I opened the Upstox account in 2020 for my first-hand experience with their service. I keep Upstox as my secondary Demat account. In this article, I am going to explain the process to close the Upstox account.
You can close your Upstox Demat account online or offline. There are no closure charges for the Upstox Demat account.
You need to fulfill the Upstox Demat account closure requirements to close the Upstox account.
Upstox Demat Account Closure Requirements
- Clear all the outstanding dues if any and do not show any negative account balance.
- Do not leave any securities like stocks, mutual funds or other holdings in your Demat account. You can either sell or transfer your holdings to another demat account. If you have a Zerodha account, you can check the stock transfer process from Upstox to Zerodha.
- Withdraw your funds before closing the account.
- Close all your open F&O positions.
You need to follow the below-mentioned process to close your Upstox Demat account.
Steps To Close Upstox Demat Account Online
You can close your Upstox Demat account online using Upstox’s mobile app or website.
Step #1. Login to the Upstox app with your 6-digit PIN or Biometrics.
Step #2. Click on the ‘Account’ at the bottom right corner of the screen.
Step #3. Click on ‘My Account’.
Step #4. Then go to ‘Profile’.
Step #5. Click on ‘Account closure’ under ‘Profile’.
Step #6. Click on ‘Close account’ at the bottom of the screen. Then you will be redirected to the closure page.
Step #7. Choose your reason for closure from the drop-down menu. After entering all the required information, the ‘Close Account’ button will be activated at the bottom of your screen.
Step #8. Then click on ‘Close account’. This online process will take about 7 to 8 business days to close your Upstox Demat account after you submit the account closure request.
You can also go through our list of best demat and trading accounts in India to compare other brokers in the industry and make an informed decision.
Steps To Close Upstox Demat Account Offline
Step #1. Firstly, you need to download the Demat account closure form in the “Download Forms” section at the bottom of the Upstox homepage.
Or you can download the demat closure form from here.
Step #2. Take a printout of the closure form and fill out all details accurately.
Step #3. Sign/self-attest the closure form in all required places. If you have a joint account, all the account holders must sign the form for its closure.
Step #4. Attach all the required documents to the Demat account closure form including a copy of the ledger and unused DP slips.
Step #5. Finally, you need to courier the filled Upstox Demat account closure form to the Upstox head office and the address below.
30th Floor, Sunshine Tower,
Senapati Bapat Marg, Dadar- W,
Mumbai – 400013
Upstox will analyze all the information and may take up to 7-10 working days to close your Demat account after receiving the required documents. Once the request is processed, you will receive an intimation for account closure and a final statement.
You can also contact customer support after a week of submission of your application to know the status of your account.
If you have any queries regarding the closure of the Upstox Demat account, let me know in the comment section.