Zerodha Vs Upstox Demat Account: Which Should You Pick?

Choosing a demat account is an important decision for Indian investors because the broker you select affects the platform you use, brokerage costs, account maintenance charges, research tools, order features and overall investing experience. Zerodha and Upstox are two well-known discount brokers in India, and both provide online demat and trading accounts.

However, they are not identical. Their pricing structures, platform features and additional services differ in several areas.

For resident individual investors, both currently offer free online account opening and zero brokerage on mutual funds and IPOs. Zerodha also offers zero brokerage on equity delivery, while Upstox currently charges up to ₹20 per executed equity-delivery order.

So, instead of asking which broker is universally better, it is more useful to compare them according to how you intend to use your demat account.

Zerodha vs Upstox: Quick Comparison

Charges and features can change, so investors should verify the latest tariff before opening an account.

1. Account Opening Charges

Both platforms currently advertise ₹0 account opening for standard online resident individual accounts.

Zerodha states that online account opening is free for resident Indian accounts. Its current charges page also lists individual account opening as free.

Upstox’s current account-opening page similarly advertises ₹0 account opening for demat and trading accounts.

Therefore, account-opening cost alone is unlikely to be the deciding factor for a typical resident individual investor.

2. Equity Delivery Brokerage

This is one of the clearest differences.

Zerodha currently charges zero brokerage for equity delivery for eligible retail individual accounts.

Upstox’s current pricing page lists ₹20 per executed order for equity delivery, subject to its applicable percentage cap.

For someone who regularly buys shares and holds them in a demat account, this difference can matter because brokerage is charged separately from statutory taxes and other transaction-related costs.

3. Intraday and Derivatives

For intraday equity trades, Zerodha currently charges 0.03% or ₹20 per executed order, whichever is lower. Its equity futures pricing follows the same ₹20-or-0.03% structure, while equity options are ₹20 per executed order.

Upstox currently lists ₹20 or 0.1% for equity intraday, whichever is lower; equity futures are ₹20 or 0.05%, whichever is lower; and equity options are ₹20 per executed order.

Therefore, someone comparing brokers specifically for frequent intraday or futures transactions should examine the complete cost structure rather than looking only at the maximum ₹20 figure.

4. Demat AMC

Account Maintenance Charges, or AMC, are separate from brokerage.

Zerodha currently provides first-year AMC free for eligible resident individual accounts opened on or after June 1, 2026. From the second year, its standard non-BSDA AMC is ₹300 plus GST annually. BSDA accounts can have lower charges depending on the holding-value slab.

Upstox currently advertises zero AMC for the first year for newly onboarded customers, with non-BSDA AMC of ₹300 plus GST. BSDA charges can differ according to the applicable rules.

For a long-term investor, AMC is therefore worth considering even if the account is used infrequently.

5. DP Charges

Brokerage is not the only cost associated with selling shares.

A Depository Participant (DP) charge can apply when securities are debited from the demat account following a sale.

Zerodha’s current charges page lists ₹15.34 per scrip for eligible equity sales, including CDSL and GST components.

Upstox currently lists ₹20 per scrip per day for equity-delivery sales, with GST applicable as specified in its tariff.

These charges are separate from brokerage and statutory taxes.

6. Trading and Investing Platforms

Zerodha’s primary trading platform is Kite, supported by other services such as Console for reports and account information. Its ecosystem is designed around direct investing and trading with a range of market tools.

Upstox provides its mobile platform along with Pro Web, which includes advanced charting and market-analysis features. Upstox currently highlights TradingView integration, tick-by-tick charts, alerts, market-depth tools and other trading features.

The importance of these features depends on how you invest. A long-term investor may primarily need portfolio tracking and straightforward order placement, while an active trader may place greater importance on charts, alerts and market-data tools.

7. Mutual Funds and IPOs

Both brokers currently advertise zero brokerage or commission on mutual funds and IPOs for applicable customers.

Zerodha’s charges page lists free investing for retail individual clients and provides information on mutual funds and other investment services.

Upstox’s current pricing page lists zero commission on mutual funds and IPOs.

Therefore, if your main requirement is investing in IPOs or direct mutual funds, brokerage alone may not create a major distinction.

8. Margin Trading Facility

Both brokers provide Margin Trading Facility (MTF), subject to eligibility, approved securities and applicable charges.

Zerodha currently lists MTF interest at 0.04% per day on the funded amount and also specifies its MTF brokerage and pledge charges.

Upstox provides MTF for eligible equity-delivery transactions and currently describes leverage of up to 4× for eligible securities, with interest depending on the applicable plan and funded amount.

MTF involves borrowing and interest costs, so investors should examine the complete terms rather than comparing only the headline leverage.

9. Which Account May Suit Different Investors?

The choice depends largely on your usage pattern.

For long-term equity investors

If your primary activity is buying shares and holding them for months or years, equity-delivery brokerage and account maintenance costs may matter more than advanced trading features.

Zerodha’s zero brokerage on equity delivery is therefore an important pricing difference to consider.

For active traders

Active traders should compare intraday and derivatives brokerage, charting, order types, market data, platform performance and other applicable charges.

Upstox provides an extensive charting environment, including TradingView-related tools, while Zerodha’s Kite platform is designed for trading and investing across supported segments.

For beginners

Beginners may want to focus on ease of use, account statements, portfolio visibility, educational resources, customer support and transparent charges rather than choosing solely on a brokerage headline.

For IPO investors

Both platforms currently offer zero brokerage on IPOs, so other factors such as application workflow and overall platform convenience may be more relevant.

10. What About Security and Regulation?

Before opening any demat account, investors should verify the broker’s current regulatory and intermediary information and use only official applications and websites.

A demat account is connected to the securities-depository system, so investors should also understand that brokerage charges, exchange charges, taxes and depository charges are separate components.

Never select a broker solely because of an advertised low brokerage rate without checking the complete tariff.

Zerodha vs Upstox: Important Cost Differences

For a simple example, consider an investor who buys equity shares for delivery.

With Zerodha, eligible retail individual customers currently pay ₹0 brokerage for equity delivery. With Upstox, the current basic pricing lists up to ₹20 per executed delivery order. However, both transactions can still attract applicable statutory and regulatory charges.

Similarly, when shares are sold, DP charges can apply at both platforms. Therefore, the actual cost of investing should be evaluated using the complete contract note or brokerage calculator rather than brokerage alone.

Things to Check Before Opening an Account

Before selecting either platform, compare:

• Equity delivery brokerage
• Intraday brokerage
• F&O charges
• AMC after the first year
• DP charges
• MTF interest
• Pledge charges
• Trading platform
• Charting and research tools
• Customer support
• Account statements and reports
• IPO and mutual-fund features
• Additional paid services

Charges and features can change, so review the broker’s official pricing page immediately before opening an account.

Conclusion

Zerodha and Upstox both provide online demat and trading accounts, but their pricing and platform features differ. Zerodha currently stands out in its published pricing for zero brokerage on eligible equity-delivery trades, while Upstox’s basic plan currently lists up to ₹20 per equity-delivery order. Both currently offer free account opening for standard resident individual accounts and first-year AMC waivers under their respective conditions.

For someone focused on long-term equity investing, delivery brokerage and AMC may be important factors to examine. An active trader may place more emphasis on intraday and derivatives pricing, charts, alerts, order features and platform tools. Investors using MTF should separately compare interest and pledge costs.

Ultimately, the appropriate choice depends on your investment style, trading frequency, preferred platform and the complete cost structure, rather than a single brokerage figure. Always check the latest official tariff and terms before opening or transferring a demat account.