ZenTraderBroker comparisons · Rates as published 20 October 2026
Upstox vs Dhan: what a trade costs
- Delivery
- Dhan₹56 less a trade
- Intraday
- Dhanup to ₹30 less a trade
- Demat AMC
- Dhan₹354 a year less
- MTF interest
- Dhan12.49% against 18.25% a year
The charges each broker sets
| Upstox | Dhan | |
|---|---|---|
| Delivery brokerage | ₹20 an order | ₹0 |
| Intraday brokerage | 0.1%, up to ₹20 an order | 0.03%, up to ₹20 an order |
| DP charge per stock sold | ₹23.60 | ₹14.75 |
| Demat AMC | Free the first year, then ₹300 + GST a year | ₹0 |
| MTF interest | ₹20 a day per ₹40,000 (about 18.3% a year) | 12.49% a year up to ₹5 lakh |
DP charges include GST and apply once for each stock you sell from your demat on a day, whatever the quantity. AMC figures are for a regular demat account; a basic services demat account (BSDA) pays less or nothing.
What a whole trade costs
A buy and a sell at the same price, with STT, stamp duty, exchange and SEBI charges, GST and the DP charge included. The cheaper broker for each trade is highlighted.
| Trade | Upstox | Dhan | Saving |
|---|---|---|---|
| ₹10,000 delivery | ₹93 | ₹37 | ₹56 |
| ₹50,000 delivery | ₹182 | ₹126 | ₹56 |
| ₹1 lakh delivery | ₹293 | ₹237 | ₹56 |
| ₹5 lakh delivery | ₹1,183 | ₹1,127 | ₹56 |
| ₹10,000 intraday | ₹27 | ₹11 | ₹17 |
| ₹25,000 intraday | ₹56 | ₹27 | ₹30 |
| ₹1 lakh intraday | ₹83 | ₹83 | Same |
DhanUpstox
Widest on small tradesOn ₹10,000 the charges are 0.93% at Upstox and 0.37% at Dhan.
Which is cheaper for you
Delivery trades. Dhan costs the same or less for delivery trades of every size up to ₹10 lakh. It is ₹56 cheaper on ₹10,000 and ₹56 cheaper on ₹1 lakh.
Intraday trades. Dhan costs the same or less for intraday trades of every size up to ₹10 lakh. It is ₹17 cheaper on ₹10,000 and the same on ₹1 lakh.
Trading often. 200 delivery round trips of ₹50,000 in a year cost about ₹36,408 at Upstox and ₹25,198 at Dhan, so Dhan saves about ₹11,210 a year.
Margin (MTF). On ₹2 lakh of funding held for 30 days, interest comes to about ₹3,000 at Upstox and ₹2,053 at Dhan, ₹947 less at Dhan. Margin trades also pay pledge charges and their own brokerage at most brokers.
Account fees. After any free first year, a regular demat account costs about ₹354 a year more at Upstox than at Dhan.
What is the same at both
STT, stamp duty, exchange and SEBI charges are set by the government, the exchange and SEBI, and every broker collects the same amounts. On a ₹1 lakh delivery round trip they come to about ₹222, most of the bill at either broker. Price is also only part of the choice. Order tools, app reliability and support matter too, and this page does not rate them.
Rates from each broker's own page as published on 20 October 2026: Upstox, Dhan. Standard plans for a resident individual trading NSE stocks; paid plans, offers and F&O are not included. Brokers change their rates, so check before you decide. ZenTrader is independent of both brokers. Neither broker pays us anything.
Common questions
Is Upstox or Dhan cheaper for delivery trades?
Dhan costs the same or less for delivery trades of every size up to ₹10 lakh. It is ₹56 cheaper on ₹10,000 and ₹56 cheaper on ₹1 lakh. A ₹1 lakh delivery round trip costs about ₹293 at Upstox and ₹237 at Dhan, all charges included. Most of that is STT, which is the same at every broker.
Which has lower intraday charges, Upstox or Dhan?
For intraday, Upstox charges 0.1% or ₹20 an order, whichever is lower, and Dhan charges 0.03% or ₹20 an order, whichever is lower. A ₹25,000 intraday round trip costs about ₹56 at Upstox and ₹27 at Dhan, all charges included.
Which charges less interest on MTF, Upstox or Dhan?
On margin funding, Upstox charges ₹20 a day per ₹40,000 (about 18.3% a year) and Dhan charges 12.49% a year up to ₹5 lakh. On ₹2 lakh held for 30 days that is about ₹3,000 at Upstox and ₹2,053 at Dhan.
What is the DP charge at Upstox and Dhan?
The DP charge, paid once for each stock you sell out of your demat on a day, is ₹23.60 at Upstox and ₹14.75 at Dhan, GST included. It is the same whatever the quantity, so it matters most on small sales.