INDmoney vs Vested for US stocks: which is cheaper? (2026)

INDmoney and Vested are the two most-used India-facing platforms for US stock investing. Both launched between 2018 and 2020, both use DriveWealth as a custody partner (among others), and both cover the full NYSE/NASDAQ listed universe. On paper they look nearly identical. In practice, several differences matter depending on how you invest.

This comparison covers every dimension that a serious investor should weigh — brokerage, FX, withdrawal costs, TCS route, RSU support, tax documents, and product breadth.

The quick answer

Fee comparison: side by side

Brokerage: effectively identical on base plans

INDmoney charges 0.25% per trade, capped at $25 (cap at $10,000). Vested Basic charges 0.25% per trade, capped at $35 (cap at $14,000). INDmoney's lower cap is a slight advantage on large trades.

On a ₹10L portfolio with 4 trades/year (₹2.5L each), both platforms cost ₹2,500/year in brokerage.

Where they differ: Vested offers a ₹4,500/year Premium plan at 0.15% (same $35 cap). This saves ₹1,000/year at ₹10L in buy turnover — well short of the ₹4,500 fee. Premium pays for itself at ₹15L+ in annual buy turnover (or ₹30L total round-trip turnover including sells).

INDmoney's brokerage advantage: It matches Vested Premium's cost at high volumes without a plan fee. On ₹20L+ in annual turnover: INDmoney hits its $25 cap at $10,000/trade; Vested Basic hits its $35 cap at $14,000/trade. But for investors making smaller, more frequent trades (monthly SIPs of ₹50K–₹3L each), INDmoney's no-plan-fee 0.25% is the same as Vested Basic — no meaningful difference.

FX markup: INDmoney is marginally better

INDmoney's FX markup is approximately 50–80 paise per USD above the interbank rate. Vested's is approximately 75–100 paise. The gap is roughly 25 paise — approximately 0.3% of the transfer amount.

On ₹10L/year, INDmoney's FX advantage is approximately ₹2,000. Over 5 years of consistent investing at ₹10L/year, that's ₹10,000 in real savings purely from tighter FX. Meaningful, but the same order of magnitude as one or two brokerage trades.

Both are outcompeted by IBKR on FX (1–5 paise vs 50–100 paise). For investors at ₹25L+ annually, IBKR's FX advantage (≈₹21,000 on a ₹25L transfer vs INDmoney) begins to dominate the comparison.

Withdrawal fees: INDmoney wins clearly

INDmoney does not charge a platform withdrawal fee, but it only supports INR repatriation — there is no USD withdrawal option. The bank charges forex up to 1.5% on the USD-to-INR conversion. This is a real cost embedded in the exchange rate, not a line-item fee.

Vested similarly supports INR-only withdrawal and additionally charges $5 per withdrawal on the Basic plan ($0 for the first 2 per year on Premium). Both platforms incur bank forex on repatriation — this is unavoidable unless you use IBKR or Rovia, which support USD wire withdrawal.

For an investor who repatriates once a year, the $5 (≈₹425) difference is trivial. For an investor who repatriates quarterly (4 times/year), Vested Basic costs $20/year (≈₹1,700) more — equivalent to roughly ₹1.7L extra brokerage at 0.25% on ₹6.8L. Meaningful but not dominant.

INDmoney saves the $5/withdrawal platform fee vs Vested Basic — but both still incur bank forex up to 1.5% on the actual USD-to-INR conversion. For large repatriations (₹10L+), the bank forex (≈₹12,500 at 1.25%) dwarfs the $5 platform fee difference.

TCS and GIFT City: INDmoney has an option Vested does not

Both platforms use the standard LRS route by default, where TCS applies at:

• 0% on the first ₹10L/year in investment remittances
• 20% on the amount above ₹10L

INDmoney has a GIFT City option (IFSCA GAP licence, August 2025) that may route remittances differently. Under the prevailing interpretation, remittances through the GIFT City entity may not attract TCS. This is a meaningful potential saving — TCS on ₹15L above the threshold is ₹3L blocked until ITR refund.

Vested does not have a GIFT City option. If TCS avoidance (or capital preservation while waiting for ITR refund) is a priority, INDmoney's GIFT City route is a real differentiator.

Check before assuming: Confirm with INDmoney whether your account is actually routed via GIFT City or LRS. Platform routing can change based on regulatory guidance, and the TCS position depends on the specific route used.

RSU support: both support ACATS, INDmoney edges on tax docs

Share transfers

Both platforms support inbound ACATS transfers — moving vested RSU shares from US employer brokers (Fidelity NetBenefits, E*TRADE Stock Plan, Morgan Stanley Shareworks, Schwab Equity Awards) without selling first. This is the most important feature for RSU holders: you preserve your lot-level cost basis history, avoid triggering capital gains on transfer, and land on an India-friendly platform.

Transfer process: typically 5–10 business days. Both platforms' support teams can assist with initiating the ACATS request.

Tax documents

INDmoney's lot-level capital gains schedule and ITR-format documents are somewhat more detailed than Vested Basic. For an RSU holder filing ITR-2 with Schedule CG, Schedule FA, and Schedule OS, INDmoney's documentation reduces manual work more than Vested's.

Neither platform automatically computes vest-date SBI TTBR for cost basis. If your employer broker lists FMV in USD on vest, you need to find the SBI TTBR on the vest date manually — see our SBI TTBR guide for the lookup process.

For more comprehensive RSU lot tooling — specific lot identification at sell, automated loss-harvesting reports, Schedule FA with vest-date rates pre-applied — Rovia is purpose-built for that workflow.

Platform breadth: INDmoney has OTC stocks

OTC stocks and a unified Indian + US portfolio view are INDmoney's two breadth advantages over Vested. Neither advantage is relevant for most investors — but both are irreplaceable if you specifically need them.

Total cost comparison: ₹10L/year for 3 years

Investor: Puts ₹10L/year into US ETFs (4 buys of ₹2.5L each), no repatriation until Year 3.

At ₹10L/year over 3 years, INDmoney's tighter FX markup produces roughly ₹6,400 in total savings vs Vested Basic — primarily from FX, not brokerage. Vested Premium is the most expensive option at this investment level because the ₹13,500 in plan fees exceeds the brokerage saving.

Which platform is right for you?

Choose INDmoney if:

• You want no platform withdrawal fee — INDmoney doesn't charge one (but both platforms incur bank forex up to 1.5% on INR repatriation)
• You want a unified view of Indian mutual funds, EPF, FDs, and US stocks in one dashboard
• You need OTC (pink-sheet) stock access
• You want to explore the GIFT City TCS-avoidance route
• You're investing ₹10L+ annually where INDmoney's tighter FX markup saves meaningfully

Choose Vested Basic if:

• You are already on Vested and the product works for you
• You prefer Vested's UX and are not making frequent withdrawals
• You value Vested's support and brand familiarity

Choose Vested Premium if:

• Your annual buy + sell turnover exceeds ₹30L — the 0.15% rate and free withdrawals offset the ₹4,500 fee
• You actively use strategy signal lists (7 Premium vs 2 Basic)

Consider Rovia if:

• You hold significant RSU exposure at an employer broker and want lot-level tax tooling
• Specific-lot identification at sell (HIFO/LIFO optimization) matters for your tax situation

Consider IBKR if:

• You invest ₹25L+ per year — the FX savings alone justify the onboarding friction

Related reading

• Vested charges explained in full
• INDmoney charges explained in full
• Vested vs INDmoney vs IBKR vs Rovia: four-way comparison
• Rovia vs INDmoney
• Rovia vs Vested
• Best US stock platform for Indian investors 2026

Sources

Fee figures last checked October 2026. Verify before investing — fees change without notice.

1. INDmoney brokerage (0.25%, cap $25) — chittorgarh.com INDmoney brokerage (Oct 2026; verify at INDmoney app)
2. Vested Finance fee schedule — vestedfinance.com/legal/fee-schedule (Oct 2026)
3. Rovia pricing (0.15%, cap $15) — rovia.one/pricing (Oct 2026)
4. IBKR commissions — interactivebrokers.com/commissions (Oct 2026)

Vested.blog is the editorial publication of Rovia.