Are you considering Upstox for your trading and investment needs in 2025? Known for its competitive pricing and user-friendly platforms, Upstox has become a go-to choice for millions of Indian investors. However, understanding the full spectrum of charges—beyond just brokerage—is key to maximizing your returns.
This detailed guide breaks down Upstox’s charges as of February 2025, covering brokerage fees, statutory taxes, account-related costs, and more. Whether you’re a beginner or a seasoned trader, this article will help you navigate Upstox’s cost structure with clarity and confidence.
Why Upstox Stands Out in 2025
Upstox, a leading discount broker in India, has built a reputation for transparency and affordability since its inception. Backed by investors like Tiger Global and Ratan Tata, it serves millions of clients with a mission to make financial markets accessible. Its flat-fee brokerage model, zero account opening charges, and robust trading platforms like Upstox Pro make it a favorite among retail traders. But while the headline fees are low, additional costs like taxes and DP charges can impact your bottom line. Let’s explore each component in depth.
Upstox Brokerage Charges
Upstox’s brokerage structure is designed to be simple yet flexible, with a flat-fee cap and percentage-based options for smaller trades. Here’s how it works across different segments as of February 2025:
Equity Delivery
- Charge: The lower of ₹20 or 2.5% per executed order.
- Example: For a ₹100 order, 2.5% is ₹2.5, so you pay ₹2.5. For ₹1,000, 2.5% is ₹25, so you pay ₹20.
- Who It Benefits: Long-term investors trading small or large volumes, as costs are predictable and capped.
Equity Intraday
- Charge: The lower of ₹20 or 0.05% per executed order.
- Example: For a ₹10,000 trade, 0.05% is ₹5, so you pay ₹5. For ₹50,000, 0.05% is ₹25, so you pay ₹20.
- Who It Benefits: Day traders looking for low fees on frequent trades.
Futures and Options (F&O)
- Futures: The lower of ₹20 or 0.05% per order.
- Options: Flat ₹20 per executed order.
- Example: A futures trade worth ₹40,000 incurs ₹20 (0.05% is ₹20), while an options trade costs ₹20 regardless of size.
- Who It Benefits: Derivative traders needing cost certainty, especially in options.
Currency and Commodity
- Charge: The lower of ₹20 or 0.05% per order for both currency futures/options and commodities on MCX.
- Example: A ₹20,000 currency trade costs ₹10 (0.05%), capped at ₹20 for larger trades.
- Who It Benefits: Diversified traders exploring forex or commodities.
Upstox Brokerage Charges Overview
| Segment | Brokerage Fee | Best For |
|---|---|---|
| Equity Delivery | Lower of ₹20 or 2.5% per order | Long-term investors |
| Equity Intraday | Lower of ₹20 or 0.05% per order | Day traders |
| Futures | Lower of ₹20 or 0.05% per order | Derivative traders |
| Options | Flat ₹20 per order | Options traders |
| Currency/Commodity | Lower of ₹20 or 0.05% per order | Forex and commodity traders |
Check the latest rates on Upstox’s official brokerage charges page.
Statutory and Regulatory Charges
Brokerage is just the beginning—statutory fees and taxes significantly affect your total cost. Here’s what you’ll encounter:
Securities Transaction Tax (STT)
- Equity Delivery: 0.1% on both buy and sell (e.g., ₹10 on a ₹10,000 trade).
- Equity Intraday: 0.025% on the sell side only (e.g., ₹2.5 on a ₹10,000 sell).
- F&O: Varies—0.0125% on futures sell, 0.0625% on options sell (premium value).
- Impact: Higher for delivery traders, lower for intraday and F&O.
Transaction Charges
- NSE: 0.00297% per trade (buy + sell), e.g., ₹0.30 on ₹10,000.
- BSE: Varies by stock group, typically similar to NSE.
- MCX: Around 0.00173% for commodities.
- Impact: Small but cumulative for high-volume traders.
Goods and Services Tax (GST)
- Rate: 18% on brokerage + transaction charges + SEBI charges + DP charges.
- Example: If these total ₹40.33, GST is ₹7.26.
- Impact: Adds 18% to service-related costs, noticeable for frequent traders.
Stamp Duty
- Equity Delivery: 0.015% on buy (e.g., ₹1.5 on ₹10,000).
- Intraday/F&O: 0.003% on buy (e.g., ₹0.30 on ₹10,000).
- Impact: State-dependent but minor overall.
DP (Depository Participant) Charges
- Charge: ₹20 per scrip per day + 18% GST (₹23.60 total) on equity delivery sell transactions.
- Example: Sell shares of one stock today, pay ₹23.60; sell two stocks, pay ₹47.20.
- Impact: A hidden cost for delivery traders selling often.
SEBI Charges
- Rate: ₹10 per crore of turnover (e.g., negligible for a ₹10,000 trade).
- Impact: Minimal for retail traders, more relevant for institutions.
Statutory Charges Breakdown
| Charge | Rate | Applied On | Example (₹10,000 Trade) |
|---|---|---|---|
| STT (Delivery) | 0.1% buy & sell | Equity Delivery | ₹10 buy, ₹10 sell |
| STT (Intraday) | 0.025% sell | Equity Intraday | ₹2.5 sell |
| Transaction (NSE) | 0.00297% per trade | All segments | ₹0.30 |
| GST | 18% on service fees | Brokerage + others | Varies (~₹3-7) |
| Stamp Duty | 0.015% (delivery buy) | Buy transactions | ₹1.5 (delivery) |
| DP Charges | ₹20 + GST per scrip/day | Delivery sell | ₹23.60 per scrip |
| SEBI Charges | ₹10 per crore turnover | Total turnover | Negligible |
Find detailed breakdowns on Upstox’s support page.
Account Opening and Maintenance Charges
Upstox keeps entry and ongoing costs low, making it beginner-friendly.
Account Opening Fee
- Cost: ₹0 for both trading and Demat accounts.
- Process: Fully online via Upstox’s account opening page.
- Benefit: No upfront barrier to start trading.
Annual Maintenance Charge (AMC)
- First Year: Free for all new users.
- Post-First Year:
- Trading Account: ₹0.
- Demat Account: ₹0 for Basic Services Demat Accounts (BSDA) with holdings under ₹4 lakh; otherwise, ₹150 annually (subject to confirmation as some plans may waive this).
- Benefit: Cost-effective for small investors.
Upstox Account Charges
| Type | Opening Fee | AMC (First Year) | AMC (Post-First Year) |
|---|---|---|---|
| Trading Account | ₹0 | ₹0 | ₹0 |
| Demat (BSDA < ₹4L) | ₹0 | ₹0 | ₹0 |
| Demat (Non-BSDA) | ₹0 | ₹0 | ₹150 (if applicable) |
Real-World Cost Example: Equity Delivery Trade
Let’s calculate the total cost for a ₹10,000 buy and ₹11,000 sell in equity delivery:
- Buy:
- Brokerage: ₹20 (2.5% of ₹10,000 = ₹250, so lower is ₹20).
- STT: 0.1% of ₹10,000 = ₹10.
- Transaction: 0.00297% of ₹10,000 = ₹0.30.
- Stamp Duty: 0.015% of ₹10,000 = ₹1.5.
- GST: 18% of (20 + 0.30) = ₹3.65.
- Total: ₹35.45.
- Sell:
- Brokerage: ₹20 (2.5% of ₹11,000 = ₹275, so ₹20).
- STT: 0.1% of ₹11,000 = ₹11.
- Transaction: 0.00297% of ₹11,000 = ₹0.33.
- DP Charges: ₹20 + 18% GST = ₹23.60.
- GST: 18% of (20 + 0.33 + 20) = ₹7.26.
- Total: ₹62.19.
- Total Cost: ₹35.45 + ₹62.19 = ₹97.64.
This shows how DP charges and GST can nearly double the perceived cost of a trade!
Use Upstox’s brokerage calculator to estimate your own trades.
Why Upstox Charges Matter
Upstox’s low brokerage and free account opening make it a strong contender, but statutory fees—like ₹23.60 DP charges per scrip on delivery sells—can surprise new traders. Intraday and F&O traders benefit most from the flat ₹20 cap, while delivery investors need to factor in STT and DP costs. Comparing this to competitors like Zerodha (₹0 delivery brokerage) or Kotak (higher full-service fees), Upstox strikes a balance between cost and flexibility.
Is Upstox Worth It in 2025?
Upstox’s charges in 2025 reflect its commitment to affordability and transparency. With brokerage capped at ₹20, zero account opening fees, and a free first-year AMC, it’s ideal for cost-conscious traders. However, statutory fees and DP charges mean active delivery traders should plan carefully. By using tools like the Upstox brokerage calculator, you can stay ahead of costs and make informed decisions. Ready to trade? Explore more at upstox.com.
