstox
- Trading Account: ₹0.
- Demat Account: ₹0 for the first year; post-first year, ₹150 + 18% GST (₹177) annually (some plans may waive this—verify on their site).
- BSDA (holdings < ₹4 lakh): ₹0 AMC.
Winner: Upstox takes the lead with lower or potentially zero AMC after the first year, though Zerodha’s BSDA option levels the playing field for small investors.
AMC Comparison
| Account Type | Zerodha | Upstox |
|---|---|---|
| Trading Account | ₹0 | ₹0 |
| Demat (Standard) | ₹354/year | ₹177/year (post-first year) |
| Demat (BSDA < ₹4L) | ₹0 | ₹0 |
Account Opening Charges
- Zerodha: ₹200 (equity) + ₹100 (commodity) = ₹300 total (online).
- Upstox: ₹0 (promotional offer as of February 2025—verify at upstox.com/open-account/).
Winner: Upstox, with zero opening fees, beats Zerodha’s ₹300 charge.
Cost Example: Real-World Scenarios
Equity Delivery (₹10,000 Buy, ₹11,000 Sell)
- Zerodha:
- Buy: ₹0 brokerage + ₹25.45 (STT, transaction, stamp, GST) = ₹25.45.
- Sell: ₹0 brokerage + ₹15.93 DP + ₹38.26 (STT, transaction, GST) = ₹54.19.
- Total: ₹79.64.
- Upstox:
- Buy: ₹20 brokerage + ₹25.95 (STT, transaction, stamp, GST) = ₹45.95.
- Sell: ₹20 brokerage + ₹23.60 DP + ₹38.79 (STT, transaction, GST) = ₹82.39.
- Total: ₹128.34.
Winner: Zerodha—saves ~₹48.70 due to zero brokerage and lower DP charges.
Intraday (₹20,000 Trade)
- Zerodha: ₹6 (0.03%) + ₹3.08 (STT, transaction, GST) = ₹9.08.
- Upstox: ₹10 (0.05%) + ₹3.14 (STT, transaction, GST) = ₹13.14.
Winner: Zerodha—saves ~₹4 per trade for smaller volumes.
Options (1 Lot, ₹20 Premium)
- Zerodha: ₹20 + ₹5.03 (STT, transaction, GST) = ₹25.03.
- Upstox: ₹20 + ₹5.03 (STT, transaction, GST) = ₹25.03.
Winner: Tie—identical costs.
Other Considerations
Trading Platforms
- Zerodha: Kite (web/mobile) offers a sleek, fast interface with 100+ indicators.
- Upstox: Upstox Pro (web/mobile) provides advanced charting and third-party tools like NEST Trader.
- Edge: Upstox for advanced traders; Zerodha for simplicity.
Customer Support
- Zerodha: Email, phone, and Trading Q&A portal—known for responsiveness.
- Upstox: Email and phone—mixed reviews, with occasional delays.
- Edge: Zerodha for reliability.
Investment Options
- Zerodha: Equity, F&O, commodities, mutual funds, bonds.
- Upstox: Equity, F&O, commodities, mutual funds, digital gold.
- Edge: Tie—Upstox adds digital gold, Zerodha offers bonds.
Which Broker Wins in 2025?
- For Equity Delivery: Zerodha is the clear winner with ₹0 brokerage and lower DP charges, saving significant costs for long-term investors.
- For Intraday: Zerodha slightly edges out Upstox for smaller trades (0.03% vs. 0.05%), but both are equal for larger volumes at ₹20.
- For F&O: It’s a tie—both charge ₹20 per order, offering identical value.
- For AMC: Upstox wins with potentially lower or zero fees post-first year, though Zerodha’s BSDA option is competitive for small portfolios.
- Overall: Zerodha excels for delivery-focused investors and offers better customer support, while Upstox appeals to cost-sensitive beginners with zero opening fees and a robust platform for active traders.
Your choice depends on your trading style. For delivery and reliability, pick Zerodha. For low entry costs and diverse options, Upstox is a strong contender. Verify the latest details at zerodha.com and upstox.com before deciding—happy trading in 2025!
