How to Close Upstox Account? Online Form
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- Updated On:18-May-2022
- Replies:4
Short Answer
What happened, so you are looking to close your Upstox Demat and Trading Account? The reasons could be many and any. You are here means, you are searching how to close Upstox account. So, let's dig into the demat account closure process.
Detailed Answer
You have annual maintenance charges to bear for the Trading and Demat account you hold with a stock broker. And if you have an account with Upstox that you don't use it frequently and plan to discontinue it, here we'll be discussing the simple process to close your account.
Can I Close My Upstox Account Online?
Unfortunately, you cannot close the Upstox account online or by doing any contact with the customer care team through chat or phone. The platform does not offer this provision. So, if you wish to close or delete your Upstox account, you must follow an offline process where you have to send a physical sign form to the Upstox head office or nearest branch office.
Although, you can download the account closure form online from their official website, but you have to submit a completed and signed physical account closure application.
What is Upstox Account Closure Process? Pre-requisites
You can only initiate Upstox account offline closing process when the following conditions are met:
1.Before sending the closure form, you must clear all the dues. Further, there should be no negative balance in your Upstox account.
2.In case any funds remain in the account, create a fund transfer request to send those funds back to the bank account.
3.Not to forget to close all the F&O open positions. Done with that!
4.There should not be any holdings left in your Demat account and if you have, just sell them.
5.By providing the client ID and depository participant ID, you can easily shift holdings to another Demat account. You must also submit the Delivery Instruction Slip (DIS).
If you do not fulfill above-mentioned points then your account closure request could be cancelled.
How to close Upstox Account?
Following are the steps to close Upstox Demat account:
1.From the Upstox website, you have to download the \Demat Account Closure\ form.
2.Get the form printed and fill the required details.
3.Sign the form in required places. In the case of a joint account, it must be signed by all the account holders.
4.Including the DP slips attach all the supporting documents to the form.
5.Now, you have to send the duly filled form to Upstox’s head office.
After receiving the form, it takes 15 to 30 days to get the account closed officially. Once the request is processed, you will receive a ‘final statement’ and an intimation from Upstox. If yo don't get any confirmation, follow-up with the customer care team. You can also visit the branch office for any assistance.
It’s closing procedure is very different from a regular account since Uptox NRI trading account is a different type of account for the non-residents and Upstox is not charging any kind of fee to their users for closing their trading account, it is absolutely free.
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Discussion (3)
Opening Demat accounts are as easy as buying a packet of chips these days. One can literally complete the registration process in 5 minutes, but the problem lies when one tries to close the account. Brokers are smart enough to digitalize the Account opening process but to close the account one has to fill up a physical form and courier it to the respective broker's office which takes weeks if not months.
Closing your Upstox account will require a form to be filled to be filled out. With this, you will have to give your reasoning and other clarifications for closing your account. Dues or any fines of any kids should be cleared. It takes 15-30 days for the process to be filled out and is quite exhaustive as well.
You can download the account closure form the given link - Demat Account Closure Form and post it to the address mentioned in the form.
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Upstox is a great discount stock broker that provides excellent features at a lower cost. Some of the benefits of using Upstox are margin against shares, free equity delivery, ultra-low brokerage, bracket order, and cover order availability, mutual without any commission fee, excellent trading platforms, and more.
Discount brokers have gained a lot of popularity in the past couple of years. Zerodha is currently India's largest and most trusted discount broker which is also the best option for beginners. It has all the necessary qualities required for a good broker like low commissions, low-maintenance charges, high-quality trading terminal, etc.
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Rishika Agarwal
Upstox is one of the most leading discount brokerage platform. It is very easy to use and make an account but the feature of closing the account is not available online. To specifically close the account, a document needs to be sent to the closest office for the closure of the account-there is no other option other than this. It requires 15-30 days to complete the procedure, which is also very lengthy.