You must be aware of Upstox if you are reading this post on how to delete Upstox account. As we know upstox is a trading platform which offers trading services in stocks and commodities. Upstox makes financial investing simple and accessible for all the Indian investors.
But having an account with Upstox requires maintenance charges, trading charges and much more. It is beneficial to have an Upstox account but still we have to decide to delete the Upstox account if we do not use it more often. Any account may be a trading account or a Demat account requires maintenance charges. In order to avoid these charges it is sometimes good to delete the account to save money.
Before discussing on how to delete Upstox account permanently, let’s have a quick look at how an Upstox account is beneficial, so that you can make the right decision whether to delete the Upstox account or not.
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Benefits of using Upstox Account
- Upstox has exchange membership with all the exchanges in India.
- It is one of the safest and a convenient way for all stock market trading needs.
- You do not have to pay brokerage while trading with Upstox, so it saves the cost.
- Upstox demat account simplifies the process of holding and trading securities in electronic form. You can quickly access your investments and statements.
- The account opening process is quick and seamless. And it takes 1-2 working days to open an account. While it takes days and sometimes weeks for most of the brokers to open an account.
- They constantly innovate and provide the users with the tools to make the trading experience much better. It uses superior technology to build trading tools like brokerage calculators and span calculators.
- They provide the best customer services by trying to answer every call within 30 secs. They respond immediately if you have any problem with your account.
Things to consider before you delete your Upstox account?
Before deleting your Upstox account consider the following points:
- Clear the outstanding dues like AMC charges.
- You have to transfer or sell all your stock holdings.
- Stop all active SIP’s in mutual fund.
- You have to withdraw all your Upstox balance.
- You should not deposit any money after placing account closure request.
How to delete Upstox account?
Deleting your Upstox account is very easy but if you have any issue then you can contact their customer support team. They can help you to sort your problem.
If you still want to delete your Upstox account then you have to consider the following facts. Just cross check before placing a request to delete your Upstox account permanently.
- If you have any stock holdings then you need to sell them first before closing your account.
- You should clear any pending dues/debit balance before placing an account closure request.
- You should redeem your mutual fund holdings if any before account closure.
- You have to stop any active SIP in stock and mutual funds.
- You should not place any orders or deposit money after you place an account closure request.
Steps on how to delete Upstox account
- First of all, login to your Upstox account using username and password .
- Go to the top left corner of the app and click on the “Profile” icon.
- Then click on the “My Account” option.
- You will be redirected to the account page.
- Scroll down to select the “Account closure” option.
- After that it will redirect you to the confirmation page.
- Then you have to click on the link generated to be redirected to the account closure page.
- Then you can receive a closure link url through sms on your registered mobile number and this link will be valid for 90 days.
- Select the reason for account closure.
- After entering all the information, the “Close account” button will be active and just click on that.
- It will take 7 to 8 working days on to delete Upstox account.
- You will be notified via email about your account closure.
How to close your Upstox account offline
- To close the Upstox account offline , first download the “Account closure” form from Upstox website.
- Print the form and fill up all the details.
- Sign the form in all the required places.
- Attach all the supporting documents to the form.
- And at the last you have to courier the form to Upstox’s head office.
Your Upstox account will be closed officially once they receive the form. It will take 15 to 30 days on to delete Upstox account. But you have to follow up with the customer support after sending the form.
Upstox account closure charges
You do not have to pay any charges for closure of your Upstox account. Just make sure to clear all your dues and transfer all your existing securities from your Upstox account.
Conclusion
Upstox is one of the best trading apps. Opening an Upstox account is free and also it does not charge more AMC. However if you want to delete your Upstox account then the process is very easy. Just follow the process mentioned in this post and your account will be deleted within 15 to 30 working days.
In case you face any difficulty then you get in touch with the Upstox support team for any help.
FAQ :
Can I close my Upstox account online?
Yes, Upstox account can be closed online. You have to use the mobile app or web portal and submit the account closure request.
Can we delete Upstox account permanently?
Yes, you can delete Upstox account permanently. And the process is given in this post on how to delete Upstox account.
Can we reopen Deleted Upstox Account?
You can reopen the deleted Upstox account by paying the account opening charges to open the account.
How long does it take to close the Upstox account?
It may take 7 to 8 working days on how to delete upstox account
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