Hello friends, if you are considering knowing the procedure on how to delete upstox account. Then there can be various reasons why you are doing so. if you are searching for how to delete a upstox account, then you are at the right place. No matter what your reason is, we are here to tell you the whole procedure on how to delete upstox account.
how to delete upstox account In short
- Open your Upstox account and log in using your username and password.
- Once you are logged in, click on the “My Account” tab located on the top menu bar.
- From the drop-down menu, select “Account Settings”.
- Scroll down to the bottom of the page and click on the “Close Account” button.
- You will be redirected to a new page where you will be asked to confirm that you want to close your account. Click on the “Close Account” button to confirm.
- You will be asked to provide a reason for closing your account. Select the reason from the drop-down menu and click on the “Submit” button.
- Your account will be closed and all your data will be deleted. You will receive an email confirmation of the account closure.
Note: If you have any open positions or pending orders, you will need to close them or cancel them before you can close your account. Additionally, if you have any outstanding balances or debts with Upstox, you will need to pay them off before you can close your account.
How To Delete Upstox Account In Details
Unfortunately, in this day and age of digitalization, where we do so much online, there are still a few things that must be done the old-fashioned way, i.e. offline, and Knowing how to delete a Upstox account is just one of them.
Currently, the broker does not permit the closure of a Upstox Demat account online. Only by having to submit an account closure request form can Upstox accounts be closed. On the Upstox website, you can download an empty PFD form for closing the account.
Account closure requirements for Upstox
- Before knowing how to delete a upstox account, you must know these things.
- Before submitting the request for closure, ensure that all of the following conditions are met –
- Pay off any outstanding debts. Your Upstox account should not have a negative balance.
- Close any remaining futures and options positions.
- Your Demat account should have no holdings. If you have any, you should sell them and cash them in.
- If you want to transfer them to another Demat account, you must provide the depository participant ID and the client ID.
How to delete Upstox Account Offline
- Go to the Upstox website.
- Select Support from the top menu. Forms can be downloaded.
- Then navigate to the section titled ‘Account Modification Forms.’
- Obtain the ‘Demat Account Closure’ form now.
- Fill in all of the details correctly and print it.
- Send it to the Upstox (RKSV) ‘Correspondence Office’ address listed at the top of the form.
- It can take up to 15 days to close your account after receiving your account closure form. If you do not receive any confirmation after that, contact Upstox customer service.
How to delete upstox trading account
As a Demat account, an active Upstox trading account incurs some fees. They open a free Upstox trading account while also opening a free Demat account.
The procedure for closing a Upstox trading account is the same as for closing a Upstox Demat account. Any of the accounts can be closed for free. Just make sure you have paid off all of your debts before beginning the process.
Can we delete the upstox account?
- Before knowing how to delete an upstox account, you must whether you can delete it or not.
- Yes, you can delete or close your Upstox account. There are no fees associated with closing your Upstox account. The account can only be closed offline and for free. The account of Upstox can be easily closed by submitting the account closure form to the company. The form can be downloaded from the Upstox website. It is not possible to close it online or by contacting customer service.
- Please read the conditions below before requesting that your account be closed.
- Your account should not contain any equity or mutual fund holdings. If you have any, sell them before completing the application.
- Your account should not have any outstanding negative balances or dues.
- You should not have any open trade positions when applying for an account closure request.
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FAQ- How To Delete Upstox Account
How can I permanently close my Upstox account?
If you no longer want to use Upstox, you can delete or close your account. Only a signed paper form can be used to delete or close the account. When the upstox representative receives your request, they will contact you.
Can I close and reopen the Upstox account?
If you do not trade for six months or more, your trading account becomes dormant. To reactivate it, send us the reactivation request form along with the most recent six months’ bank statements.
What if I do not use my Upstox account?
No, there is no minimum balance required to keep your Upstox account active. If you do not trade within any of the segments for 12 months in a row, your account will be regarded as inactive or dormant, and you will need to reactivate the dormant upstox account.
Can I open more than one Demat account?
As per the SEBI guideline, it is not barred. So yes, you can.
Conclusion
It is preferable to close an inactive account rather than pay the associated fees with it. Though the process of closing the Upstox account is not simple and takes time. Before opening a Demat or trading profile with any stockbroker in the future, you should also look into the process of closing an account. Follow the above guidelines, to know the procedure on how to delete upstox account.
