Upstox — Brokerage Review: Fees, Charges & How to Calculate Costs
Upstox — Brokerage Review
Upstox follows a discount brokerage pricing model with a flat fee per trade rather than a percentage of trade value. The standard plan charges a flat ₹20 per order across equity, commodity and currency segments, and the default brokerage plan is the flat fee of ₹20 per order. Equity delivery trades are free up to ₹2 lakh, which can lower costs for long-term investors. The brokerage is capped and fixed per order (minimum and maximum ₹20), so traders know the fee upfront; statutory levies like STT, GST, exchange and stamp duty are additional.
Account Fees
| Fee Type | Amount |
|---|---|
| Trading Account Opening Fee | ₹0 |
| Trading Account AMC | ₹0 |
| Demat Account Opening Fee | ₹0 |
| Demat AMC | ₹0 |
Account opening and AMC are separate from per-trade brokerage. While Upstox charges ₹0 for opening and AMC, each executed trade will still attract the flat brokerage plus statutory taxes and exchange levies.
Brokerage by Segment
Brokerage shown here is the broker’s per-order charge and does not include exchange fees, STT, GST, SEBI or stamp duty. These statutory levies are additional.
| Equity Segment | Brokerage |
|---|---|
| Delivery | ₹0 for up to ₹2 lakh; 0.5% for above ₹2 lakh |
| Intraday | ₹20 per order |
| Futures | ₹20 per order |
| Options | ₹20 per order |
| Currency Segment | Brokerage |
|---|---|
| Futures | ₹20 per order or 0.02% (whichever is lower) |
| Options | ₹20 per order |
| Commodity Segment | Brokerage |
|---|---|
| Futures | ₹20 per order or 0.02% (whichever is lower) |
| Options | ₹20 per order |
Exchange Transaction Charges
Exchange transaction charges are levied by NSE and BSE and are separate from the broker’s fee. These apply on top of brokerage and statutory taxes.
| Segment | NSE | BSE |
|---|---|---|
| Equity Intraday | 20 per trade | 20 per trade |
| Equity Delivery | 0% (Free) | 0% (Free) |
| Equity Futures | 20 per trade | 20 per trade |
| Equity Options | 20 per trade | 20 per trade |
| Currency Futures | 20 per trade | 20 per trade |
| Currency Options | 20 per trade | 20 per trade |
Statutory Taxes
STT/CTT, GST and other statutory levies are charged by authorities and collected via the broker. These are in addition to brokerage and exchange fees.
| Tax/Levy | Rate / Applicability |
|---|---|
| STT — Equity Delivery (Buy) | 0.1% |
| STT — Equity Delivery (Sell) | 0.1% |
| STT — Equity Intraday (Sell) | 0.025% |
| STT — Equity Futures (Sell) | 0.01% |
| STT — Equity Options (Sell) | 0.05% |
| STT — Currency F&O | 0.01% |
| GST | 18% |
Stamp Duty (by Segment)
| Segment | Rate |
|---|---|
| Equity Delivery | 0.1% |
| Equity Intraday | 0.01% |
| Equity Futures | 0.01% |
| Equity Options | 0.01% |
| Currency F&O | 0.01% |
Stamp duty is levied as per state and segment rules and is typically charged on the buy side or as applicable by the authority; it is separate from brokerage and taxes listed above.
Demat & DP Charges
| Charge | Amount |
|---|---|
| Demat Transaction — Buy | ₹0 |
| Demat Transaction — Sell | ₹0 |
| Demat Transaction — Sell (BSDA) | ₹0 |
| Demat Courier | ₹0 |
| Remat | ₹20 per certificate. |
| Pledge Creation | ₹0 for creating a pledge. |
| Pledge Creation (BSDA) | ₹0 for creating a pledge in BSDA. |
| Pledge Confirmation | ₹0 for pledge confirmation. |
| Pledge Invocation | ₹0 for invoking a pledge. |
| Failed Transaction | ₹0 for failed transactions. |
| Additional DIS | ₹0 for additional DIS charges. |
DP and pledge charges matter for investors who frequently pledge shares for margin or use rematerialisation. For occasional delivery trades these costs are usually minimal or zero.
Effective Cost Examples
Use the Upstox brokerage calculator to estimate total charges for a trade. For an intraday equity example, add ₹20 brokerage, exchange transaction charge, STT on sell, GST and stamp duty. For an options sell, include ₹20 brokerage, STT on sell (where applicable), exchange fees, GST and stamp duty. The calculator shows the combined amount so investors can see total outflow before trading.
Value-Add Pricing Context
Upstox offers margin trading facility and loans against shares through partners, which can affect the cost-of-ownership via interest or collateral fees. Advisory services are not provided by Upstox, so any bundled advice costs do not apply.
Summary
Upstox is suited to cost-conscious retail investors and active traders who prefer predictable, flat-fee brokerage. The default ₹20 per order plan and free delivery up to ₹2 lakh help long-term buyers, while intraday and derivatives traders benefit from capped brokerage. Consider exchange charges, STT, GST and any remat or pledge actions when calculating net cost.
