Having an account with any broker mainly includes some charges like maintenance charges, trading transaction charges, and others. It is good to close your upstox account if you have an account with the broker but do not use it anymore. You can save money by learning how to close the account. Any account, including trading or Demat, consumes some maintenance fee irrespective of usage. It is always good to close the amount for unnecessary charges. Under this guide, you can learn how to delete upstox account; it is always good to learn the steps.
Account Closing Procedure
- As you know, account closure can only be done through the online procedure. You have first to understand what it requires.
- It would help if you closed all the FNO positions.
- There should be no holding in the Demat account if any holding has to sell and encash them.
- To transfer the holdings to another Demat account, you must provide your Demat ID and client ID. You also have to submit your delivery instruction slip.
Steps To Close Your Upstox Account Online:-
Here are the steps which you can undertake to close the Upstox account:
1 You have to log in to the app with your username and password.
2 You must click on the app’s profile icon in the top left corner.
3 You have to click on the option my account displayed on the top left part of your screen.
4 Now you would be redirected to the account page and have to Scroll down your account closure section and choose the option of closing the account.
5 After you click on the close account option, it will be redirected to the confirmation page.
6 If you want to proceed with the account closure, you have to click on that generated link and be redirected to the closure page.
NOTE: You must ensure that you do not have any holdings in the Demat account once the account closure page appears. You can sell off the holdings, or you can also transfer your holdings to another Demat account. Any remaining funds would be credited to the bank account linked to the Demat account.
7 Remember to mention the reason for the closure of your account by choosing the reasons from the drop-down menu.
8 Click on the close account, and it will take 7 to 8 working days to complete the process.
The best part is that you can close the account for absolutely free. The company does not charge any fee for closing Demat and trading accounts. You must clear the dues and transfer the existing securities from the Demat account. Any negative balance open positions and securities from the Demat account should be cleared. You must go through the account closure rejection if you need to clear that.
Benefits Of Closing Account:-
The trading account can be amazing for one person but average for another. It is all about your personal experience, and you are free to close your account anytime. You have to make up your mind. The account closing process is straightforward. You have to follow the instructions.
That means you have to choose the option of account closure and click open close account. This will send it to the confirmation page. You must click the generate ID link on the confirmation page to be redirected to the closure beach. On the closure page, you have to choose the option for closing the account. You can close the account in just 7 to 8 working days.
Is the Uptox Demat account safe?
Yes, the Demat account is safe, as all the documents are opened with limited central depository services.
Is upstox free?
The company offers brokerage-free equity delivery trading, and for other segments, you have to pay around INR ₹20 for the executive order. You also have to pay the government charges like exchange turnover charges, government taxes, and others.
Is it simple to close the Upstox account?
Yes, it is straightforward to close the account. You have to follow the steps. Have to log in to the app and click on the initials on the top left corner of the screen. Under the account tab, you have to click on the profile and the view all option next to the account. You must click on the 3 horizontal bars in the top left corner to open the menu.