If you’re not exploring different brokerages to expand the portfolio or trade in the market, it makes sense to close your Upstox account as the MMC (Monthly maintenance charge), which is ₹25 + 18% GST to maintain your Demat account, isn’t really worth paying if you’re not going to be active even in the near future.
So, if you don’t want brokerage to eat away your profits during the inactive phase or have other appealing offers lined up and want to close that account, then you’re at the right place. Here we’ve discussed how to close your Upstox account using the following three methods.
- Close Upstox account using its website
- Close Upstox account using its app
- Close Upstox account via email
Upstox account closure requirements
Before you send a request to close the Upstox account, there are things you need to know to avoid any hiccups in the process.
- Your account can be closed only if you do not have a negative account balance.
- Ensure there are no Securities in your Demat account. You can choose to sell your holdings and withdraw your funds, if any.
- Remember to close all the F&O open positions.
- Another option is to shift holdings to another Demat account by providing another account’s client ID and depository participant ID. You must also submit the Delivery Instruction Slip (DIS).
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How to close Upstox account via a form?
Upstox hasn’t had an online account closing procedure for long, and while this guide begins on the website, it doesn’t end there. It includes some conventional ways to transfer your holdings of Upstox Demat Account to another CDSL/NSDL Demat account.
Step 1: Visit Upstox official website.
Step 2: Now scroll down to the end of the webpage and click on the Download Forms option.
Step 3: Locate Demat Account Closure under Account Modification Forms and download the form.
Step 4: Take a printout of the Upstox account closure form and fill it correctly with your sign wherever required. Below are the points to help you fill the form efficiently.
- Do not write application no. as it is for the Upstox to fill.
- BO (Beneficial owner) means the real account owner.
- DP (Depository participant) means the broker/agent.
- Client ID is the last eight digits of the 16-digit Demat account number.
- Give the reason for the closure of the Demat account.
- Give proper instructions about the transfer of the funds in the account, if any.
- In the middle of the form, DP ID and Client ID are asked again. Only fill these in case of transfer of holdings partially/fully to a different brokerage. Pen DP and Client ID can be acquired from a new stockbroker.
- Do not enter any detail in the last section of the form.
Step 5: Send it to the correspondence address mentioned at the top of the form.
You can opt for the closure-cum-transfer only if you submit a signed hardcopy of the account closure form. You will have to send the CMR (Client Master Report) of your Demat account. The CMR has to be in the form of a hardcopy with a seal & signature.
After receiving the form, it takes about 15 to 30 days to get the account closed officially. Once the request is processed, you will receive a ‘Final Statement’ and an intimation from Upstox.
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How to close Upstox account via the app?
If you’re not a fan of the traditional method, here is how to close your Upstox account within a few clicks on the Upstox app. As mentioned above, remember to clear any outstanding dues or holdings beforehand to avoid any delays in the account closure process.
The online process requires the users to Raise a TIcket. This is Upstox’s online application form submission method to resolve user query’s. It comes with a Ticket ID to help clients track their applications. Now to go with the online account closure procedure, follow the steps mentioned below.
Step 1: Open your Upstox app on your mobile phone to generate a Ticket.
- Tap on the profile icon on the top left corner of the screen.
- Click the Help&Support button.
- Then Scroll-down to click on the raise a ticket button.
- Fill out the form on the next window.
You can also Raise a Ticket on the Upstox log in webpage.
- Open your account.
- Click on the name tab button on the top right corner of the screen.
- From the drop-down menu, click Raise a TIcket.
Step 2: You’ll see a Submit a Ticket Form.
Step 3: Select Upstox customer in the “I am a” dropdown menu. Next, enter your mobile number and Unique Client Code.
Step 4: Now, enter your registered email address and name in the same given.
In the issue’s section, select “others” and “no documents required” in the supporting document section.
Step 5: Enter Closure of Upstox Demat Account as a subject of the application and then give in the description.
Finally, Solve the CAPTCHA and click submit.
Step 6: Upstox will then send you a confirmation email containing Ticket ID.
Step 7: After some time, you will receive a Link from Upstox by SMS or mail.
- Click on the Link send by Upstox.
- It will take you to a sign-up window; log into your account by giving User ID and Password. Then click on the Sign in to Upstox button.
Step 8: A detailed form will open with your pre-filled information.
Step 9: You will see your holdings in the form, if any. Sell or transfer your stocks. It can take up to 48 hours after the stock sell to reflect in this form.
Step 10: If there is any balance in your account, then withdraw your funds first. In case of no outstanding amount, the form will show a tab with a Your account balance is cleared message.
Select your reason to close the account and then click on the Close Account button. Your account will be closed in eight working days.
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How to close the Upstox Demat account via email?
To make things simple, Upstox has introduced one more method, using which you can close your Demat account in an instant.
Step 1: If you have holdings/positions in your account, sell them first and clear your pending dues, if any.
Step 2: You can then send a Demat account closure request to Upstox on [email protected] from your registered email Id.
Step 3: Mentioning the following details in your mail to Upstox.
- Demat account number
- Reason for closure
Here’s a template of the email that you can use.
Subject: Request to close my Demat Account
I hereby request to close my Upstox Demat account. Here are my account credentials.
Demant account number: 8 digit Client ID/16 digit Demant Account Number
UCC ID: 6 digit/alphanumeric Unique Client Code): 96****0
If you wish, you can also give a reason for closing the Upstox account at the end of the email.
You will receive a mail from Upstox regarding the confirmation of your closure request. Then wait for about 8-10 working days for CDSL to send you a Demat account closure confirmation message on your registered email address.
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