A Upstox account is a combination of a demat account and a trading account. In addition, a Upstox trading account enables its clients to get access to various stock exchanges, such as NSE, BSE, MCX, etc. A demat account is used to keep the records of their client’s securities, such as different stocks, equity derivatives, currency trading and commodities trading and mutual funds investment, etc., in electronic form.
In the long run, you may have some reason for closing a Upstox account, such as you may see that Upstox has higher brokerage and charges than other discount brokerage companies or Upstox is charging higher annual maintenance charges, or you need better margins, or you are facing problem with payment and withdrawal, or some other reason. In that case, you should know what are the ways to close your Upstox account.
Different Ways to Close An Upstox Account
By carefully reading this article till the end, you will get complete information about three ways to delete your Upstox account online. These processes are straightforward. Just follow the below-given simple and easy instructions such as:
1. Close Upstox Account Through the App
Step 1. Download and install the Upstox application from your mobile phone play store and open the app., then enter all the necessary information to get logged in.
Step 2. After that, you will find multiple options at the bottom of your smartphone’s screen, click on the “Account” option at the bottom right corner.
Step 3. Now, a new interface will open up before you click on the “Name profile icon” option.
Step 4. Now, you will be redirected to a new page, scroll down the page to find out the “Account Closure” option; click on that option.
Step 5. After that, you will be asked to mention a reason for closing your account, click on the “Please select a reason” option.
Now, you will see a list of several reasons. Select and click on any reason from the list. For example, you may click on the “No time to focus on trading” option, then click on the “Continue” button.
Note: Please note that before proceeding to close the account, you will have to ensure that you have no active holdings, such as mutual funds holdings and other holdings, if any.
Step 6. After that, you will see all your holdings details are green ticked, which means that you can close the account. Click on the “Close Account” option.
Step 7. Now, click on the given confirmation statement, “My account meets all criteria. If it doesn’t, my application will be rejected“, then click on the “Confirm” button.
Step 8: You will now receive an OTP on your registered mobile number or your registered email ID. Simply copy the OTP and paste it as required. Then click on the “Continue” button.
After that, you will receive a message stating, “Account closure request submitted. Your account will be closed within 7-8 working days.” Click on the “Done” button. This way, your account will be closed.
2. Close Upstox Account Through Email
- Open your registered email ID, which is linked to a Upstox account. You will have to send a mail to the Upstox support team.
- Type support@upstox.com in the space for ‘To.’
- Type “I want to close my account ” in the space for ‘Subject.’ Then copy this statement and paste it in the space for ‘Compose an email.’ And send the mail.
After that, you will receive an email from the Upstox support team shortly. They will appropriately guide you on how to Close your account. This way, your account will be closed.
3. Close Upstox Account Through the Website
We will discuss two ways to close the account through a website, such as: by using a laptop/ desktop computer and by using a mobile phone.
By Using A Laptop/ Desktop Computer
Step 1. Visit the Upstox official website, which is pro.upstox.com. Now, enter your user ID, Password, and other information to log in to Upstox.
Step 2. Click on the “My Account” option on the right side of your Computer screen.
Step 3. After that, a new page will open up before you click on the “Close Account” option on the left side of your screen.
After that, you will see the same “Closure Form” for “Account Closure Request,” as seen earlier in Step 6 of the first way. Here you will see your name, your Unique Client Code (or UCC) ID, your Permanent Account Number (or PAN), the statements “you have no holdings remaining,” and “your account balance is cleared.”
You will be asked to mention a reason for closing your account, click on the “Select a reason to close account” option. Now, you will see a list of several reasons. Select and click on any reason from the list. Then click on the “Close Account” button.
After entering OTP, Once the process completes, you will receive a message “It will take 7-8 days to close your Upstox Trading and Demat account completely. You will also receive closure confirmation from CDSL in an email.
So by following the above described three methods, you can quickly learn about how you can close a Upstox account online.
Best Of Thoughts In Conclusion
We have provided you with comprehensive information regarding closing your Upstox account online through three different methods. Hopefully, after carefully reading this article till the end, you have easily and quickly learned to use these methods.
If in case you are facing any problems regarding closing the Upstox account, you can send an email to support@upstox.com Services (India) Limited. They will shortly help you accordingly to sort out the matter.