Upstox is a popular discount broker in India being backed by a group of investors like Ratan Tata, Kalaari Capital etc. This stockbroker was formerly known as RKSV Securities. The services provided by this stockbroker come at quite competitive rates. In this article, we will learn the complete process of Upstox account opening.
There are 2 ways for opening the account – offline and online. Let us discuss both the methods one by one.
Upstox Account Opening Demo
The major steps involved in opening an account with Upstox are as follows:
Step 1: The account opening form should be filled as per the instructions mentioned in the Upstox account opening form.
Step 2: Various documents for different purposes need to be submitted along with the filled form.
Step 3: The form and documents can either be submitted online or sent to the office address of Upstox through courier or mail.
Step 4: A cheque needs to be attached along to pay the fee for account opening which can also be paid online.
Now, in the rest of the review, we will have a detailed look at the multiple aspects related to Upstox account opening including documentation, eligibility criteria, charges or fees, time taken for processing, checking account status etc.
Upstox Account Opening Eligibility Criteria
1. Age Criteria – Although anyone irrespective of age can open an account with Upstox, the account opened in the name of minors (below 18 years of age) can be opened by their parents or guardians.
Until the minor completes 18 years of age, the account will be under the charge of the parents or guardians, whatever the case may be.
2. PAN Card and KYC Document – These two are the most important aspects when it comes to Upstox account opening at both the demat and trading levels.
3. Required Documents for Different Purposes – The details of such documents have been discussed in detail later in the article. Any individual needs to have some basic documents for Upstox account opening.
Now, let us discuss the whole process in detail.
Offline Upstox Account Opening Process
This needs to be known that in case a person’s Aadhar card is not available for any reason, he / she can still do Upstox account opening.
A step by step process of offline Upstox account opening has been discussed below:
Step 1: The account opening process needs to be printed and the required details need to be filled. One needs to sign at all those places which have been marked with an “X” sign.
Step 2: Signing across a recent passport size photograph is required to be done on Page number 4 of the account opening form.
Step 3: According to one’s preferences of the account type and segment he / she wants to do trading and investments in, the fees are variable which has been mentioned in page number 1 of the form.
Step 4: A cheque of the required amount needs to submitted along with the form which needs to be made payable to “RKSV Securities India Pvt. Ltd. ” In case of a commodities account, a separate cheque needs to be submitted in the same name.
Step 5: All the required documents along with the Upstox account opening form need to be couriered or mailed to the Mumbai office address mentioned on the website of Upstox. One may be required to submit a KYC (Know Your Customer) form.
Step 6: A nominee should be mentioned in the form which will make sure that the nominee will be entitled to the account in case a mishap occurs to the account holder.
Step 7: An in-person verification (IPV) is done in order to make sure that the details mentioned in the form are correct.
Online Upstox Account Opening
When it comes to Upstox account opening online, the eKYC process becomes very convenient, easy and paperless.
In the case of Upstox account opening online, one needs to have his / her Aadhar card linked to the mobile number. If the linking of Aadhar card and mobile number has not been done, it is not possible to open the Upstox account opening online.
Aadhar is necessary for the Know Your Client (KYC) purpose.
As soon as one clicks on the account opening section on the website of Upstox, one is required to sign up using one’s email address and phone number. Following this, a One Time Password (OTP) would be sent to one’s mobile phone.
On filling this OTP, one can proceed with the Upstox account opening process.
The next step consists of filling in the PAN details. After this, one needs to enter the Aadhar card number, following which Upstox fills many details like name, address, etc. automatically.
The electronic account opening form can be filled quite easily. One needs to keep some documents ready in order to fill their details and download them on the website simultaneously. One needs to scan them and make sure that the pictures of all the required documents are clear.
The documents have been discussed below.
Upstox Account Opening Documents
Here is the list of documents you’d need when you go ahead with the Upstox account opening:
1. Identity Proof
The documents that are considered as valid proofs for identity have been listed below. Please note that the list is not an exhaustive list of all the documents that can be considered as valid for submitting proof of identity.
Voter ID etc.
2. Address Proof
Anyone of the following can be submitted as address proof –
a) Aadhar Card
b) Ration cards
c) Electricity bills and telephone bills that have been verified
d) Driving License, etc.
3. Bank Proof
One of the following can qualify to be a valid bank proof for an individual –
a) A cheque in which the name of the client, IFSC code, account number, MICR code have been printed clearly.
b) Most recent bank account statement
c) Latest Passbook
4. A digital copy of your photograph
5. A photograph of your signature
6. In case, one wants to trade in futures and options segment, one also needs to submit income proof documents. The following proofs need to be submitted –
a) Latest Bank Statement
b) Latest Salary Slip
c) Income Tax Return Form
After giving the documents mentioned above, one just needs to sign in using the Aadhar card number. All the details should be checked once again to make the process of Upstox account opening simpler and less time-consuming.
Upstox Demat account can be opened for free. There are different charges for trading accounts in different segments. Now, let us discuss the charges incurred for the purpose of Upstox account opening (trading).
1. There is an account opening fee of ₹300 which needs to be paid in trading in the following segments – equities, futures and options and currency derivatives. The fee of ₹300 includes taxes.
For the first year, annual maintenance charges (AMC) are ₹0. After that first year, one needs to pay ₹150 as annual maintenance charge for demat account. This amount of ₹150 is excluding GST. So, a little extra than ₹150 would need to be paid as AMC.
2. If one wants to open an account only for commodities, one needs to pay just ₹200 for commodity account opening. This fee is also inclusive of taxes.
Note – All the Upstox account opening charges are non-refundable.
Upstox Account Opening for Corporates / Hindu Undivided Family (HUF) / Partnership / NRI Account
If anyone belonging to the above-mentioned categories is interested in Upstox account opening, the physical account forms need to be downloaded, printed, filled and sent to the address mentioned on the forms.
Once you open the account, you will be charged brokerage on your trades. For more information, you can check this Upstox Brokerage Calculator.
Upstox Account Opening Time
The offline process will take a time of few days to weeks to set up an account.
The online process of filling the account opening form and downloading the scanned copies of required documents will take only a few minutes to hours. The verification from the side of Upstox takes around 48 hours.
Therefore, online Upstox account opening process is faster as compared to the offline process.
Upstox Account Opening Status
After filling out the forms and following the whole procedure, one needs to wait for a maximum of 48 hours within which all your details along with your form would be checked by the Upstox account opening team.
The Upstox trading Id details would be received in the next 48 hours on the email id given for the Upstox account opening purpose.
You can log in the Upstox trading platform with the username and password mentioned in the email.
Upstox is a good option for opening demat and trading accounts. One should carefully go through the entire processes of offline and online Upstox account opening.
While opting for the offline process, one should send the duly filled forms as per the requirements mentioned along with the documents for identity proof, income proof, address proof, bank proof etc. to the Mumbai office address mentioned on the website.
For the online Upstox account opening, one should be ready with scanned copies of the required documents. This would make the whole process extremely easy, convenient and less time-consuming.
In the whole process of account opening, if one faces any kind of difficulty, one can contact the customer support number mentioned on their website.
The charges for demat account opening is 0. The trading accounts for investing and trading in equities, derivatives and futures and options segments can be opened for Rs. 300 including all the taxes.
An annual maintenance fee does not have to be paid for the first year. After that, one is required to pay a sum of ₹150 + GST annually. The charges for commodities trading are ₹200 including taxes.
One should follow the simple step by step process mentioned in this review and the account will be opened pretty smoothly and quickly.
In case you are looking to get started with demat account opening, let us assist you in taking the next steps ahead. Just fill in a few basic details to get assistance: