Upstox vs Kotak Neo
Charges and features for options traders, side by side. Published rates checked Mon, 2 Nov, 2026.
| Feature | Upstox | Kotak Neo |
|---|---|---|
| Options brokerage | ₹20 per order | ₹10 per order (carry-forward) |
| Equity delivery | ₹20 per order | ₹0 for 30 days, then 0.20% (Trade Free plan) |
| Account opening | ₹0 | ₹0 (Trade Free plan) |
| Demat AMC | Free in year 1; then ₹300 + GST a year | ₹0 for BSDA accounts (conditions apply) |
| Platforms | Upstox app and Upstox Pro | Kotak Neo app and web |
| Options tools | Option chain | Option chain |
| NSE active clients | 18.5 lakh (NSE, Sep 2026) | Not listed |
Upstox
Discount broker with a clean app and a pro trading terminal.
- Simple flat pricing
- Pro terminal for active traders
- Delivery trades cost ₹20 each
- AMC after the first year
Kotak Neo
Bank-backed broker with the lowest flat F&O brokerage of this list.
- ₹10 per F&O order
- Linked to a large bank
- Percentage-based delivery brokerage after 30 days
- Plan conditions to read carefully
Want to see what your own trading would cost at each broker? Use the brokerage calculator.
Frequently asked questions
Is Upstox or Kotak Neo cheaper for options trading?
Kotak Neo charges less per options order (₹10 per order (carry-forward)). At 100 orders a month the brokerage difference is ₹1,000. Statutory charges such as STT are the same at both.
Are Upstox and Kotak Neo regulated?
Both are SEBI-registered stock brokers and members of NSE and BSE. Client money and securities are covered by the exchanges' rules on segregation.
Can I have accounts with both Upstox and Kotak Neo?
Yes. You can hold demat and trading accounts with more than one broker; each charges its own AMC.
Does the broker change STT or exchange charges?
No. STT (0.15% of premium on the sell side), exchange charges, the SEBI fee and stamp duty are the same at every broker. Only brokerage and account charges differ.