INDmoney charges explained: brokerage, FX markup, TCS, and what you actually pay
Complete breakdown of every INDmoney fee for US stock investing: 0.25% brokerage capped at $35, FX markup on LRS remittance, 20% TCS above ₹7L, and zero account or maintenance fees. With worked examples.
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 remittances above ₹7 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 ₹7L; 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% | None |
| Tickertape | 0.15% | None specified |
| INDmoney | 0.25% | $35 per order |
| Vested | 0.25% | $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 ₹7 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 ₹7 lakh | 0% | ₹0 | ₹0 |
| ₹7L–₹10L (₹3L in this band) | 20% | ₹60,000 | ₹60,000 |
| ₹10L–₹20L (₹10L in this band) | 20% | ₹2,00,000 | ₹2,00,000 |
| ₹25L total | 20% on ₹18L above ₹7L | ₹3,60,000 | ₹3,60,000 |
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 on ₹3L above ₹7L threshold (20%) | ₹60,000 (refundable at ITR) |
| 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 ₹7L |
| INDmoney (GIFT City) | ₹2,500 | ~₹6,000–8,000 | Similar | Potentially none |
| Vested | ₹2,500 | ~₹10,000 | ~₹10,000 markup | 20% above ₹7L |
| Rovia | ₹1,500 | ~₹6,000 | $5 flat (~₹425) | 20% above ₹7L |
| Tickertape | ₹1,500 | Similar to INDmoney | GlomoPay rate (verify) | 20% above ₹7L |
| IBKR | ~₹1,000–2,000 | ~₹200 | Near-interbank | 20% above ₹7L |
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.
Vested.blog is the editorial publication of Rovia.
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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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