INDmoney charges explained: brokerage, FX markup, TCS, and what you actually pay
INDmoney charges explained: 0.25% brokerage capped at $35, ~50–80 paise FX markup per USD, 20% TCS on LRS above ₹10L, zero account/maintenance fees. Worked examples at ₹1L, ₹5L, ₹20L investment sizes.
Arnav GroverCo-Founder & Chief Product Officer, RoviaINDmoney has no account opening fee, no annual maintenance charge, and no withdrawal fee. What it does have is a 0.25% brokerage on every trade, an FX markup on every LRS remittance, and TCS collected by your bank on investment remittances above ₹10 lakh.
This article breaks down every cost in full, shows the math at different investment sizes, and compares to the other platforms so you can make an informed decision.
The complete INDmoney fee list
| Fee type | Amount | Notes |
|---|---|---|
| Account opening | ₹0 | Free |
| Annual maintenance (AMC) | ₹0 | Free |
| Brokerage — stocks | 0.25% per trade | Capped at $35 per order |
| Brokerage — ETFs | 0.25% per trade | Same cap |
| FX markup on INR→USD | ≈50–80 paise above interbank | Embedded in exchange rate |
| FX markup on USD→INR | ≈50–80 paise above interbank | On repatriation |
| Withdrawal / repatriation fee | ₹0 platform fee | Wire fee from custodian may apply |
| Account closure | ₹0 | Free |
| TCS on LRS | 0% up to ₹10L; 20% above | Collected by your bank, not INDmoney; reclaimable at ITR |
Brokerage: 0.25% capped at $35
INDmoney's brokerage is 0.25% of the trade value, with a hard maximum of $35 per order.
- On a ₹50,000 buy (≈$590): 0.25% = ₹125 brokerage
- On a ₹2L buy (≈$2,350): 0.25% = ₹500 brokerage
- On a ₹5L buy (≈$5,900): 0.25% = ₹1,250 brokerage
- On a ₹12L buy (≈$14,100): 0.25% = $35 — the cap kicks in here
- On a ₹20L buy (≈$23,500): $35 (capped, not $58.75)
The $35 cap is meaningful for large single trades. If you are deploying ₹15–25 lakh in a single order, the commission is $35 rather than $87.50 at 0.25% — a real saving on the largest trades.
How does INDmoney's brokerage compare?
| Platform | Brokerage | Cap |
|---|---|---|
| Rovia | 0.15%, capped at $15 | — |
| Tickertape | 0.15% | None specified |
| INDmoney | 0.25% | $35 per order |
| Vested Basic | 0.25% | $35 per order |
| Vested Premium | 0.15% (₹4,500/yr fee) | $35 per order |
| Dhan | 0.25% | None specified |
| IBKR (Fixed, default) | $0.005/share | $1 minimum per order |
At a $400 trade (≈₹34,000), INDmoney's 0.25% is $1 — the same as IBKR's $1 minimum. Below $400, Indian platforms including INDmoney are cheaper per trade. Above $400, IBKR's per-share cost beats 0.25% for most stocks.
Rovia and Tickertape, both at 0.15%, save ₹10,000 per year on ₹10 lakh in annual trade volume vs INDmoney.
FX markup: ≈50–80 paise
When you transfer rupees to your INDmoney wallet, INDmoney (via its banking and remittance partners) converts INR to USD. The exchange rate applied is not the mid-market (interbank) rate — it includes a markup of approximately 50–80 paise per USD.
What this means in practice:
If the interbank USD/INR rate is ₹85.00 and INDmoney's applied rate is ₹84.30, the markup is ₹0.70 per dollar — about 0.82%.
| Transfer amount | FX markup at 70 paise | Effective cost |
|---|---|---|
| ₹2 lakh | ≈₹1,647 | |
| ₹5 lakh | ≈₹4,118 | |
| ₹10 lakh | ≈₹8,235 | |
| ₹25 lakh | ≈₹20,588 |
The same FX markup applies when you repatriate (convert USD back to INR). A full round-trip — invest and repatriate — costs approximately 1–1.6% in total FX spread at typical rates.
How does this compare?
- vs Vested: Vested applies a slightly higher markup (≈75–100 paise). INDmoney is marginally better on inbound FX.
- vs Rovia: Rovia's inbound FX markup is similar (≈50–60 paise). Rovia charges a flat $5 on outbound repatriation vs INDmoney's percentage markup — Rovia is significantly better on large repatriation amounts.
- vs IBKR: IBKR's FX cost is approximately 1–5 paise. On ₹50 lakh per year, the FX saving vs INDmoney is ₹25,000–35,000 on the inbound leg alone. IBKR wins decisively on FX for large corpora.
TCS under LRS: 20% above ₹10 lakh
INDmoney uses the standard LRS (Liberalised Remittance Scheme) route for most of its US investing product. TCS (Tax Collected at Source) under Section 206C(1G) applies to your outward remittances:
| Annual LRS remittance | TCS rate | TCS amount | Capital blocked |
|---|---|---|---|
| Up to ₹10 lakh | 0% | ₹0 | ₹0 |
| ₹15L total (₹5L above ₹10L) | 20% | ₹1,00,000 | ₹1,00,000 |
| ₹20L total (₹10L above ₹10L) | 20% | ₹2,00,000 | ₹2,00,000 |
| ₹25L total | 20% on ₹15L above ₹10L | ₹3,00,000 | ₹3,00,000 |
Important: TCS is not a tax you lose permanently. It is credited to your PAN and adjusted against your income tax liability at ITR filing. If your tax liability is lower than your TCS, you receive a refund. However, the capital is locked until your refund — often 4–12 months after the financial year ends.
INDmoney's GIFT City option: INDmoney holds an IFSCA GAP licence at GIFT City (since August 2025). Under the prevailing interpretation, remittances to the GIFT City IFSC entity may not attract TCS. Check INDmoney's current product routing (LRS vs GIFT City) at account opening, as the routing affects your TCS position.
Total cost example: ₹10 lakh invested, held 2 years, sold
| Cost component | Amount |
|---|---|
| FX markup on buy (70 paise / ≈0.82%) | ≈₹8,200 |
| Brokerage on buy (0.25%) | ₹2,500 |
| TCS (0% — below ₹10L threshold) | ₹0 |
| FX markup on sell/repatriation (≈0.82%) | ≈₹11,500 (on ₹14L portfolio value) |
| Brokerage on sell (0.25%) | ₹3,500 (capped at $35) |
| LTCG tax on ₹4L gain (12.5%, assuming 24+ month hold) | ₹50,000 |
| Non-refundable investment costs | ≈₹25,700 (brokerage + FX, excluding tax) |
| Refundable (TCS at ITR) | ₹60,000 |
The FX markup is the single largest non-tax cost. Brokerage is meaningful but modest. TCS is real but recoverable.
What INDmoney does not charge
To be explicit about what is free:
- No account opening fee
- No KYC processing fee
- No annual maintenance charge (AMC)
- No dividend collection fee (US dividends flow into your account; 25% US withholding applies, which is a tax, not an INDmoney fee)
- No inactivity fee
- No account closure fee
INDmoney vs alternatives on total cost
For an investor putting ₹10 lakh per year into US stocks:
| Platform | Brokerage | FX markup (inbound) | Outbound repatriation | TCS route |
|---|---|---|---|---|
| INDmoney (LRS) | ₹2,500 | ≈₹8,000 | ≈₹8,000 markup | 20% above ₹10L |
| INDmoney (GIFT City) | ₹2,500 | ≈₹6,000–8,000 | Similar | Potentially none |
| Vested | ₹2,500 | ≈₹10,000 | ≈₹10,000 markup | 20% above ₹10L |
| Rovia | ₹1,500 | ≈₹6,000 | $5 flat (≈₹425) | 20% above ₹10L |
| Tickertape | ₹1,500 | Similar to INDmoney | GlomoPay rate (verify) | 20% above ₹10L |
| IBKR | ≈₹1,000–2,000 | ≈₹200 | Near-interbank | 20% above ₹10L |
On cost alone, Rovia is cheaper on every component (brokerage, inbound FX, outbound repatriation). IBKR's FX advantage is decisive for ₹25L+ annual investors. INDmoney's GIFT City option is the most competitive path if TCS avoidance is the primary concern.
INDmoney's non-cost advantages that affect the real decision
Cost is only one dimension. INDmoney has genuine advantages that go beyond fee rates:
- All-in-one Indian + US wealth view: Your Indian mutual funds, FDs, EPF, Indian equity, and US stocks in one dashboard. Rovia and Vested don't offer this.
- OTC (pink-sheet) stock access: INDmoney offers stocks not listed on NYSE/NASDAQ. No other mainstream India-facing platform does.
- Lot-level ITR-format tax documents: Capital gains schedules in INR, ready for your CA. Better than Vested's output, though Rovia's RSU-specific tooling is more comprehensive.
- Established platform: INDmoney launched in 2019. More mature than Rovia (2025) or the newer GIFT City players.
For the investor who wants Indian + US in one place with OTC access and solid tax documentation, INDmoney's cost structure is competitive and the product advantages justify it.
Is INDmoney worth the cost?
For most Indian investors putting ₹2–20 lakh per year into US stocks with no RSU exposure, INDmoney's cost structure is reasonable:
- The brokerage (0.25%, capped at $35) is mid-market
- The FX markup (≈0.75%) is industry-standard for India-facing LRS platforms
- The TCS on LRS is recoverable at ITR
Where INDmoney is not the best value:
- RSU holders who need lot-level INR tax tracking at vest-date SBI TT rates → Rovia's 0.15% brokerage and RSU tools are better
- Large corpus investors (₹25L+/year) → IBKR's near-interbank FX outweighs INDmoney's UX convenience
- Investors prioritising TCS avoidance → Dhan's GIFT City route avoids TCS entirely (verify with CA); INDmoney's GIFT City option may partially address this
For the investor who wants a clean, mature India + US wealth platform with solid tax documents, and doesn't need RSU-specific tooling, INDmoney's charges are acceptable.
Real-world scenarios: cost at different investment levels
Scenario 1: ₹5L/year — new investor building a US stock position
| Cost | INDmoney |
|---|---|
| Brokerage: 2 buys × ₹2.5L × 0.25% | ₹1,250 |
| FX markup on ₹5L (≈70 paise ≈ 0.82%) | ≈₹4,100 |
| TCS (0%, below ₹10L threshold) | ₹0 |
| No account fee, no withdrawal fee | ₹0 |
| Annual non-refundable cost | ≈₹5,350 |
At ₹5L/year, INDmoney's total friction is modest — mainly FX markup. The no-withdrawal-fee structure is genuinely useful at this scale.
Scenario 2: ₹20L/year — active accumulator crossing TCS threshold
| Cost | INDmoney (LRS) | INDmoney (GIFT City, if routed) |
|---|---|---|
| Brokerage: 4 buys × ₹5L × 0.25% | ₹5,000 | ₹5,000 |
| FX markup on ₹20L (≈0.82%) | ≈₹16,400 | ≈₹16,400 |
| TCS: 20% on ₹10L above ₹10L threshold | ₹2,00,000 (blocked, refundable) | Potentially ₹0 (verify routing) |
| Annual non-refundable cost (brokerage + FX) | ≈₹21,400 | ≈₹21,400 |
| Capital blocked until ITR refund | ₹2,00,000 | ₹0 (if GIFT City) |
The GIFT City routing matters most when TCS on ₹2–3L is being blocked for 6–12 months. If INDmoney is routing your account through its GIFT City IFSCA entity, that capital stays free. Confirm with INDmoney whether your account uses LRS or GIFT City routing before remitting.
Scenario 3: RSU holder at Flipkart, Walmart, or other US-listed employer, ₹30L/year
Many Indian engineers at US-listed companies receive ₹20–40L in RSUs annually. Here's the INDmoney cost picture for an employee with ₹30L in RSUs vesting per year who sells and reinvests:
| Cost | INDmoney |
|---|---|
| Brokerage on ₹30L sell (4 quarterly sells, 0.25%, capped at $35/order) | 4 × ₹2,975 ≈ ₹11,900 |
| FX markup on repatriation of ₹30L (≈0.82%) | ≈₹24,600 |
| Brokerage on ₹30L buy (reinvesting proceeds) | 4 × ₹2,975 ≈ ₹11,900 |
| FX markup on ₹30L inbound (≈0.82%) | ≈₹24,600 |
| No withdrawal fee | ₹0 |
| Total round-trip cost (brokerage + FX) | ≈₹73,000 |
The $35 cap is what saves INDmoney users on large trades. On a single ₹12L+ sell order, the max brokerage is ₹2,975 regardless of trade size. The FX markup is now the dominant cost — ₹49,200 on a ₹60L round-trip vs ₹23,800 in brokerage.
For RSU holders needing lot-level cost basis tracking at vest-date SBI TTBR rates and specific-lot identification at sell, Rovia's RSU tooling handles this natively. INDmoney provides ITR-format capital gains documents which are useful, but per-vest SBI TT rate lookup is not an automated workflow.
INDmoney's GIFT City route: what it actually means
INDmoney obtained an IFSCA Global Access Provider (GAP) licence at GIFT City, Gujarat, in August 2025. This allows it to offer a parallel route to US stocks through an IFSC entity rather than solely via LRS.
What changes on the GIFT City route:
- Remittances go to INDmoney's GIFT City entity (domestic Indian transfer, no SWIFT required)
- No Form A2, 15CA, or 15CB documentation required for the transfer
- Under the prevailing interpretation, TCS may not apply (since the remittance is domestic)
What does not change:
- Brokerage remains 0.25% capped at $35
- FX markup on INR-to-USD conversion still applies
- The $250K annual LRS cap still counts these transfers
- Section 10(4D) capital gains exemption is possible but requires CA verification
Before assuming TCS savings on INDmoney's GIFT City route, confirm the current routing with INDmoney directly. Platform routing can change based on regulatory guidance.
OTC stocks: INDmoney's edge over Vested and Rovia
INDmoney supports US OTC (over-the-counter / pink-sheet) stocks — thinly traded companies not listed on NYSE or NASDAQ. This includes foreign companies whose ADRs trade on OTC markets and smaller US companies not eligible for a major exchange listing.
Neither Vested, Rovia, nor Tickertape carry OTC stocks at the time of writing. If you have a specific OTC stock in mind (for example, a European company's ADR), INDmoney may be the only India-facing platform that supports it.
Important caveat: OTC stocks have wider bid-ask spreads, lower liquidity, and higher risk of price manipulation. The 0.25% brokerage on OTC trades is the same as listed stocks, but liquidity risk is the dominant consideration, not brokerage.
Tax documents: what INDmoney provides
For ITR filing, INDmoney provides:
- Capital gains schedule in INR: Realised gains and losses broken down by lot, in INR. Suitable for Schedule CG of ITR-2.
- Dividend income breakdown: Gross dividend, US withholding tax (25% under W-8BEN), and net received — in INR, broken down by company. Suitable for Schedule OS.
- Schedule FA helper: Foreign asset disclosure for Schedule FA of ITR-2, including peak value calculation across the financial year.
What INDmoney does not automatically provide:
- Per-vest SBI TTBR lookup: You may need to verify that the INR cost basis uses the correct SBI TTBR on the actual vest date. Cross-reference against SBI TTBR records for each vest if you hold RSUs.
- Form 44 (Form 67) automation: The foreign tax credit claim for US dividend withholding (25% WHT creditable at ITR) is not an automated INDmoney workflow. You file this separately with your ITR.
- Specific-lot selection at sell: INDmoney surfaces lot-level information, but the ability to designate a specific lot at sell time (for HIFO or LIFO tax optimisation) may not be the default workflow. Confirm with INDmoney before relying on it.
INDmoney vs Vested: the focused comparison
| Dimension | INDmoney | Vested Basic | Vested Premium |
|---|---|---|---|
| Plan fee | ₹0 | ₹0 | ₹4,500/yr |
| Brokerage | 0.25%, $35 cap | 0.25%, $35 cap | 0.15%, $35 cap |
| FX markup (inbound) | ≈50–80 paise | ≈75–100 paise | ≈75–100 paise |
| Withdrawal fee | ₹0 | $5/withdrawal | 2 free/yr |
| OTC stocks | Yes | No | No |
| Inbound ACATS (RSU transfers) | Yes | Yes | Yes |
| GIFT City option | Yes (since Aug 2025) | No | No |
| Indian + US portfolio view | Yes | No | No |
| Schedule FA helper | Yes | Basic | Yes |
For a detailed head-to-head, see INDmoney vs Vested.
Related reading
- INDmoney vs Vested: which is right for you?
- Rovia vs INDmoney: RSU-focused comparison
- Dhan US stocks charges explained
- Vested charges explained
- Best US stock platform for Indian investors 2026
- LRS, TCS, and Schedule FA: the compliance guide
Vested.blog is the editorial publication of Rovia.
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Frequently asked questions
- What is INDmoney's brokerage charge for US stocks? ▾
- INDmoney charges 0.25% per trade for both stocks and ETFs, with a maximum cap of $35 per order. The cap kicks in on trades above $14,000 (≈₹12 lakh at ₹85/$). Below $14,000, you pay 0.25% of the trade value. There is no minimum brokerage per order.
- Does INDmoney charge for account opening or maintenance? ▾
- No. Account opening, annual maintenance (AMC), and account closure are all free on INDmoney.
- What FX rate does INDmoney apply when I send money? ▾
- INDmoney applies an FX markup of approximately 50–80 paise above the interbank mid-market rate when converting your INR remittance to USD. On ₹10 lakh, that is roughly ₹5,000–8,000 embedded in the exchange rate. This is not a separate line-item fee — it is built into the conversion rate you receive.
- Does INDmoney charge TCS on LRS remittances? ▾
- INDmoney does not collect TCS — your Indian bank does at the time of your LRS wire. TCS under Section 206C(1G) applies at 0% on the first ₹10 lakh of aggregate annual LRS remittances, and 20% on the amount above ₹10 lakh. TCS is creditable against your income tax liability when you file your ITR — it is not a permanent cost, but it blocks capital until your refund.
- Does INDmoney charge a withdrawal or repatriation fee? ▾
- INDmoney does not charge a platform-level withdrawal fee. When you repatriate, you pay: (a) brokerage on any sell orders (0.25%), (b) an FX markup on USD-to-INR conversion (similar to the inbound markup), and (c) potentially a wire fee from the US custodian. Any capital gains tax on realised gains is separate.
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About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
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