INDmoneySEBI INZ000305337
- Account opening
- ₹0
- Demat AMC
- ₹0
- SME IPOs
- No
- Delivery brokerage
- ₹20 or 0.1%, lower
- Cost to sell ₹15,000 of IPO shares
- ₹39.53Brokerage 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 INDmoney and Upstox differ
5 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | INDmoney | Upstox |
|---|---|---|
| One mainboard lot, ₹15,000₹7.67 less at INDmoney | ₹39.53 | ₹47.20 |
| Two SME lots, ₹2,50,000₹1.77 less at INDmoney | ₹45.43 | ₹47.20 |
| A year: 12 mainboard lots sold₹92.04 less at INDmoney | ₹474.36 | ₹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.
- Demat maintenance (AMC): ₹0 at INDmoney, ₹0 in the first year for new customers, then ₹300 plus GST a year at Upstox.
- Equity delivery brokerage: 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 at INDmoney, ₹20 per executed order at Upstox.
- DP charge on selling shares: ₹18.50 plus GST per ISIN at INDmoney, ₹20 plus GST per scrip per day at Upstox.
- SME IPOs: Not yet. INDmoney says it does not currently support SME IPOs at INDmoney, Yes, using the SME IPO filter in the IPO section. SME bids need a… at Upstox.
The same at both: account opening and Mainboard IPOs.
INDmoney vs Upstox: charges side by side
Differs 5 of 7 charges differ between INDmoney and Upstox. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | INDmoney | Upstox |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 |
| Demat maintenance (AMC) | ₹0 | ₹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 | Yes, in the IPO section of the app with a UPI mandate |
| SME IPOs | Not yet. INDmoney says it does not currently support SME IPOs | 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 | 0.1% or ₹20 per executed order, whichever is lower, minimum ₹2 | ₹20 per executed order |
| DP charge on selling shares | ₹18.50 plus GST per ISIN (₹3.50 CDSL and ₹15 INDstocks; ₹3.25 and ₹15.25 for women) | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) |
| Registration | ||
| SEBI registration | INZ000305337 | 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 INDmoney and Upstox pages.
INDmoney and Upstox strengths and things worth checking
INDmoney
Strengths
- ₹0 AMC and account opening
- Low minimum brokerage
Worth checking
- Desk orders are expensive
₹500 per order through the trading desk.
- DP charge
₹18.50 plus GST per sale.
- No SME IPOs yet
INDmoney says SME IPO applications are not supported at the moment.
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: INDmoney vs Upstox
| Charge | INDmoney | Upstox |
|---|
Ours, with NSE rates. Change the trade to see what INDmoney and Upstox would each charge.
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Every comparison with INDmoney or Upstox, or pick any two brokers.
Frequently asked questions
Which is cheaper for selling IPO shares, INDmoney or Upstox?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹39.53 in broker charges at INDmoney and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: INDmoney ₹45.43, Upstox ₹47.20 (our calculation, brokerage and DP charge with GST).
How much would the difference between INDmoney and Upstox be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, INDmoney costs ₹92.04 less in broker charges (our calculation). Add the yearly AMC: INDmoney: ₹0; Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
Can I apply for SME IPOs on INDmoney and Upstox?
Upstox lets you apply for SME IPOs; INDmoney does not support them yet.
What is the demat AMC at INDmoney and Upstox?
INDmoney: ₹0. Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year.
What brokerage do INDmoney and Upstox charge when I sell IPO shares?
Selling allotted shares is a delivery trade. On a ₹15,000 sale the brokerage with GST is ₹17.70 at INDmoney and ₹23.60 at Upstox (our calculation from their published rates).