If you have multiple Demat Accounts and cannot manage them, it is best thing to close unnecessary Demat accounts.
In this article, I am going to explain How to close Upstox account. I have given a step-by-step guide for closing Upstox account permanently.
If you don’t want your Upstox Account, then just follow these steps and delete your Upstox account.
How to close Upstox account?
To close your Upstox account you can follow the below steps:
- First of all open and log in to your Upstox Mobile App.
- Then click on the ‘Account’ option from the right bottom side of your mobile screen.
- Click on the ‘Profile’ Option from the right side of the Fund Option.
- Choose the first option from Profile ‘My Account’ then click on it.
- After that a new page will be displayed, here choose the ‘Profile’ Option.
- You will be redirected to a new page, here scroll down and find the ‘Account Closure’ Option.
Be aware that you don’t have any holdings in your Demat Account. If you do, you might lose your shares. That’s why before clicking on the ‘Account Closure’ Option check out whether you have any holdings or not.
Note: If you have some remaining funds, the fund will automatically be credited to your Primary Bank Account which you linked when you Opened Upstox Demat Account.
- After clicking on the ‘Account Closure’ Option, you will get an OTP on your Email ID and Mobile Number. (For Security reasons)
- Fill in the OTP and click on Continue, after a few sec a new pop-up window will show. Then your Request for Close Upstox account will be reviewed.
Usually, your Upstox Account will be deleted in 7 or 8 working days, to verify whether your Upstox Account is closed or not just check your emails, if you find a ‘Account Closure Notification’ then your account is already Closed.
That’s how you can delete Upstox account permanently.
Once you close Upstox account permanently all of your details and information will be deleted from Upstox.
Advantages of Closing Upstox Account
- All of your details will be deleted from Upstox.
- You will save inactive Account Fees.
- Your Account Management will be easier. (If you have multiple demat accounts)
Disadvantages of Closing Upstox Account
- You will no longer have access to your Upstox Demat Account.
- You can’t invest through Upstox if you close your account.
Frequently Asked Questions (FAQ)
Can I close my Upstox account online?
Yes, you can close your Upstox account online through the Upstox mobile app. (The step-by-step guide is explained in this article.)
Can I close my Upstox demat account permanently?
Yes, you can close Upstox account permanently. Just follow the instructions that I have given in the above article.
Is there any charges for closing account in Upstox?
No, there are no charges for closing upstox account. You can close your account for free.
Can I reopen my closed Upstox account?
Yes, you can reopen your closed upstox account. It will open as a new fresh demat account, but you will not get any referral reward since the user is an old customer of Upstox.