Upstox: Free Demat Account Opening with ₹0 AMC for First Year and Flat ₹20 Brokerage

At a glance

Upstox is promoting free online Demat account opening: ₹0 account opening fee, zero AMC for the first year for newly onboarded users, and flat ₹20 per order brokerage on equity, F&O, commodity and currency trades. The merchant's own landing page confirms these headline terms, though full fee details should be checked on the Upstox pricing page before signing up.

Quick facts

• Merchant: Upstox (upstox.com), a SEBI-registered broker
• Offer: Free Demat + trading account opening, paperless KYC
• Account opening: ₹0
• AMC: ₹0 for the first year (new users only)
• Brokerage: flat ₹20 per order on equity, F&O, commodity and currency; ₹0 commission on mutual funds and IPOs
• Claimed user base: 2 crore+ investors, 4.4+ average app rating

Product overview

Upstox is a discount brokerage platform offering stocks, futures and options, IPOs, mutual funds, commodities, currencies, gold and fixed-income products through its app and web platforms. The landing page describes a four-step paperless onboarding flow: mobile OTP verification, KYC and bank detail verification, and eSign. PAN is required as identity proof, Aadhaar as address proof, and income proof only if you activate F&O or commodity segments.

Reasons to consider

• Zero account opening fee and no AMC in year one lowers the cost of trying the platform.
• Flat ₹20 per executed order is competitive with other discount brokers for intraday and F&O traders.
• Commission-free mutual funds and IPO applications suit long-term investors.
• Paperless onboarding means you can complete signup in minutes if your documents are ready.

Pros and cons

Pros

• ₹0 account opening and ₹0 AMC for the first year
• Flat ₹20 brokerage across major segments
• Wide product range from stocks to gold
• SEBI-registered broker

Cons

• Zero AMC applies only to the first year and only for newly onboarded users
• Delivery trades being "zero brokerage" is an advertised claim; the merchant page emphasises ₹20 per order, so confirm equity delivery pricing on the official brokerage page
• ₹20 per order still adds up for very frequent small trades

Buyer fit

This suits first-time investors who want a low-cost, app-based broker, and active traders who benefit from flat-fee pricing. If you already have a Demat account with similar pricing, the main draw here is the free first-year AMC rather than anything unique.

Final verdict

The core offer — free account opening, ₹0 AMC for year one and flat ₹20 brokerage — is confirmed on Upstox's own landing page, so this is a genuine, low-risk offer for anyone already planning to open a Demat account. Read the offer terms PDF and the brokerage charges page first so you know what fees apply after year one.