If you’re planning to trade or invest using Upstox, you need to understand one thing clearly—brokerage is just one part of the total cost.
Real cost = Brokerage + Demat charges + taxes + hidden fees
Let’s break everything down properly so you know exactly what you’re paying.
What is Upstox?
Upstox is one of India’s leading discount brokers, known for:
- Low brokerage model
- Flat ₹20 pricing
- Easy-to-use mobile trading app
It’s designed mainly for active traders and beginners who want low-cost access to the stock market.
Upstox Brokerage Charges (Segment-wise)
Upstox follows a flat-fee structure, similar to Zerodha.
1. Equity Delivery (Long-Term Investing)
- ₹0 brokerage (FREE)
That means:
- Buy stocks → No brokerage
- Sell stocks → No brokerage
This makes Upstox a strong choice for long-term investors.
2. Equity Intraday
- ₹20 or ~0.05% per order (whichever is lower)
Example:
- ₹1 lakh trade → ₹20
- ₹10,000 trade → ₹5
3. Futures Trading (F&O)
- ₹20 or ~0.05% per order (whichever is lower)
4. Options Trading
- Flat ₹20 per executed order
Important:
- Charged per order, not per lot
- More orders = more charges
5. Currency & Commodity
- Same pricing model:
- ₹20 or % (futures)
- ₹20 flat (options)
Key Insight (Very Important)
Upstox is best when:
- You place fewer, larger trades
- You avoid overtrading
Because ₹20 is fixed, small trades feel expensive in percentage terms.
Upstox Demat Account Charges
Now let’s talk about the account-level costs.
1. Account Opening Charges
- Usually ₹0 (free) in most offers
2. Annual Maintenance Charges (AMC)
- ₹0 for first year (often)
- After that:
- ₹300 per year + GST (approx)
Charged yearly or quarterly depending on plan.
3. DP Charges (Very Important Hidden Cost)
- ₹20 + GST per scrip on sell side
Key points:
- Charged only when you sell shares
- One charge per stock (not per quantity)
Example:
- Sell 1 stock → 1 DP charge
- Sell 5 stocks → 5 DP charges
4. Other Charges
- Auto square-off: ₹50 + GST
- Call & trade: ~₹50 + GST
- Pledge charges: ~0.02% (min ₹50)
Taxes & Government Charges (Very Important)
These are non-negotiable and apply to every broker.
1. STT (Securities Transaction Tax)
- Equity delivery: ~0.1% on buy & sell
- Intraday: ~0.025% (sell side)
- Options: ~0.06–0.1% on premium
2. GST
- 18% on (brokerage + transaction charges + other fees)
3. Exchange Transaction Charges
- Small fee charged by NSE/BSE
- Around 003–0.05% depending on segment
4. SEBI Charges
- Around ₹10 per crore turnover
5. Stamp Duty
- Charged on buy side only
- Varies by segment (~0.003%–0.015%)
Capital Gains Tax (Profit Tax)
Separate from trading charges.
1. Short-Term Capital Gain (STCG)
- 15% tax (if sold within 1 year)
2. Long-Term Capital Gain (LTCG)
- Up to ₹1.25 lakh → tax-free
- Above → taxed (~12.5%)
Example: Real Cost Breakdown
Let’s say you do an intraday trade of ₹1,00,000.
Charges:
- Brokerage → ₹20
- STT → small
- GST → ~₹3–₹5
- Other charges → small
Total cost ≈ ₹30–₹50 per trade
Pros of Upstox Charges
- ₹0 brokerage for delivery (great for investors)
- Flat ₹20 model (simple & predictable)
- Free account opening (in most cases)
Cons (Important Reality)
- DP charges add up when selling frequently
- ₹20 per order hurts small traders
- Taxes reduce actual profit more than brokerage
Final Verdict
Upstox is built for low-cost investing and active trading, but you need to understand the structure properly.
- Long-term investors → almost free investing
- Traders → low but fixed cost per trade
- Beginners → good, but must understand taxes
The biggest mistake people make is focusing only on brokerage. In reality, DP charges + taxes matter just as much.