ICICI DirectSEBI INZ000183631
- Account opening
- ₹0 to ₹975
- Demat AMC
- ₹0 year 1, then ₹700/yr
- SME IPOs
- Yes
- Delivery brokerage
- Depends on plan
- Cost to sell ₹15,000 of IPO shares
- Not publishedBrokerage and DP with GST, ours
UpstoxSEBI INZ000315837
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹20/order
- Cost to sell ₹15,000 of IPO shares
- ₹47.20Brokerage and DP with GST, ours
Where ICICI Direct and Upstox differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | ICICI Direct | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000Difference not worked out: a charge is not published | Not published | ₹47.20 |
| Two SME lots, ₹2,50,000Difference not worked out: a charge is not published | Not published | ₹47.20 |
| A year: 12 mainboard lots soldDifference not worked out: a charge is not published | Not published | ₹566.40 |
Ours: brokerage and DP charge with 18% GST. STT and exchange charges are equal everywhere, so they are left out. SME bids are two lots.
- Account opening: ₹0 to ₹975, depending on the account type at ICICI Direct, ₹0 at Upstox.
- Demat maintenance (AMC): ₹0 in the first year, ₹700 plus taxes from the second year at ICICI Direct, ₹0 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: Depends on the plan at ICICI Direct, ₹20 per executed order at Upstox.
- DP charge on selling shares: not stated at ICICI Direct, ₹20 plus GST per scrip per day at Upstox.
The same at both: mainboard IPOs and SME IPOs.
ICICI Direct vs Upstox: charges side by side
Differs 5 of 7 charges differ between ICICI Direct and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | ICICI Direct | Upstox |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 to ₹975, depending on the account type | ₹0 |
| Demat maintenance (AMC) | ₹0 in the first year, ₹700 plus taxes from the second year | ₹0 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms) |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, on ICICI Direct with UPI, or through ICICI Bank net banking (ASBA) | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Yes, the SME IPO page links to applying through UPI | Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed |
| Sell your IPO shares | ||
| Equity delivery brokerage | Depends on the plan; not stated on the page we checked. Prime plans say "as low as 0.07%" | ₹20 per executed order |
| DP charge on selling shares | Not stated on the pages we checked | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000183631 | INZ000315837 |
For other trading, equity intraday, Futures, Call and trade and Margin trading (MTF) interest differ too. Intraday, futures, call and trade and margin charges are on the ICICI Direct and Upstox pages.
ICICI Direct and Upstox strengths and things worth checking
ICICI Direct
Strengths
- Bank-linked
- ₹0 futures brokerage on Neo
Worth checking
- Higher AMC
₹700 plus taxes a year from the second year.
- Account opening fee
Up to ₹975, depending on the account type.
- Delivery and DP charges not on the page
Ask ICICI Direct for the delivery brokerage and DP charge on your plan before you sell IPO shares.
Upstox
Strengths
- Zero commission on IPOs
- ₹0 account opening
- SME IPOs in the app
Worth checking
- Flat ₹20 on delivery
Even a small sale of IPO shares costs ₹20 brokerage plus a ₹20 plus GST DP charge.
- Dealer orders cost more
Call and trade and auto square-off cost ₹75 plus GST each.
- AMC after the first year
₹300 plus GST a year.
Brokerage calculator: ICICI Direct vs Upstox
| Charge | ICICI Direct | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what ICICI Direct and Upstox would each charge.
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Every comparison with ICICI Direct or Upstox, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, ICICI Direct or Upstox?
ICICI Direct does not publish its DP charge, so the full cost of selling IPO shares cannot be compared. For two SME lots worth ₹2,50,000: ICICI Direct Not published, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between ICICI Direct and Upstox be over a year?
Not in full, because ICICI Direct does not publish its DP charge.
Can I apply for SME IPOs on ICICI Direct and Upstox?
Both let you apply for SME IPOs.
Is account opening free at ICICI Direct and Upstox?
ICICI Direct: ₹0 to ₹975, depending on the account type. Upstox: ₹0.
What is the demat AMC at ICICI Direct and Upstox?
ICICI Direct: ₹0 in the first year, ₹700 plus taxes from the second year. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.