You cannot close your Upstox Demat & Trading account online. You would have to submit a physical form to close the Upstox account.
In this article, I am going to guide you through step – by – step procedure on how to close UpStox online & offline.
How to Close Upstox account online
You can’t close UpStox account online. You have to follow an offline procedure if you want to close your UpStox trading/ Demat account for any reason.
If you are not happy with the service then you can read the comparison between Upstox and Zerodha to find the substitute Demat account.
How to close UpStox account offline
You have to submit an account closure request form to close your Demat account. Follow the steps below to close your UpStox Account Offline.
Download the Account closure request form from here.
Account closure form will look like this;
Fill all the details mentioned in the application form
Attach self-attested copies of PAN Card and Aadhar Card of the account holder
Send the documents to the head office of Upstox at the following address
30th Floor, Sunshine Tower
Senapati Bapat Marg
Dadar (W), Mumbai
Maharashtra – 400013
Upstox will take almost 1 week to close your account after receiving the application form.
Also read – Zerodha vs UpStox genuine comparison 2020
How to Fill UpStox Account Closure Form
You have to fill the details of the account holders and correspondence address. After that, you have to mention the reason for the account closure.
Mention what would have been done with the balance remaining in the account. There are four options available, you can select the appropriate option as per your choice.
- Partly rematerialized and partly transferred
- Transferred to another account
- Not applicable
All the account holders have to write their names followed by their signatures in appropriate columns in the end.
Acknowledgment receipt has to be filled by the office.
Things to keep in mind before submitting a Demat closure application
- Clear all your dues – Make sure that there’s no negative balance (debt) showing in your Demat account. Otherwise, you won’t be allowed to close your Upstox account.
- Transfer the balance – You should transfer the funds available in your Upstox account to your bank account before submitting the account closure application.
- Holding your shares – If you have shares in your Upstox account, you have to either sell or transfer your shares to another Demat account. Make sure there are no holding shares in the account while submitting the closure application.
Guys, now you know the actual procedure of closing your UpStox Account. Let me know if you find any difficulty while closing your account.