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
ZerodhaSEBI INZ000031633
- Account opening
- ₹0
- Demat AMC
- ₹0 year 1, then ₹300/yr + GST
- SME IPOs
- Yes
- Delivery brokerage
- ₹0
- Cost to sell ₹15,000 of IPO shares
- ₹15.34Brokerage and DP with GST, ours
Where Upstox and Zerodha differ
3 of the 7 charges we compare differ for an IPO investor.
| Cost to sell IPO shares (ours) | Upstox | Zerodha |
|---|---|---|
| One mainboard lot, ₹15,000₹31.86 less at Zerodha | ₹47.20 | ₹15.34 |
| Two SME lots, ₹2,50,000₹31.86 less at Zerodha | ₹47.20 | ₹15.34 |
| A year: 12 mainboard lots sold₹382.32 less at Zerodha | ₹566.40 | ₹184.08 |
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.
- Equity delivery brokerage: ₹20 per executed order at Upstox, ₹0 at Zerodha.
- DP charge on selling shares: ₹20 plus GST per scrip per day at Upstox, ₹13 plus GST per scrip at Zerodha.
The same at both: account opening, Demat maintenance (AMC), Mainboard IPOs and SME IPOs.
Upstox vs Zerodha: charges side by side
Differs 3 of 7 charges differ between Upstox and Zerodha. Same charges are greyed. ₹0 free Not stated not on the broker's pages
| Charge | Upstox | Zerodha |
|---|---|---|
| Open an account | ||
| Account opening | ₹0 | ₹0 for individual accounts (₹500 for NRI, partnership, LLP and corporate accounts) |
| Demat maintenance (AMC) | ₹0 in the first year for new customers, then ₹300 plus GST a year (BSDA accounts have separate terms) | Free in the first year for resident individuals, then ₹300 a year plus GST, charged quarterly |
| Apply for IPOs | ||
| Mainboard IPOs | Yes, in the IPO section of the app with a UPI mandate | Yes, through Kite or Console with a UPI mandate |
| SME IPOs | Yes, using the SME IPO filter in the IPO section. SME bids need a price; cut-off is not allowed | Yes, NSE and BSE SME IPOs through UPI. Only one bid per SME IPO, and no net banking fallback if the UPI payment fails |
| Sell your IPO shares | ||
| Equity delivery brokerage | ₹20 per executed order | ₹0 |
| DP charge on selling shares | ₹20 plus GST per scrip per day (₹3.50 CDSL and ₹16.50 Upstox; ₹3.25 and ₹16.75 for women) | ₹13 plus GST per scrip (₹3.50 CDSL, ₹9.50 Zerodha); ₹15.34 with GST |
| Registration | ||
| SEBI registration | INZ000315837 | INZ000031633 |
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 Upstox and Zerodha pages.
Upstox and Zerodha strengths and things worth checking
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.
Zerodha
Strengths
- ₹0 brokerage on delivery
- Lower DP charge
- SME IPOs on both exchanges
Worth checking
- AMC after the first year
₹300 a year plus GST for a regular demat account.
- SME IPO limits
One bid per SME IPO, and if the UPI payment fails you cannot apply by net banking.
- Dealer orders cost extra
₹50 per order through call and trade or auto square-off.
Brokerage calculator: Upstox vs Zerodha
| Charge | Upstox | Zerodha |
|---|
Ours, with NSE rates. Change the trade to see what Upstox and Zerodha would each charge.
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Frequently asked questions
Which is cheaper for selling IPO shares, Upstox or Zerodha?
Selling one mainboard lot of IPO shares (₹15,000) costs ₹15.34 in broker charges at Zerodha and ₹47.20 at Upstox (our calculation). For two SME lots worth ₹2,50,000: Upstox ₹47.20, Zerodha ₹15.34 (our calculation, brokerage and DP charge with GST).
How much would the difference between Upstox and Zerodha be over a year?
If you sell 12 mainboard lots of ₹15,000 in a year, Zerodha costs ₹382.32 less in broker charges (our calculation). Add the yearly AMC: Upstox: ₹0 in the first year for new customers, then ₹300 plus GST a year; Zerodha: Free in the first year for resident individuals, then ₹300 a year plus….
Can I apply for SME IPOs on Upstox and Zerodha?
Both let you apply for SME IPOs.
What brokerage do Upstox and Zerodha charge when I sell IPO shares?
Selling allotted shares is a delivery trade. On a ₹15,000 sale the brokerage with GST is ₹23.60 at Upstox and ₹0.00 at Zerodha (our calculation from their published rates).
What DP charge do Upstox and Zerodha take when I sell IPO shares?
For one sale of ₹15,000, with GST: ₹23.60 at Upstox; ₹15.34 at Zerodha (our calculation). It is charged on each sale from your demat account.