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Upstox review

Upstox lets its users buy listed corporate, tax-free and government bonds without opening another account, but it charges 0.06% plus GST on G-sec, T-bill and SDL bids, which Zerodha, Fyers and RBI Retail Direct do not. Its own OBPP was enabled on NSE only on 8th Oct 2026, and it has not said which entity now executes bond orders.

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Key facts

Legal entity
Upstox Securities Pvt Ltd (formerly RKSV) source
Group or backers
Not verified in our research source
SEBI registration
INZ000315837 (stock broker) source
NSE OBPP status
Enabled since 8th Oct 2026 source
BSE OBPP status
Active, enabled 25th Sep 2026 source
Corporate bonds via RFQ
Listed bonds live since 25th Aug 2025 in partnership with IndiaBonds; whether orders now run under Upstox's own OBPP is not verified source
Listed bonds on the exchange order book
Not verified source
NCD IPOs
Not verified source
G-sec, T-bill and SDL bids
Yes, in the NCDs & Bonds section of investor mode; 0.06% of the allotment amount plus 18% GST source
SGBs
Not verified source
Where your bonds sit
In your Upstox account; an Upstox representative said no extra KYC is needed reported source
Minimum investment
Not disclosed source
Fees and markup
Corporate bonds: not disclosed beyond a generic line that brokerage will not exceed the SEBI limit. G-sec, T-bill and SDL bids: 0.06% of allotment plus GST source
DP charge when you sell
₹20 plus GST (₹23.60), per Upstox's undated help article on T-bills, SDLs and G-secs source
Yield shown as
Not disclosed source
Selling before maturity
Launch post says bonds are tradable on exchanges with no exit penalty; no sell flow is described source
Settlement
Not disclosed source
Credit range on shelf
Not disclosed source
NRI access
Not verified source
Play Store (India)
4.3 from 4.97 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 source
App Store (India)
4.33 from 17,468 ratings, read 17th Oct 2026 source
SEBI or exchange actions
None bond specific found in our research source

Sells: Corporate bondsTax-free bondsG-secsT-billsSDLs

Suits

  • Upstox users who want corporate and tax-free bonds in their existing account
  • Investors who prefer the IndiaBonds shelf inside a broker app

Watch out for

  • 0.06% plus GST on every G-sec, T-bill and SDL allotment
  • Minimum, spread and rating range not disclosed
  • Unclear whether IndiaBonds or Upstox now executes bond orders

How does Upstox sell corporate bonds?

Through IndiaBonds. An Upstox community post on 25th Aug 2025 announced listed bonds "now LIVE on Upstox in partnership with IndiaBonds.com", covering corporate bonds and tax-free bonds from government issuers (Upstox community). IndiaBonds announced a strategic alliance with Upstox on 8th Sep 2025, and coverage of it says all transactions execute on IndiaBonds, the registered OBPP, with listed corporate bonds, government securities and state guaranteed bonds on offer (Planify).

Upstox has since become an OBPP itself: active on BSE from 25th Sep 2026 and enabled on NSE from 8th Oct 2026 (NSE list; BSE list). Whether orders now run under Upstox's own licence or still through IndiaBonds is not public. For the partner's own terms, see our IndiaBonds review.

What does Upstox charge for G-secs, T-bills and SDLs?

Upstox charges brokerage of 0.06% of the allotment amount plus 18% GST on the brokerage, and a DP fee of ₹20 plus GST (₹23.60) (Upstox help). The bids sit in the NCDs & Bonds section of the app's investor mode (Upstox help).

On a ₹1 lakh T-bill allotment that is ₹60 of brokerage plus ₹10.80 GST, ₹70.80 in all. Zerodha (since 1st Mar 2024), Fyers and RBI Retail Direct charge no bidding fee for the same allotment, at the same weighted average auction price (TradingQnA; Fyers support). See where to buy G-secs and T-bills without a fee.

A Sep 2024 Reddit thread asked why Upstox did not allow G-sec pledging when Zerodha did (Reddit). Upstox's current pledge policy for government securities was not verified.

Is Upstox a SEBI registered bond platform?

Yes, since Sep 2026. Upstox Securities Pvt Ltd (SEBI INZ000315837) became active on BSE's OBPP list on 25th Sep 2026 and enabled on NSE's on 8th Oct 2026 (BSE list; NSE list). Before that, from Aug 2025, its bond section was a front end for IndiaBonds, which has been an enabled OBPP on NSE since 25th Apr 2023.

The registry logs Upstox's NSE enablement as one of the Oct 2026 changes. To check any app yourself, see is this bond platform SEBI registered.

What has Upstox not disclosed about its bonds?

Most of what a bond buyer needs to compare. The launch post gives no minimum, no spread or markup, no settlement terms and no rating range, and the only charges text is the generic line that brokerage will not exceed the SEBI limit (Upstox community). upstox.com/bonds returned HTTP 404 on 17th Oct 2026 (upstox.com/bonds).

The post says bonds are tradable on exchanges without exit penalties, but no sell flow is described. Treat selling as dependent on a buyer turning up; see can I sell a bond before maturity.

Questions people ask

Is Upstox a SEBI registered bond platform?

Yes. Upstox Securities Pvt Ltd is active on BSE's OBPP list since 25th Sep 2026 and enabled on NSE's since 8th Oct 2026.

Does Upstox sell bonds through IndiaBonds?

From 25th Aug 2025 Upstox sold listed bonds in partnership with IndiaBonds, and coverage of the alliance says transactions executed on IndiaBonds. Whether that changed after Upstox's own OBPP enablement is not public.

How much does Upstox charge for T-bill bids?

0.06% of the allotment amount plus 18% GST on that brokerage, about ₹70.80 on a ₹1 lakh allotment, plus a DP fee of ₹23.60 when securities are debited.

What is the minimum to buy a bond on Upstox?

Not disclosed. Upstox's launch post gives no minimum, and its bonds page returned 404 on 17th Oct 2026.

Related questions

How do I buy T-bills and what yield will I get?How do I buy G-secs and SDLs?RBI Retail Direct or my broker: which should I use?G-sec vs T-bill: what is the difference between government bonds and treasury bills?Bonds vs stocks: what is the difference, and is a bond debt or equity?

Sources

  1. NSE list of registered OBPPs (as on 14th Oct 2026)
  2. BSE OBPP member list (file dated 24th Sep 2026)
  3. Upstox community: bonds live with IndiaBonds, 25th Aug 2025
  4. Planify: IndiaBonds alliance with Upstox
  5. Upstox help: where to find G-secs, T-bills and SDLs
  6. Upstox help: charges for T-bills, SDLs and G-secs
  7. upstox.com/bonds (404 on 17th Oct 2026)
  8. TradingQnA: Zerodha waives G-sec bid fee
  9. Fyers support: bond charges and cut-off times
  10. Reddit: Upstox and G-sec pledging, Sep 2024
  11. Upstox on Google Play
  12. Upstox on the App Store