Upstox Vs Nirmal Bang an Overview:
Page Contents Table
A table-wise segmented analysis, comparing Upstox vs Nirmal Bang is discussed below. The study will help any investor to understand and get highlighted about the pros and cons of Upsotx and Nirmal Bang which in turn will help them to decide and make the right decision whether they want to opt for Upstox or Nirmal Bang.
Upstox is a stock broking company which provides different services in the financial sector and are popular for trading at a very low cost and at nominal charges along with the concept of a whole lot of features like paperless account opening, free equity investment, unlimited plans to trade on a fixed price and much more.
Intending to give maximum returns to the investors, Nirmal Bang came into existence as a brokerage firm.
They cater to clients belonging to both institutional and retail with various financial products and services ranging from the brokerage of equities to commodities, online trading, fixed deposits and bonds, mutual funds and many more.
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Emerging as a discount broker, Upstox emerged in the year 2009 with an idea of an easy and cheaper way of trading which made Upstox gain its popularity soon within a short period with a turnover of 4000 Cr. by early February 2016.
Another factor of their speedy success was due to their strong backend support from notable and renowned stock traders like Ratan Tata, GVK Davis, and Capital Kalaari.
Founded in 1997 with headquarter in Mumbai, the company started as a Full-Service Broker with people at the top-level management with very high professional background and experience and was headed by Nirmal Bang, Dilip Bang, and Kishore Bang.
|Broker Category||Discount Broker||Full-Service Broker|
|Head Office||Mumbai, India||Mumbai, India|
|Founded By||Raghu Kumar, |
Ravi Kumar &
Upstox Vs Nirmal Bang Customer Ratings:
Customer Ratings are an integral part of any business house to judge how happy their customers are.
The figures below show that both Upstox and Nirmal Bang are more or less close to each other and consistent in their services in terms of customer ratings and their satisfaction by keeping a score in and around 6.0, except that Upstox has very high variation from a low rating of 3 in Stock Research & Advisory to as high as 9.5 in Brokerage Charges & Fees.
|Customer Ratings||Upstox||Nirmal Bang|
|On Experience||5.3 out of 10||6.5 out of 10|
|On Products & Services||6.5 out of 10||6.2 out of 10|
|On Brokerage Charges & Fees||9.5 out of 10||6.7 out of 10|
|On Stock Research & Advisory||3.0 out of 10||6.0 out of 10|
|On Trading Platforms||6.5 out of 10||6.5 out of 10|
|On Overall Ratings||6.2 out of 10||6.4 out of 10|
|On Star Ratings||★★★☆☆||★★★☆☆|
Upstox Vs Nirmal Bang AMC & AOC:
While comparing AMC & AOC between Upstox and Nirmal Bang, it is noticed from the below table that in few cases Upstox charges more while in other few cases, Nirmal Bang charges higher.
The only noticeable point here is that Nirmal Bang charges a very high amount of Rs.10,000 for Margin Money where Upstox doesn’t charge any amount from their customers.
|DEMAT Services||Upstox||Nirmal Bang|
|Charges for Account Opening||Rs.150||Zero|
|AMC on DEMAT||Rs.150 per Annum||Rs.200|
|AMC on Trading||Free||Free|
|Marginal Money||Zero||Minimum Rs.10,000|
|Offline to Online||✖||✔|
Upstox Vs Nirmal Bang Brokerage Fee:
As discussed earlier, Upstox charges a nominal fee or Rs.20 whereas Nirmal Bang charges on a percentage basis in most of the cases while charges for Margin Money are as high as Rs.10,000 by Nirmal Bang.
|Brokerage Charge & Fees||Upstox Brokerage||Nirmal Bang Brokerage|
|Equity Delivery Trading||Zero||0.20%|
|Equity Intraday Trading||Rs.20||0.02%|
|Commodity Options Trading||Rs.20||NA|
|Equity Futures Trading||Rs.20||0.02%|
|Equity Options Trading||Rs.20 per lot||Rs.35 per Lot|
|Currency Futures Trading||Rs.20||0.02%|
|Currency Options Trading||Rs.20 per lot||Rs.20 per Lot|
|Minimum Brokerage||Rs.20||Percentage of Transaction|
|DEMAT AMC Charges||Rs.150 per annum||Rs.200|
|Trading AMC Charges||Free||Free|
|Margin Money||Zero||Minimum Rs.10,000|
Comparison on Administrative Charges:
In the case of Administrative Charges, the Transaction Charges are higher of Nirmal Bang than that of Upstox.
|Other Charges||Upstox||Nirmal Bang|
|Transaction Charges||0.00275% of Total Turnover||0.00390% of Total Turnover|
|STT||0.0126% of Total Turnover||0.0126% of Total Turnover|
|SEBI Turnover Charges||0.0002% of Total Turnover||0.0002% of Total Turnover|
|Stamp Duty||Depends on State (very minimal)||Depends on State (very minimal)|
|GST||18% of (Brokerage + Transaction Charges)||18% of (Brokerage + Transaction Charges)|
Comparison of Offers & Discount:
The comparative table below shows that not many Offers & Discounts are provided by Upstox. Nimal Bang, on the other hand, has more Offers & Discounts for its customers than provided by Upstox.
|Free DEMAT Account||✖||✔|
|Free Trading Account||✔||✔|
|Discount on Brokerage||✔||✔|
|Trading Happy Hours||✖||✖|
|Flexible Brokerage Plans||✖||✔|
|1 Month Brokerage Free||✖||✖|
|Zero Brokerage for |
Loss Making Trades
Comparison on Services Offered:
Number of Services Offered by Upstox and Nirmal Bang is not many, and are almost the same, except that Robotic Advisory service is provided by Upstox which is not a service provided by Nirmal Bang whereas Stock recommendations and PMS services are provided by Nirmal Bang which is are not provided by Upstox.
|3 in 1 Account||✖||✖|
|Trading Exposure||Maximum 20x||Maximum 10x|
Upstox Vs Nirmal Bang Research & Advisory:
Looking at the table below on the analysis of research and advisory, it is prominent that Upstox is not engaged in any kind of analysis of research and advisory for its clients.
While on the other hand, Nirmal Bang engages themselves in quite a several research and advisory system which they provide as a service to their clients.
|Research & Advisory||Upstox||Nirmal Bang|
|Company Stock Review||✖||✖|
|Free Stock Tips||✖||✔|
|Daily Market Review||✖||✔|
Upstox Vs Nirmal Bang Margin/ Exposure/ Leverage
Leverages provided by both Upstox and Nirmal Bang are just a mix and match which is noticeable from the below table and is higher of Upstox than Nirmal Bang.
|Exposure / Leverage||Upstox Margin||Nirmal Bang Margin|
|Equity Delivery||Maximum 5x||Maximum 3x|
|Equity Intraday||Maximum 20x||Maximum 10x|
|Equity Futures||Maximum 7x||Maximum 4x|
|Equity Options||Maximum 8x||Maximum 5x|
|Currency Futures||Maximum 5x||Maximum 3x|
|Currency Options||Maximum 6x||Maximum 2x|
|Commodities||Maximum 7x||Maximum 3x|
Comparison on Product Offered:
It is very clear from the below table that Nirmal Bang has more products to offer for investors than that of Upstox.
Upstox Vs Nirmal Bang Trading Platform:
In the case of trading platforms, Upstox uses more variety as compared to Nirmal Bang. It is also noticed that, except for Windows app and other mobile OS platforms, Upstox uses all other possible means of trading platforms, wherein Nirmal Bang has very limited Trading Platforms for its clients.
|Trading Platforms||Upstox||Nirmal Bang|
|Desktop Platform – Windows||✔||✔|
|Desktop Platform – Mac||✔||✔|
|Desktop Browser Platform||✔||✔|
|Mobile Site Platform||✔||✖|
|Android App Platform||✔||✔|
|iOS App Platform||✔||✖|
|Windows App Platform||✖||✖|
|Other Mobile OS Platform||✖||✖|
|Online MF Buy||✔||✔|
Comparison on Customer Support:
This section plays a very important role, and we find that Nirmal Bang has more ways for its customers to get support than that provided by Upstox. Another point to be noted here is that Nirmal Bang also provides support to its customers through their physical branches spread across.
|Customer Support||Upstox||Nirmal Bang|
Comparison of Grievance Handled:
In terms of grievance handled, for both Upstox and Nirmal Bang in BSE as well as in NSE, we find that Nirmal Bang has an excellent resolution rate of 100%, which is quite rare, in both BSE and NSE while Upstox has a lesser rate of complaint resolution.
|Complaints (Current Year)||Upstox||Nirmal Bang|
|Lodged in BSE||185||64|
|Resolved in BSE||126||64|
|Lodged in NSE||175||91|
|Resolved in NSE||139||91|
Both Upstox and Nirmal Bang are pioneers in their line of business with happy and satisfied customers. Both of them have pros and cons in their services and products. Choosing the right broker between Upstox and Nirmal Bang completely depends on the investor’s actual need and the product to trade.
Stockquantum was founded by Dharmendra Mukati in 2018. I am a Trader and Investor in the last 10 years.
I am writing here about stock broker review, broker comparison, IPO investment, Crypto currencies, technical analysis, fundamental analysis, sub brokership, mutual fund, personal finance, and our experiences.