Are you searching for How To Delete Upstox Account Permanently in 2024? if yes then you are at the right place. In this article, you are gonna learn about the easiest way How To Delete Upstox Account Permanently in 2024.
I started investing in 2019, Back then I did have not much idea about investment apps. So, whatever best investment apps or best mutual fund apps I found, I created a Demat account there. Now I have realised a single person can’t run a Demat account on every platform. Managing too many notifications, messages and mail from all those demat can be a headache.
This is the reason I had to delete Upstox account permanently. I am not suggesting you delete your Upstox account as it is very useful and one of the best investment and trading apps. But still, if you think then you can follow our step-by-step guide to delete Upstox account permanently.
Also Read: How To Withdraw Money From Groww App?
How To Delete Upstox Account Permanently in 2024
Things to Consider Before Deleting Upstox Account
Friends we can easily Delete our Upstox account Online. However, before we place an account closure request on Upstox we have to keep some facts. Let us first look into the things that you need to cross-check before placing a permanent account closure request.
- Clear outstanding dues like AMC or Brokerage Charges.
- Sell or transfer all of your Stock holdings.
- Exit all active F&O trades.
- Stop all active SIPs in stock and Mutua Funds.
- Redeem Mutual Funds.
- Withdraw all your Upstox balance.
- Don’t Place any orders or deposit money after you place an account closure request.
Also Read: Groww Vs Zerodha Vs Upstox
Process To Delete Upstox Account Permanently
If you have checked all the above-mentioned things then let look us into the process to delete the upstox account permanently. Upstox doesn’t charge any fees for account closure but if we wish to reopen the account then we will have to pay the account opening fee and also complete KYC Process again. After you place an account closure request it can take up to 7-8 working days during
- First of all Open Upstox App on your Device.
- Click on the Profile icon located in the top left corner of the upstox app.
- After that switch to the Profile tab and then select the My Account option.
- Click on the “Profile” option.
- Upon clicking on the profile option you will be redirected to Upstox web.
- Scroll Down and select the “Account Closure” Option.
- Select Cancellation Reason.
- Now, you will have to confirm that there aren’t any active holdings, SIP or Mutual funds. If any of these are active in your account then your request for account closure will be rejected.
- On the next page, you will need to verify OTP.
- Done it can take up to 7-8 working days. Within this time you will receive a confirmation call from Upstox customer care.
FAQs: How To Delete Upstox Account Permanently
If you have opened an Upstox account after August 2021 then you don’t have to pay AMC.
Yes, we can easily Delete Upstox accounts permanently.
Yes, we can reopen the deleted Upstox Account but we have to pay account opening charges for reponing Upstox Account.
No Upstox doesn’t Charge any fees for closing accounts.
No, We don’t need any ID Proof for Upstox Account Closure.
It can take up to 7-8 business days for upstox account closure.
Conclusion
Upstox is one of the best applications for investing and Trading. We can open upstox accounts for free and also it doesn’t charge any good AMC. However, for the regular investor, especially those who want to invest in equities for the long term I think Upstox isn’t a good option.
Since the brokerage charge for Equity Delivery on Upstox is 2.5% or ₹20 whichever is low. This is quite high compared to other discount brokers. Let’s say you are investing 1600 rupees monthly in two stocks (800 each) through upstox then you will have to pay ₹40 along with some additional exchange charges and taxes. So in this way, you will pay 40*12= 480 rupees yearly.
Nevertheless, if you are not a regular investor or want to invest only in Mutual Funds or want to trade in the derivatives segment then you should keep your Upstox account. We have also covered Best Zero Brokerage Demat Account and Low Brokerage Demat Account, you can consider these posts if you are a regular investor.
