Guide to close Upstox account: It is very easy to open a Demat or trading account with Upstox online or with a majority of stockbrokers nowadays. It takes only a couple of minutes and few required forms to open an account with Upstox.
Having an account with any stockbroker comes with certain charges like – Annual Maintenance Charges (AMC), trading/transaction charges irrespective of that you use them often or not. So if you have an account with Upstox and for any reason do not use it, you should consider closing it.
Now let’s see the requirements and process to close Uptox account.
How to close Upstox Account Online?
Unfortunately in the time of such digitalization as well where we are doing many things online, there are few things that require the old-fashioned way i.e. offline, and closing a Upstox account is one of them.
To date, the broker does not allow to close a Upstox Demat account online. Upstox accounts can be close only by submitting an account closure request form. An empty PFD form for closing the account is available for download on the Upstox website.
Requirements to close Upstox account
Before submitting the request for closing, make sure to fulfill all the conditions below –
- Clear all your dues if any pending. There should be no negative balance in your Upstox account.
- Close all open future and options positions.
- There should be no holding in your Demat account. If you have any, then you should sell and encash them.
- If you want to transfer them to another Demat account, get it transferred by providing the respective depository participant ID and the client ID.
Steps to close Upstox Account Offline
- Visit Upstox website
- On the top menu, go to Support -> Download Forms
- Then go to the ‘Account Modification Forms’ section
- Now download the ‘Demat Account Closure’ form
- Print it and fill in all the details correctly.
- Now you have to send it to the Upstox (RKSV) ‘Correspondence Office’ address mentioned on the top of the form.
After receiving your account closure form usually, it will take up to 15 days to close your account. If you do not get any confirmation after that, follow-up with the Upstox customer service.
How to close Upstox Trading Account?
An active Upstox trading account also incurs some charges as a Demat account. They open a free Upstox trading account while opening a Demat account for free.
The steps for closing the Upstox trading account are the same as the process to close the Upstox Demat account. Closing any of the accounts is free of cost. Just make sure to clear all your dues before starting the process.
It’s better to close an inactive account instead of paying the associate charges with it. Though the process to close the Upstox account is not very easy and it does take time.
In the future, you should check the process of closing an account as well before opening a Demat or trading account with any stockbroker.
Hopefully, the above article was helpful to you. Do let us know in the comments section if you have also closed your Upstox Demat account. You may read the detailed Upstox review and get more insights. Happy trading!