New 0.02% UPI stock fee capped at ₹300 pressures brokerages
From October 15, 2026, Unified Payments Interface (UPI) payments for stock market transactions will have a new 0.02% fee (capped at ₹300 per transaction).
With profit margins already tight, brokerages now have to figure out how to handle these extra costs without hurting their business.
Brokerages consider ₹3.25 quarterly mandate payments
To keep things affordable, brokerages are eyeing mandate-based payment systems that charge just ₹3.25 every quarter instead of a fee on every UPI payment.
Companies like Zerodha may also tweak their pricing or introduce small fees for certain trades.
Some firms could cut back on free services or encourage users to switch to National Electronic Funds Transfer (NEFT) transfers.
While the National Payments Corporation of India (NPCI) has advised against passing these fees directly to customers, brokerages are still weighing their options to stay competitive.