You can not close the Upstox account online. To close the Upstox account you need to submit a physical application. In this article, I’ll explain how you can close your upstox demat account through offline mode.
Closing your demat account is different from a deactivating the account. If you opt for closing your upstox account then your trading and demat accounts will be closed permanently.
Upstox Account closure form is available to download on the Upstox Download section. You can directly download this form just by Clicking here.
In case, if you want to want to close your demat & trading account & want to switch to another broker then you can directly fill up the callback form to get free support in transferring the demat account & also get the best deal in opening new demat account with a stockbroker in India.
Upstox Account Closure Process
Maximum Time Taken to Close Upstox account is 7 days.
You need to follow these steps to close the upstox account.
- Clear all due & sell shares
First of all, you need to make sure that you do not have any debt (negative balance) in your upstox account otherwise you can’t close your account with upstox.
- Holding Share Settlement
If there are any shares stored in your holding you can either transfer it to another demat account or sell & encash it. So you need to make sure there is no holding in your DEMAT account.
- Transfer Remaining balance to the bank account
If there is any amount left in your upstox account, you can request a fund withdrawal request and transfer your remaining balance to your bank account.
- Download Account closure form
Now you have to download the account closure form to close your demat & trading account with upstox. You have to fill up the upstox account closure form.
- Courier Account Opening Form
Now after filling it out, you need to send an account closure form to Upstox Correspondence Address as below:
30th Floor, Sunshine Tower
Senapati Bapat Marg
Dadar (W), Mumbai
Your upstox account closing will be processed within 5-7 working days after receiving the account closure form.
In case, if you want to open an account with upstox in the future with upstox you can follow upstox account opening process to resume trading with upstox by opening new demat & trading account.
Most of the top stockbrokers in India offering online demat & trading account opening processes but when it comes to online account closing process very less brokerage firm offers online account closure process.