Upstox is an online service that is used to store the passwords and other information of your online accounts. It comes as a backup in case if you lose your password or something goes wrong. The best way to use Upstox is to create an account for your Upstox account and then use that account to access the other accounts. This way you can access all your important information everywhere. If you lose your password, you can easily access your account with the help of your Upstox account.
The Upstox official website is still active and it’s possible to open a new account or even make a deposit there. But why did the company announce the closing of their source code? It’s not the first time that they began to disable the account’s functionality. The Upstox site is down for a long time, but it’s not a reason to worry if you still keep your account opened.
Utilizing different methods, this post will help you close your Upstox account in the easiest and quickest way possible. Two methods will be explained in detail.
The phrase saying make your money work for you is very famous among investors and it has prompted many to come out of their comfort zone and invest in shares. Accordingly, with substantial gains in stocks or because of speculation, we tend to explore different brokerages to expand the portfolio and sometimes that leads to ignorance of old stockbrokers.
But what we don’t realise are the hidden charges and Upstox is no different. It does not matter that you are active on the online brokerage or not, you have to pay the MMC (Monthly maintenance charge) which is ₹25 + 18% GST to maintain your Demat account.
So if you don’t want brokerage to eat away your profits during the inactive phase or have other appealing offers lined up and want to close that account then follow the step by step guide mention below.
Before a request is made concerning the closure of a Upstox account there are a few conditions that you need to meet so that there are no hiccups in between the closing of the Demat account permanently.
- Your account can be closed only if you do not have a negative account balance.
- You need to ensure there are no Securities in your Demat account. You can choose to sell your holdings and withdraw your funds if any.
- Remember to close all the F&O open positions.
- Another option is to shift holdings to another Demat account by providing the client ID and depository participant ID of another account. You must also submit the Delivery Instruction Slip (DIS) along with.
It was not long back that Upstox had no online account closure system in place and thing were done old school. So if the conventional method suits you well, or want to transfer your holdings of Upstox Demat Account to another CDSL/NSDL Demat account, then the offline process is the only alternative.
Step 1: Visit Upstox official website.
Step 2: Now scroll down to the end of the webpage and click on the Download Forms.
Step 3: Now locate Demat Account Closure under Account Modification Forms and download the form.
Step 4: Take a printout of the Upstox account closure form and fill it correctly with your sign wherever required. Below are the points to help you fill the form efficiently.
- Do not write application no. as it is for the Upstox to fill.
- BO (Beneficial owner) means the real account owner.
- DP (Depository participant) means the broker/agent.
- Client ID is the last eight digits of the 16-digit Demat account number.
- Give the reason for the closure of the Demat account.
- Give proper instructions about the transfer of the funds in the account if any.
- In the midsection of the form DP ID and Client ID is asked again, this is to be filled only in case of transfer of holdings partially/fully to a different brokerage. Pen DP and Client ID acquired from a new stockbroker.
- Do not enter any detail in the last section of the form.
Step 5: Send it to the correspondence address, which is mention at the top of the form.
You can opt for the closure-cum-transfer only if you submit a signed hardcopy of the account closure form. You will have to send the CMR (Client Master Report) of your Demat account. The CMR has to be in the form of a hardcopy with a seal & signature.
After receiving the form, it takes about 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.
There is hardly any doubt when we say that the online process is much fast and hassle-free than the offline. With just a few clicks on a device with an internet connection, you are got to go. Remember to clear any outstanding dues or holdings beforehand to avoid any delays in the account closure process.
The online process requires the users to Raise a TIcket. This is Upstox’s unique online application form submission method to resolve user query’s. It comes with a Ticket ID to help clients track their applications. Now to go with the online account closure procedure follow the steps mentioned below.
Step 1: Open your Upstox app on your mobile phone to generate a Ticket.
- Tap on the profile icon on the top left corner of the screen.
- Click the Help&Support button.
- Then Scroll-down to click on the raise a ticket button.
- Fill out the form on the next window.
You can also Raise a Ticket on the Upstox log in webpage.
- Open your account.
- Click on the name tab button on the top right corner of the screen.
- From the drop-down menu, click Raise a TIcket.
Step 2: You will be greeted with a Submit a Ticket Form.
Step 3: Select Upstox customer in the “I am a” dropdown menu. Next, enter your mobile number and Unique Client Code.
Step 4: Now enter your registered email address and name in the same given.
In the issue’s section, select “others” and “no documents required” in the supporting document section.
Step 5: Enter Closure of Upstox Demat Account as a subject of the application and then give in the description.
Finally, Solve the CAPTCHA and click submit.
Step 6: Upstox will then send you a confirmation email containing Ticket ID.
Step 7: After some time you will receive a Link from Upstox either by SMS or mail.
- Click on the Link send by Upstox.
- It will take you to a sign-up window, log into your account by giving User ID and Password. Then click on the Sign in to Upstox button.
Step 8: A detailed form will open with your pre-filled information.
Step 9: You will see your holdings in the form if any. Sell or transfer your stocks. It can take up to 48 hours after the stock sell to reflect in this form.
Step 10: If there is any balance in your account then withdraw your funds first. In case of no outstanding amount, the form will show a tab with Your account balance is cleared written.
Select your reason to close the account and then click on close account. That’s it. Your account will be closed in 8 working days.
To make things simple, Upstox has introduced one more method, using which you can close your Demat account in a jiffy.
Step 1: In case you have holdings/positions in your account, sell them first and also clear your pending dues if any.
Step 2: You can then send a Demat account closure request to Upstox on [email protected] from your registered email Id.
Step 3: Mentioning the below details in your mail to Upstox.
- Demat account number
- Reason for closure
You will receive a mail from Upstox regarding the confirmation of your closure request. And then wait for about 8-10 working days for CDSL to send you a Demat account closure confirmation message on your registered email address.
Reader, Writer, Lawyer, Horse Rider. Vishal thinks he’s funny, unless you beer him; then he’s actually funny!
Contact Vishal via email: [email protected]Upstox is an online account management service provider. The company offers services such as account management, billing and payment processing, integration, customer support, and digital marketing services. Then, the company also offers personalized account management services to clients based on their corporate needs. The company serves clients in the United States and Canada.. Read more about upstox account closing charges and let us know what you think.
Frequently Asked Questions
Can we close Upstox demat account?
No, we cannot close your account.
How do I fill out a Upstox closure?
To fill out a Upstox closure, you will need to provide the following information: The date of the closure. The reason for the closure. Your name and contact information. The date of the closure. The reason for the closure. Your name and contact information.
Can I open 2 Upstox account?
Yes, you can open 2 Upstox accounts.
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