Upstox Demat Account Review – Account Opening, Features, Charges, Offers & more

Are you looking forward to investing or trading in the stock market? If so, you should join hands with a reputable stock broker & hence, open an Upstox Demat Account.

Under the leadership of Raghu Kumar, Shrinivas Vishvanath and Ravi Kumar Upstox have become one of the most famous Indian stock brokerage houses.

A depositary participant (DP) with CSDL and NSDL, the discount broker renders the Demat account and related services.

However, what perks can Upstox Account Opening provide you? What charges must you incur to open an account? What are its vital features and account opening process?

This Upstox Demat Account Review is here to answer all your questions.

Upstox Demat Account – Top Features

Knowing the features of the Upstox Demat Account will help you decide whether to proceed with the account opening process:

• Firstly, you can open the Upstox Account without paying a single penny. The brokerage house allows traders to open the Demat account for free.
• Corporate benefits, including bonuses, interest, dividends, etc., are directly deposited in your Demat account.
• Share Transfer to this broker is possible.
• You don’t have to open a separate Demat account to invest in equity, mutual funds, insurance, and corporate fixed deposits.
• You don’t need to invest much time updating bonus issues, stock splits, or right shares. Your Demat account will automatically reflect all these changes.
• After opening the Demat account, you can access the app, X Trading View, or a mutual fund investment platform to trade online in the stock market.

Regarding the Upstox Demat Account Charges, you don’t have to worry about paying anything to open the account. All potential investors or traders can open a demat account for free.

However, besides account opening charges, you might incur other Demat account charges. These fees can include AMC (annual maintenance charges), postal charges, or depositary charges.

Upstox AMC or account maintenance charges are Rs. 150 + GST; you must pay them yearly.

Furthermore, the brokerage house charges the Demat account holders a fixed DP fee of 18.5 INR per stock daily. These fees are levied when selling or holding shares in the Demat account.

In addition to account opening, the broker also offers a free account closure and reactivation facility.

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Upstox Demat Account Opening Process – Step by Step

After knowing the features and charges of a Demat account, let’s learn what it takes to set up the account.

Upstox Demat Account Opening is straightforward and hassle-free, and you can follow the convenient online and offline approaches.

So, let’s head to the sections below to explore the online and offline approaches for opening a Demat account.

How to Open a Demat Account in Upstox? – Online Process

Wondering How to Open a Demat Account in Upstox Online? Go through these steps to set up a demat account:

1. Head to the website or app and then the online Demat account opening page. After hitting the ‘Open Demat Account’ button, a prospective will be asked to input the basic sign-up details. These details can include your email address and phone number.
2. The next step is to verify your contact details. You can receive an OTP on your email ID or contact number.
3. Copy the verification code and enter it in the asked field. Hitting the ‘Apply Now’ button, you can proceed to another step.
4. In this step, you must submit your identity card for KYC. So, ensure you have soft copies of your Aadhaar card, passport, or PAN card.
5. Carefully enter your personal details, including your name and date of birth, and click the ‘Proceed’ button.
6. After proceeding to the next step, you will be asked to submit your photograph and e-signature. (You can use your computer’s webcam or phone’s camera to click your photo. Make sure the photo and signature are clear).
7. Once all these steps are completed, wait a few minutes or hours. Your Demat account should have been opened successfully.

How to Open Upstox Demat Account? – Offline Process

If you are not comfortable opening your Demat account via an online approach, consider going offline. The steps below are an excellent alternative to How to Open Upstox Demat Account.

1. Visit the website and navigate the Demat Account Opening page. Download the form and take a printout.
2. Fill in all the information requested in the form and attach photocopies of all necessary documents. Submit this application form and documents to the nearest Upstox branch.
3. Once done, visit the brokers office and sign an agreement that states your responsibilities as a trader or investor and those of the brokerage house.
4. Once the stock broker verifies your application form and all your documents, your Beneficial Owner Identification Number or BOID will be generated. You can use this unique ID to access your Demat account and transactions in the future.

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The brokerage house specifies the stringent document criteria for potential clients looking forward to opening an Upstox Account.

Your Demat account opening application will be incomplete if you don’t submit the following documents.

• PAN card copy
• Identity proof copy (Aadhaar card, voter ID card, PAN card, passport, etc.)
• Address Proof copy (voter ID card, driving license, or Aadhaar card)
• Passport size photograph
• Signature on white paper
• Income proof copy for F&O trading (IT return certificate, salary slip, six-month bank statement, or Net worth certificate)
• Bank account proof copy (Cancelled cheques, bank passbook, or three-month bank statement)

How to Close Upstox Demat Account?

Are you curious about How to close Upstox Demat Account? This section entails the steps necessary to close your Demat account.

1. You can submit an account closure request to Upstox via your profile.
2. Sign in to official site or app, then your profile, and browse the ‘Demat Account Details’ option.
3. After hitting the option, choose ‘Close my trading and demat account.’
4. On tapping, a pop-up will be displayed asking, ‘Do you want to close your trading and demat account?’ Click on ‘Yes.’
5. It will take a few minutes or hours to delete your Demat account.

Upstox Demat Account Review – Conclusion

Setting up the Upstox Demat Account is an excellent opportunity to trade with a broker with 12 years of in-depth experience in the stock market.

The company allows you to open the dematerialized account online and offline at your convenience. Moreover, you don’t have to spend a single penny to open an account.

If, for any reason, you wish to close or reactivate your account, Upstox allows you to do so without charging anything.

FAQs on Upstox Demat Account Review

Here are various FAQs related to the Upstox Demat Account.

How to Create a Demat Account in Upstox?

Upstox facilitates a simple and quick Demat account opening process. You can do it online or traditionally via offline mode.

Remember that searching for the eligibility and document criteria results in a smooth account opening process.

How to Delete Upstox Account?

To delete the Upstox account, log in to your Demat account. Search for the option ‘close my trading and demat account’ and click on it to initiate the account closing process.

What is AMC in Upstox?

The annual maintenance charges (AMC) is Rs. 150 + GST yearly.

What are Upstox Account Opening Fees?

Opening a Demat account doesn’t require you to pay anything. It is absolutely free.

How to find demat account number in Upstox?

Upstox provides clients a unique 16-digit number consisting of BO ID and DP ID as their Demat account number.

Log in to your Demat account, then your profile and Demat to know your account number.

How to get a Statement of Demat Holdings in Upstox?

The quickest way to download the Demat Holding Statement is by following this simple procedure online:

1. Visit the Upstox website and sign into your Demat account.
2. Once logged in, go to the option to download Statement of Demat Holding. Usually, you can find the option under the ‘Accounts’ or ‘Portfolio’ tab.
3. Next, choose the duration for which you want to review the statement of Demat holding.
4. Click the ‘View’ button to generate the report and select your preferred format, PDF or Excel, to download the statement.
5. Initiate the download process once the report is generated.

What are the documents required to open a demat account in Upstox?

The documents required to create a Demat account are the PAN card, bank account details, signature, Aadhaar card, and income proof.

How much time does it take to open a Demat Account in Upstox?

If you have applied online, it can take a few hours, usually one to four hours, to open your account. It’s possible only if you submit the correct documents.

However, opening your Demat account can take 2-3 days when applying offline.

How to change your bank account in Upstox?

Below are the steps that can aid you in changing your bank account:

1. Search for the Upstox website to sign into your Demat account.
2. Next, head to ‘My Profile’ and ‘My Bank Details’.
3. Once on the ‘Bank Details’ page, hit the ‘Add New Bank’ button.
4. Now, you will be asked to input your new bank account details. These details include your account type, number, and IFSC code.
5. Lastly, eSign your document and validate your eSign.
6. The last step is to check the box listing the terms and conditions to update your bank account.

How to Transfer Shares from existing Demat Account to Upstox Demat?

These steps will guide you on transferring your shares from your existing demat account to Upstox:

1. As an investor, you must fill in the DIS (Delivery Instruction Slip).
2. After filling in the DIS, please give it to your current stock broker.
3. Your broker will further send this DIS form to the depository.
4. Once the depository verifies your DIS form, he will transfer your shares from the existing demat account to the Upstox demat account.
5. After the completion of the transfer, your new demat account will automatically show the updated shares.