Upstox earlier known as RKSV is a fin-tech company that offers innovative investment options and a seamless way to open the Upstox Demat account to its users. Also, the company offers securities brokerage and stock trading services.
Upstox, certified with the market regulator Securities and Exchange Board of India (SEBI) and having exchange memberships with the leading exchanges in India like NSE, BSE, and MCX. It offers safe and convenient ways and an option for meeting all trading needs to its users.
The company offers a way for retail investors to trade in the equity market and provides many other services that allow them to reap the maximum benefits right from the beginning the get connected with the firm.
The firm makes use of the technology tools that help in making the savvier investment decisions. Their flawless technology services help the traders to trade quickly and conveniently.
The company is working continuously to become the leader in the low-cost brokerage.
In all, Upstox is the best option for the discount brokers who are looking forward to low brokerage, high margins, and decent trading platforms.
Upstox Demat Account Review
Upstox is a member of BSE, NSE, MCX, and MCX-SX that gives traders different trading options like:
The Upstox provides an easy and efficient way of doing trade to is users.
With its highly advanced and easy to understand web application Upstox Pro, mobile application and trading software it becomes easy to analyze their trading activities and reap maximum benefits with their investment.
4. Minimal Brokerage Charges
The best benefit of availing the Demat services of Upstox is the minimal brokerage charges.
Here is the summary of the affordable brokerage price of the Upstox trading platform.
Demat Account is linked with the multiple charges that are classified under three main categories as enlisted below:
Account Opening Fees: As the name signifies it is the fees that the broker collects from the applicant for getting registration of the Demat account. Not every broker charged the account opening fee. Upstox charge ₹150 as an account opening charges
Annual Maintenance Fees: These charges are charged by the broker annually for maintaining and keeping the account active throughout the year. Upstox charges the minimum charge equals to ₹150 as AMC.
Transaction Fees: It is the fees charged by the broker for moving stocks and securities from one account to another Demat account.
Upstox Demat Account Opening
Are you looking forward to buying securities like shares, mutual funds, etc then it is very essential to have a Demat Account.
The Demat account not only helps in maintaining securities but also useful to register oneself with the brokerage.
Before opening a Demat account it is essential to have a few key considerations given below:
There are two different ways for opening the account, the online account opening method and the other is the traditional method of filling and submitting the form physically.
The other important task is to choose the broker who can fit with your trading style and can understand your financial goals.
Check the charges for opening a Demat account both online and offline. Generally, the offline method costs more. It is therefore important to check all the information associated with opening the account.
There are two ways of opening the Upstox Demat Account.
Upstox offers a digital and online way to process and open a Demat account. For opening a Demat account with the Upstox follow the steps given below:
Visit the Upstox website and head towards the online Demat account opening page.
Sign up the page by entering all the required information.
Scan the copies of the essential documents like Address Proof (Electricity Bill, Bank Passbook front page with the applicant details and address), Identity Proof (Aadhar Card, PAN Card), Bank Details (Canceled Check, Bank Statement)
Enter the Aadhar detail. (Make sure that the Aadhar is linked with the mobile number)
On entering the Aadhar number you will receive the OTP. Enter the OTP and verify the identity and the information you have entered.
2. Opening Upstox Demat Account Offline
For opening the Demat account offline, follow the steps below:
Get the account opening form by visiting the Upstox branch or by meeting one of its employees.
Fill the form by entering all the relevant details and attach a copy of all the documents like proof of identity, address proof, bank details, etc.
After meeting all the above requirements, you need to sign an agreement with the broker that enlist your responsibilities as a trader/investor and that of the brokerage firm. Sign the document and keep one of its copies with you.
After verification and authentication of the details and documents, the account number (also called Beneficial Owner Identification Number or BO ID)will be sent to you at your respective address.
Along with the account number, you will get the additional data like LogIN Details and the key to access the account online.
Upstox Demat Account can be closed easily but there is no provision to close the account online. One can close the account by submitting a physical application.
When to Close Upstox Demat Account?
Every Demat account has some linked Annual Maintenance Charges for keeping the account active. If you have an account in Upstox that you are not using for the last few months then it is good to close it.
Closing the account not only prevents you from paying the annual maintenance charges but also keep it away from any misuse.
Closing Upstox Demat Account
Although, Upstox does not offer the online process to close the account, yet one can close it without any hassle by following the steps below:
Clear your Demat account by transferring the securities in the other active Demat account or by selling the holdings.
For transferring the fund to another account one needs to provide the DP ID and Client ID.
In case, of the joint account, make sure that all the account holders signed the application form.
Fill all the details in the application form.
Attach the documents like self-attested copy of PAN card, Aadhar card of all the account holders.
Send this form to the corresponding address of Upstox/RKSV mentioned in the form.
Before filling the request to close the account make sure that you have cleared all the pending dues with the broker.
On receiving the account closure form, it takes around 15 days to verify all the details and process the application. In case of any delay, one can contact the Upstox customer support team.
Upstox Demat Account Closure Form
One can download the Upstox Demat Account closure form by visiting the official website of the Upstox.
Save the form and take a print out to fill the details and send it to the corresponding address.
Opening a Demat account is essential to ‘hold’ securities and therefore one should be very specific while opening a Demat account with the broker. Dig deeper to know the charges, fees, and services the broker offer and ensure that there are not any hidden charges of opening a Demat Account.
Along with this, try to get the things done without delay and therefore keep the documents like PAN Card, Aadhar card and other relevant documents handy.
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