Disclosure: this post contains my referral links for Upstox and Groww. If you open an account through them, I may earn a reward from that broker. It does not change what you pay. I have no referral link for Zerodha, and I took all three brokers' charges from their own pages.
Opening a demat account is the first step to investing in shares, IPOs and mutual funds. Zero account opening fee is now normal. The real difference is what you pay every time you buy, sell and hold. Here are the charges listed on the official pricing pages of Upstox, Zerodha and Groww, and who each one suits.
What a demat and trading account costs you
There are four things to check: account opening fee, yearly maintenance charge (AMC), brokerage on each order, and the depository (DP) charge when you sell. Government taxes and exchange fees are about the same at every broker. For delivery trades, STT is 0.1% on buy and sell, and stamp duty is 0.015% on the buy side.
Upstox (from upstox.com/brokerage-charges)
- Account opening: free.
- AMC: zero in the first year for new customers. After that, Rs 300 + GST for a regular account. A BSDA account is an option for small holders.
- Delivery brokerage: Rs 20 per executed order.
- Brokerage on mutual funds and IPOs: Rs 0.
- DP charge: Rs 20 + GST per scrip on a sell day (Rs 3.5 CDSL + Rs 16.5 Upstox).
Zerodha (from zerodha.com/charges)
- Account opening: free for an individual account.
- AMC: free in the first year. After that, a BSDA account is free for holdings up to Rs 4 lakh. A non-BSDA account pays Rs 300 + GST a year.
- Delivery brokerage: Rs 0.
- Direct mutual funds: Rs 0 commission and DP charges.
- DP charge: Rs 15.34 per scrip (including GST) when you sell.
Groww (from groww.in/pricing)
- AMC: Rs 0.
- Equity brokerage: Rs 20 or 0.1% per executed order, whichever is lower, with a minimum of Rs 5.
- DP charge on a delivery sell: Rs 3.5 depository charge + Rs 16.5 Groww charge (Rs 0 if the debit value is under Rs 100), plus GST.
- Watch out: if you pay using a UPI mandate balance, equity brokerage is 1% of the order value with no cap.
What this means in rupees
Take a Rs 10,000 delivery buy followed later by a Rs 10,000 sell. On brokerage alone, going by the pages above: Zerodha is Rs 0. Groww is about Rs 20 (Rs 10 each way). Upstox is Rs 40 (Rs 20 each way). The DP charge on the sell adds roughly Rs 15 to Rs 24 on top. For small, frequent buys, flat Rs 20 brokerage adds up quickly.
Who each one suits
- Zerodha: you want to buy and hold shares and direct mutual funds at the lowest cost. It has the cheapest delivery brokerage of the three.
- Groww: you are a first-time investor who wants a simple app and no AMC. Avoid paying through UPI mandate balance on trades, because of the 1% charge.
- Upstox: you mostly invest in IPOs and mutual funds (Rs 0 brokerage) and are fine paying Rs 20 on share delivery orders. I have referral links for Upstox and Groww, so weigh my view with that in mind: for pure delivery investing, Zerodha is cheaper on paper.
How to open an account
You need your PAN, Aadhaar linked to a mobile number, a bank account and a selfie for e-KYC. These are my referral links. Check the current offer terms on each broker's page before you apply, as I am not promising any bonus or reward.
- Upstox: https://upstox.onelink.me/0H1s/N6YO
- Groww: https://app.groww.in/v3cO/h4kd11ab (referral code 2Z6N5F)
If you want the lowest delivery brokerage, Zerodha is at zerodha.com. I have no referral link for it.
Before you choose
- Charges change. Check the broker's own page on the day you open the account.
- More than one account is allowed. Many people keep one for investing and one for trading.
- Brokerage is not the only cost. Pick the app you will actually use, and do not trade more just because trades are cheap.
This is general information, not investment advice. Check the official terms before you open any account.
Sources
- Upstox brokerage charges: https://upstox.com/brokerage-charges/
- Zerodha charges: https://zerodha.com/charges/
- Groww pricing: https://groww.in/pricing
