How To Open Upstox Demat Account – Charges, Document, Margin, Account Opening Process

Introduction 

Upstox was launched in 2008 as a proprietary trading firm and was formerly known as RKSV securities. This Mumbai-based firm later entered the online share brokerage business in 2012.

Later Upstox gained huge popularity as it got funded by GVK David and Ratan Tata. Upstox demat accounts are one of the most popular choices by traders all over the country.

Also, Upstox trading platform is one of the finest in the industry due to its sleek design and user-friendly interface.

Further, it also has one of the lowest brokerage fees in the country and charges a flat rate of Rs.20 regardless of the trading volume.

There are several benefits of opening an Upstox Demat account. Some of them are as follows:

• No brokerage fees charged on Equity delivery
• Upstox trading platform can be easily accessed via your Android as well as Apple phones easily.
• Upstox currently has one of the largest customers base in the country with a daily turnover of over Rs. 500 crores. This value is approximately 2% of the entire NSE’s turnover.
• Upstox is registered with all the top stock exchanges of the country including BSE, NSE, and MCX
• Zero charges for opening a Demat account 

How to Open Demat Account in Upstox

Opening an Upstox Demat account is a simple and quick process. There are two ways you can open a demat account here, the online and the offline method. 

The online method is quicker and hassle-free than the offline method and more preferred by the users.

Online Account Opening Procedure

For opening your Demat account online, follow the given steps:

• Visit Upstox official website and go to the Demat account opening page 
• Fill up your basic details such as your mobile number and OTP and click on the signup button.

• Keep necessary scanned copies of the documents ready. The documents required for opening an Upstox Demat Account are:
• PAN card, Aadhar Card, Canceled Cheque or your bank’s passbook first page, Photograph
• Signature on a piece of paper, Address proof
• Income proof – which includes your Income-tax return or Form 16 or Latest Bank Statement of the last 3 months

Upstox will now ask for your Aadhar details. Once you enter the same, you will be asked to enter the One time password (OTP) received on your registered phone number for verification.

1. Your Demat account with Upstox has been successfully created.

2. You will be then redirected to your account where you have to enter some basic information like your full name, date of birth, father and mother’s name, marital status, gender and any trading experience that you possess.

3. You will be asked to choose the specific segments in which you would like to trade. These include for equities, BSE, NSE Equity and Mutual Funds while for Derivatives, you have to choose amongst NSE Futures & Options, NSE currency derivatives, and MCX commodities.

4. Next, you will be required to make the online payment. Following are the Upstox Demat account opening charges:

5. Upstox allows various online methods to make payment which includes debit and credit card, UPI, net banking and online wallets. You can also apply promo code, if any, to avail discount.

6. You now have to choose the brokerage plan which best suits your interests. You can either opt for the Basic plan or choose the premium brokerage plan which allows you more leverage.

7. Next, upload all the necessary documents that you scanned earlier. 

8. Now the process of filling the application form is complete and you need to sign the document. You can either sign it digitally via your Aadhar or download the account opening form, print it, manually sign it and then courier the form to Upstox registered office. The former is a better and quicker option and it allows you to open your demat account instantly.

9. For e-sign using your Aadhar details, a Digio popup window will appear asking you to enter the OTP that has been sent on your registered phone number 

10. Before opening a trading account with any brokerage firm, SEBI mandates the investors to perform the In-person verification process (IPV). There are two ways to complete the IPV process on Upstox, via webcam or your smartphone. 

It is done after Upstox receives all your important documents. An Upstox executive will call you to schedule a date for IPV. You will have to hold your address proof and PAN card in front of the camera while the executive verifies your identity.

He might also ask you a few questions with regards to your account opening application to cross-check the details provided by you.

Offline Account Opening Procedure

For opening your Demat account offline, follow the given steps:

1. Download the Upstox Demat account opening form from its website or visit one of the Upstox branches near you to get the form. 
2. Fill the opening form by entering all the directed information. 
3. Attach a copy of documents along with the form such as your PAN card, Aadhar card, canceled bank cheque, bank statement of last 3 months, address and income proof. You also need to sign these documents for self-attestation purposes. Make sure that your signature is the same as stated in the documents provided by you.
4. For making the payment, you need to attach a cheque of the respective amount payable to RKSV Securities India Pvt Ltd. However, if you are opening a commodity account, make the amount payable to RKSV Commodities India Pvt Ltd. 
5. Send the demat account opening form and the documents to Upstox’s registered office address in Maharashtra. 

Also Read: How to Open Demat Account in Different Broker

Upstox Demat Account Charges 

Charges for opening a demat and trading account in Upstox has already been explained in detail above. Besides that, the firm also charges at the end of every month Rs.25 + GST as maintenance charges only from the Upstox Demat accounts. 

Also given below are the annual maintenance charges (AMC) that you need to pay to Upstox

• For HUF accounts, the AMC is Rs. 150 plus GST charges
• For LLP accounts, the AMC is Rs. 1000 plus GST charges

These charges will be directly debited from the trading account of the users. Apart from the above-mentioned charges, you also have to pay transaction charges to Upstox, the details of which have been given below:

Also Read: Upstox Brokerage Calculator Online

How Long Does It Take To Open Upstox Demat Account?

Once you have filled your account opening form correctly and submitted it online along with the documents or couriered o to Upstox office, it can take up to 24 hours to open your demat account.

You will receive a unique I’d on your registered email id which you can use to complete the Upstox Demat login process.

If you do not receive a confirmation email along with your unique ID, please contact the Upstox customer care team for assistance and resolving the issue and to know the status of your Upstox demat account.

How to Transfer Shares from One Demat Account To Another Upstox

You are required to fill the Delivery instruction slip in order to transfer shares from your Upstox demat account to some other account and then submit it to Upstox. You can get the DIS booklet by filling the request form and sending it to the Upstox email address. 

While filling the DIS slip, make sure all the information has been correctly filled out by you including your holding details and the copy of CMR which you would receive on email after successful completion of your account opening process.

Also Read: Upstox Margin Calculator Online

How to Close Upstox Demat Account?

Upstox doesn’t allow its users to close their accounts by applying online. Instead, you have to submit a physical account closure application to the head office of the firm. 

It is important to note here that closing your Upstox demat account is different than deactivating it. 

Account Closure is a permanent process where all your trading details are removed and if you want to resume trading, you have to reopen your demat account with Upstox. 

Firstly, make sure that there is no negative balance in your account and all the dues have been cleared. Also, if they exist any security in your account, either transfer it or sell it. 

• Download the account closure form from the Upstox website. 
• Print the form, fill it up and sign it.
• Attach documents along with the form such as your PAN and Aadhar card. Make sure to sign these documents before attaching them.
• Send the form to the registered office of Upstox.

It may take up to 15 working days for Upstox to finally close your demat account. If you do not receive any closure confirmation mail from Upstox even after completion of 15 days, please contact their customer support team for further assistance.

Also Read: Upstox Vs Trade Smart Online Comparison

Upstox Demat Pro & Cons

Pros

• Fund transfer can be done with over 40 banks.
• This online brokerage firm has the trust and backing of Ratan Tata
• Nil account opening charges
• Upstox provides its users with one of the most advanced and user-friendly trading platforms
• Frequent trading seminars are conducted to provide novice trading enthusiasts with the knowledge of stock market functioning and useful tricks & tips. 

Cons

• You can’t invest in IPOs, Bonds or FPOs by using Upstox
• For the equity segment, Upstox doesn’t provide its users with the Good till Canceled feature.
• Their customer care support team isn’t available for round the clock help.

Conclusion

Upstox is a leading discount brokerage firm in India and opening, as well as the closing of an Upstox Demat account, is simple, convenient and hassle-free. If you are a trader looking for a low-cost online brokerage firm that provides high-quality services, Upstox is the right choice for you.

There are currently 100000 customers registered with Upstox and its ability to gain huge popularity in such a short time is quite impressive.

Upstox has the right potential to become India’s leading stockbroker firm, thanks to its highly advanced yet simple trading platform, affordable cost structure and easy to interpret features

FAQs

What is a POA and how do I need to send it?

A power of attorney or a POA gives Upstox the right to debit the shares from your account once you sell them off. You can send it by downloading the POA form, printing it, filling it up and sending it to Upstox registered office

Is my money safe with Upstox?

Absolutely yes. Upstox is registered with NSE, BSE, and MCX and follows all the mandatory requirements of SEBI to ensure that the investors’ money is safe. This includes keeping client’s funds in a separate bank account, performing frequent audits to determine efficiency and maintaining proper capital adequacy

Does Upstox send executives to the home of the clients to collect documents?

No, this facility is not yet supported by Upstox. You need to courier the required documents to Upstox’ head office in Maharashtra

What are the Upstox Trading software?

Upstox provides two trading software to its users

• Upstox Pro Web to be accessed from your computer or laptop
• Upstox Pro Mobile which you can access via Android as well as Apple phones

Can I open an Upstox demat account without an Aadhar number?

Yes, it is possible. However, opening an Upstox demat account without Aadhar can only be done offline, that is by downloading, printing, filling and couriering your application to Upstox Head office.