Upstox is one of the best Mumbai-based brokerage firms that streamline the trading work of newbies and experienced traders. So, it becomes easier to open a Upstox trading account online or with several others stockbrokers nowadays.
It takes only a few mandatory form fill-ups and a couple of minutes to create a Upstox account. Are you guys thinking of closing your Upstox account and don’t know how to do it? Well, the account closing procedure with Upstox is as effortless as opening an account.
Nevertheless, having a trading account with Upstox or any other stockbrokers comes with numerous charges. These are transaction or trading charges, and annual maintenance charges no matter you are using them regularly or not!
Therefore, if you have a Upstox Demat account, you must consider closing it. So, without wasting more time, let’s get straight to the account closing procedure of Upstox.
How to Close Upstox Account Online?
We live in the era of digitalization. It had a top-notch impact on all of us that we always go for the seamless online process instead of choosing conventional offline mode. Unluckily, setting aside the pros of digitalization, various things follow the outdated way of proceeding.
One of these problematic considerations is offline! Hence, the account closing process of Upstox follows the offline procedure. However, to date, the online account closing process is not available.
So, the Upstox account can be permanently closed by submitting an account closure request form. Users can download an empty PFD form for shutting down the trading account from the Upstox website.
Requirements for Closing Upstox Account?
You need to fulfill all the crucial conditions before submitting the account closing request form. The requirements are shown below:
- Clear all your pending amounts as there shouldn’t be any negative balance in the Upstox account.
- Do you want to transfer the amount into another Demat account? Get it easily transferred by handing over the UCC ID and depository participant ID.
- Close all the open future options are available.
- Holding must not be present in your Demat account when you want to close it. If you have, make sure to sell and encash them.
- There must not be any funds available in your trading account. That trading account’s funds should be transferred into your bank account.
Once you go through all the mandatory requirements, proceed now to close your Upstox account. Otherwise, your account closing application might be declined.
Steps for Closing Upstox Account
Step 1: Visit the official website of Upstox, i.e. https://upstox.com/open-demat-account/
Step 2: From the homepage, select “Support” and hit the “download forms” option.
Step 3: Now, you need to scroll down to “Account Modification Forms.” From the various options out there, hit the “Demat Account Closure” form of Upstox.
Step 4: The Demat Account Closure form is in downloadable PDF format. So, download the same as shown below.
Step 5: Take a printout of this form and fill it accurately. Don’t forget to sign wherever required to continue further!
Step 6: The form includes a corresponding address on the top of it where you need to send this document. The address is shown below:
RKSV Securities India Private Limited, Salasar Business Park, Off 150 Feet Flyover Road, Bhayander West, Thane, Maharashtra 401101.
Once your account closing form is received, it will be closed between 15-30 days. Once your request is in the process, you will get an intimation of the final statement from Upstox.
What are the Upstox Account Closing Charges?
Upstox doesn’t charge you for account closing. Yes, you heard it right! All you need to ensure the due clearance and transfer the securities from that Upstox Demat account. A simple reminder: open positions, negative balance, and securities in your Upstox Demat account can quickly decline your account closing request.
It’s necessary to close an inactive Demat account when you are no longer using it. This is how you can free yourself from paying the associate charges. However, the article has diligently talked about the account closing procedure of Upstox in detail. Are you still finding difficulty? Get in touch with customer care service for enhanced support! Happy trading!