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Upstox vs ICICI Direct: which is cheaper?

Upstox is cheaper for delivery, intraday, futures and options. They cost about the same (within ₹1) for currency futures, currency options, commodity futures and commodity options. On a ₹1 lakh delivery buy and sell, Upstox costs ₹293.28 and ICICI Direct ₹930.48 including taxes and the DP charge.

Checked 31 Oct 2026. Totals include 18% GST, STT, exchange and SEBI fees, stamp duty and the DP charge on delivery sells.

Who is cheaper, segment by segment

Each trade is one buy order and one sell order at the size shown.

Segment and tradeUpstoxICICI Direct MoneySaver (default)Cheaper
Equity delivery₹1 lakh buy + sell₹293.28₹930.48Upstox by ₹637.20
Equity intraday₹1 lakh buy + sell₹82.68₹103.92Upstox by ₹21.24
Equity futures₹10 lakh contract₹612.75₹1,249.95Upstox by ₹637.20
Equity options₹10,000 premium, buy + sell₹70.91₹139.35Upstox by ₹68.44
Currency futures₹85,000 contract, buy + sell₹48.19₹48.19About the same
Currency options₹1,000 premium₹47.94₹47.94About the same
Commodity futures₹6 lakh contract, buy + sell₹150.35₹150.35About the same
Commodity options₹10,000 premium₹62.39₹62.39About the same

Upstox vs ICICI Direct on your own trade

Enter your own trade size. Totals include brokerage, 18% GST, STT, exchange and SEBI fees, stamp duty and, on delivery sells, the DP charge.

On this tradeUpstoxICICI DirectMoneySaver (default)
Brokerage₹40.00₹580.00
GST on brokerage₹7.20₹104.40
STT₹200.00₹200.00
Exchange and SEBI fees, with GST₹7.48₹7.48
Stamp duty₹15.00₹15.00
DP charge on the sell₹23.60₹23.60
Total₹293.28₹930.48

Upstox is ₹637.20 cheaper on this trade.

Small and large trades

Flat-fee plans cost the same at any size; percentage and per-lot plans grow with the trade.

TradeUpstoxICICI DirectCheaper
Equity delivery₹10,000, buy + sell₹93.05₹114.29Upstox by ₹21.24
Equity delivery₹5 lakh, buy + sell₹1,183.21₹4,558.01Upstox by ₹3,374.80
Equity delivery₹25 lakh, buy + sell₹5,632.83₹22,695.63Upstox by ₹17,062.80
Equity intraday₹5 lakh, buy + sell₹224.61₹519.61Upstox by ₹295.00
Equity intraday₹25 lakh, buy + sell₹934.23₹2,598.03Upstox by ₹1,663.80
Equity futures₹25 lakh contract, buy + sell₹1,461.07₹3,124.87Upstox by ₹1,663.80
Equity options₹25,000 premium, 5 lots, buy + sell₹106.47₹637.47Upstox by ₹531.00
Equity options₹1 lakh premium, 20 lots, buy + sell₹284.29₹2,549.89Upstox by ₹2,265.60

Rate cards side by side

ChargeUpstoxICICI Direct MoneySaver (default)
Equity delivery₹20 per order0.29% of trade value
Equity intraday₹20 or 0.1% (whichever is lower)0.029% of trade value
Equity futures₹20 or 0.05% (whichever is lower)0.029% of trade value
Equity options₹20 per order₹49 per lot
Currency futures₹20 or 0.05% (whichever is lower)₹20 per order
Currency options₹20 per order₹20 per order
Commodity futures₹20 or 0.05% (whichever is lower)₹20 per order
Commodity options₹20 per order₹20 per order
DP charge per sell₹23.60₹23.60
Demat AMC₹300/yr₹700/yr

ICICI Direct also offers the iValue add-on plan, which changes some of these numbers. See every ICICI Direct plan.

Check before you choose

Upstox

  • Delivery costs a flat ₹20 per order, even on a small buy.
  • Stock F&O that ends in physical settlement: 0.25% brokerage on the settled value (0.1% if netted off).
  • Auto square-off and call & trade: ₹75 + GST per order.

ICICI Direct

  • If you buy no plan you pay 0.29% on delivery, 0.029% on intraday and futures, and ₹49 per options lot.
  • One-time Prime plans bring delivery down to 0.25%–0.07%.
  • Call & trade ₹50 per order.

Common questions

Which is cheaper, Upstox or ICICI Direct?

Upstox is cheaper for delivery, intraday, futures and options. They cost about the same (within ₹1) for currency futures, currency options, commodity futures and commodity options. On a ₹1 lakh delivery buy and sell, Upstox costs ₹293.28 and ICICI Direct ₹930.48 including taxes and the DP charge. Rates checked 31 Oct 2026.

More comparisons

Cheapest broker by segment