Upstox has a substantial user base with its user-friendly platform and competitive brokerage rates. However, circumstances change, and financial goals evolve and there could be various reasons to close upstox accounts.
In this article, I will provide you with a detailed step-by-step guide on how to close Upstox account.
My Experience with Upstox
I first opened an Upstox account in 2019, eager to explore stock trading. The Upstox account opening process was fairly straightforward, and I was impressed by the platform’s features. However, as time passed, my investment goals and financial circumstances evolved, and I eventually decided to close Upstox account. Here’s how I went about it.
Closing my Upstox account was relatively smooth. I followed the steps outlined above, and within a few days, I received an email confirming the closure of my account. The entire process took less than a week.
Before directly closing the Upstox Demat account, make sure to meet the following conditions, otherwise, the broker may reject your request to close the Demat and trading account:
Upstox Demat Account Closure Requirements
- Your Demat account balance should not be negative. All outstanding dues must be cleared.
- Transfer all your funds from Upstox to your bank account. Just create a fund transfer request and send your funds to the bank account.
- There should not be any securities like stocks, mutual funds, or other holdings in your Demat holdings and open F&O positions. You can either sell or transfer your holdings to another demat account.
If you have a Zerodha account, then you can Transfer Shares From Upstox To Zerodha Online.
Check, that if all the above conditions are completed, you may proceed to close the Upstox account. I have mentioned both online and offline Upstox Demat closing processes.
Step-by-step process to close Upstox account:
How to close Upstox account online?
Step 1. Log in to the Upstox app with your 6-digit PIN or Biometrics.
![Close Upstox Account](https://financefundaa.com/wp-content/uploads/2023/10/image.png)
Step 2. Click on the ‘Account’ option, showing at the bottom right corner.
![Close Upstox Account](https://financefundaa.com/wp-content/uploads/2023/10/image-1.png)
Step 3. Click on ‘My Account.
![](https://financefundaa.com/wp-content/uploads/2023/10/image-2.png)
Step 4. Then go to ‘Profile.’
![](https://financefundaa.com/wp-content/uploads/2023/10/image-3.png)
Step 5. Click on ‘Account closure’ under ‘Profile.’
![](https://financefundaa.com/wp-content/uploads/2023/10/image-4.png)
Step 6. Click on ‘Close account’ at the bottom of the screen. A new page will open to close accounts.
![Close Upstox Account](https://financefundaa.com/wp-content/uploads/2023/10/image-8.png)
Step 7. Choose the reason to close the account from the drop-down menu and fill all the required information. It will activate the ‘Close Account’ button at the bottom of your screen.
![](https://financefundaa.com/wp-content/uploads/2023/10/image-6.png)
Step 8. Then click on ‘Close account’.
![](https://financefundaa.com/wp-content/uploads/2023/10/image-7.png)
The Upstox account closing process online will take about 7 to 8 business days after you submit the account closure request. Close Upstox Account.
If you are looking to open a new Demat and trading account, you can check our broker comparisons to make an informed decision.
Zerodha vs Angel Broking
Zerodha Vs Angel Broking, Both are Discount Broker and offers INR 20 brokerage plans. Angel One is traditional broker, which is now shifting to the online brokerage, where Zerodha is an online discount broker.
ICICIDirect vs Zerodha
ICICIdirect vs Zerodha, ICICI Direct is a full-service broker, follows a percentage-based brokerage model, resulting higher charges. Zerodha is a discount broker, offering a flat fee of Rs. 20 per trade.
Finvasia vs Zerodha
Fivasia vs Zerodha, Zerodha is more stable & suitable trading broker due to its strong brand name. Finvasia is growing for offering zero brokerage on all segments.
I have good experience with Zerodha, if you want to check my honest reviews on Zerodha, here you can read them.
You can also Open a Demat Account with Zerodha directly here.
How to close Upstox demat account offline?
Step 1. Firstly, you need to download the “Upstox Demat account closure form.” Go to the official website of Upstox, scroll down and you will see the “download forms” option under the services category. Click on the download forms option. Here, search for “demat account closure” and a form will open.
You can also download the form here: Upstox Demat Account Closure Form
Step 2. Take a printout of the demat account closure form and fill out all details accurately.
Step 3. Sign the closure form in all required places. If you have a joint account, then, all the account holders are required to sign the form.
Step 4. Attach all the required documents mentioned below in the form including, a copy of the ledger and unused DP slips.
Step 5. All set to courier now. You need to courier the filled Upstox Demat account closure form and other required documents to the Upstox head office. Close Upstox Account. Here is the address for the courier:
Upstox,
30th Floor, Sunshine Tower,
Senapati Bapat Marg, Dadar- W,
Mumbai – 400013
Upstox takes upto 7-10 working days to close your Demat account after receiving the required documents. Once your account is closed, you will receive mail for account closure and a final statement.
How Do I Check If My Demat Account Is Closed?
After submitting the closure request (online process) and closure form (offline process) to upstox, you should receive a letter within 7 to 10 days as a confirmation of closing account.
After that, you can try logging in to your Demat account. It will show that the account number no longer exists. It means your account has been closed. Also, you can directly contact upstox customer care to know your account status. Close Upstox Account. Here are the upstox customer care details for your reference.
Upstox Customer Care
If you face any problem in closing an upstox demat account or want to know the status of your account, you can contact upstox customer care.
Headquarters – 30th Floor, Sunshine Towers, Senapati Bapat Marg, Dadar (West) Mumbai – 400013
Monday – Friday: 8 AM to 5 PM and Saturday: 9 AM to 2 PM
Upstox customer care number: 022 4179 2999, 022 6904 2299, 022 7130 9999
You can also raise a ticket to upstox here: https://upstox.freshdesk.com/support/tickets/new
Upstox account closure charges
Are there any charges to close Upstox account?
Upstox doesn’t charge any fee for closing the Demat and trading account. Just make sure to fulfill all the Upstox account closer requirements as mentioned above such as no negative balance, all dues paid, transfer funds, and close all open positions. Otherwise, broker may reject he closure request.
Conclusion
So, these were the complete online and offline processes to close Upstox account. I hope this helps. If you are stuck anywhere, comment on your problem in the comment section.