Having an account with a broker involves certain charges namely – the maintenance charges (AMC), trading/transaction charges and many more. If you have an account with Upstox but do not use it very often, consider closing it. Want to save money then know how to close Upstox Account.
Any account – be it trading or demat consumes maintenance fee irrespective of the amount of usage. Therefore, it is best to close it to avoid unnecessary Upstox AMC charges.
In what follows, mentioned are the requirements and procedures to close “Upstox Account”.
How To Close Upstox Account Online?
Digitalization has had such an impact on all of us that we always opt for the convenient online process for everything rather than the traditional offline method.
Planning to close the Upstox account online? Well, unfortunately, the platform does not offer this provision.
Upstox account closure “online” is not allowed by the firm as of now. If at all you wish to close your Upstox account, you must send a physical form to the firm’s head office or nearest branch office.
Upstox Account Closing Procedure
Now that we know that Upstox account closure can only be done via the offline process, let’s discuss what all it requires.
Note that the Upstox account closure process can be started only when the following conditions are met:
There should be no negative balance in your Upstox account. This means that you must clear all dues before sending the closure form.
Do not leave any funds in your account. In case some funds are left, create a fund transfer request to send them to your bank account.
Close all the open F&O positions
There should not be any holdings in your Demat account. In case of any, just sell and encash them.
If you wish to transfer your holdings to another Demat account, provide the respective depository participant ID and the Client ID. You must also submit the DIS (deliver instruction slip)
Once all these conditions are fulfilled, you may proceed with the closure. Also, your account closure request can get canceled if any of the above-mentioned points are not fulfilled.
First, download the “account closure” form from the Upstox website. Just scroll down to the bottom of the website and click in customer support. You will find the “Forms Download” section there.
Get the form printed and fill all the details correctly.
Sign/attest the closure form on al required places. If you have a “joint account”, it must be signed by all the holders.
Attach all supporting documents to the form including your unused DP slips.
Finally, courier the duly filled form to Upstox’s head office.
Once your form is received, your Upstox account is closed officially within15 to 30 days. Once the request is processed, you will receive an intimation and a “final statement” from the firm.
You must ideally follow up with the customer support after a week of sending your form.
Note: Upstox NRI trading account is a different type of account for non-Indians and it’s closing procedure is different from a regular account.
How to Close Upstox Trading Account?
The point behind closing the Upstox account is to avoid AMC charges for those who are not very actively using it.
Upstox charges AMC only on Demat accounts while the Trading accounts are free. In fact, if you open a Upstox Free Demat account, they will automatically open your trading account along with it.
The steps for closing the Upstox trading account is the same as discussed above. In case of any assistance, you can contact Upstox support via email or call. Alternatively, you can also visit the branch office in your proximity.
Upstox Account Closure Charges
You can close your Upstox account for absolutely free!
Yes, you heard it right. The firm does not charge any fee for closing your Demat/Trading account. Just make sure to clear your dues and transfer all existing securities from your Upstox Demat account.
As already mentioned, any negative balance, open positions, and securities in your Upstox account are very likely to get your closure request rejected.
Upstox Closure Form
You can download the Upstox account closure form from the firm’s website or can get a hard copy of the form from the nearest branch office.
To download the Upstox closure form pdf now, Click Here.
Upstox trading can be great for one person and average for another. It’s all about personal experiences. You are free to close your Upstox account anytime. All you need to do is make up your mind.
Upstox account closing is an easy process provided you follow the instructions correctly. The firm usually takes 15-30 working days to verify and process your request.
This article has discussed every aspect related to account closure in detail. In case you still find some difficulty, get in touch with the Upstox team for further support. Hope this helped. Happy trading!