Upstox Demat Account Opening Process

Opening an Upstox Demat Account is very easy and quick. It allows you to trade stocks, mutual funds, and other securities in a digital format.

You’ll need a Demat account if you want to buy and sell shares online. It keeps your stocks safe in digital form, so you don’t have to worry about losing paper certificates.

Upstox, one of India’s leading stockbrokers, offers a user-friendly platform. To open an account, visit the Upstox website or app, enter your details, and upload your documents and your account will be ready in 1-2 days.

Upstox is popular for offering low brokerage fees. In addition, it is a simple, paperless process, making it a great choice for traders. Let us find out about the Upstox demat account opening process.

What is a Demat Account and Why Do You Need It?

A Demat account or Dematerialized account is an electronic account to hold and manage securities in a digital format.

For a demat account, you don’t require any paper certificates. It is easy and safe to trade. If you wish to invest in stocks, mutual funds or bonds then you would need a Demat account. They help you to manage and track everything in one place.

You need a Demat account for the following reasons-

• It is safe and secure.
• It gives easy access and management.
• It offers seamless trading.
• No paperwork is required.

Requirements for Opening an Upstox Demat Account

To open a Demat account for trading, you need certain documents that meet basic criteria. Here is the list of all the required things to start trading with Upstox-

Documents Required for Upstox Demat Account

To open an Upstox Demat Account, there are a lot of documents required that you need to submit. Let’s check out the list of documents required for Upstox-

• Aadhaar Card: Aadhaar number is connected to the mobile number.
• PAN Card: You will be required to get verified with your PAN card.
• Bank Details: You will need a cancelled cheque or the most recent bank statement.
• Photograph: A passport photo of yourself.
• Signature: Your signature is scanned into a plain white piece of paper.

Upstox or any other financial institution in India provides facilities for opening Demat accounts. However, the account applicants need to fulfil certain eligibility criteria. The conditions reveal that the demat account owner must be legally capable of running a Demat account so that one can trade and invest. These main eligibility conditions are as follows:

• Minimum Age: There is no minimum age to open an Upstox Demat account. Minors too can hold a Demat account, but in that case, the account has to be operated by a guardian-parent or other legal guardian until the minor achieves 18 years.
• Adult Applicants: In the case of those aged 18 and above, an account can be opened in their name, with full liability to carry out operations on the account.

Residency

• Indian Residents: For Indian residents, the documents needed to open a Demat account comprise Aadhaar, PAN, and details of banks where the applicant is maintaining an account.
• Application from Non-Resident Indians: NRIs can also open a Demat account. However, for trading purposes, they would open a Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account aligned with the Demat account. Moreover, NRIs have to produce additional documents, for instance, a foreign address and a copy of the passport.
• A Foreign National: foreign investors, who may be interested in investing in the Indian stock market, can also open a demat account. They would have to follow the rules and regulations of SEBI and their account has to be linked with FPI registration.

Verification Process Explained

The verification process is easy. First, you’ll enter your Aadhaar number. An OTP will be sent to your registered mobile number to verify. After that, you upload your PAN card and bank details. When everything matches, you’re all set.

Troubleshooting Common Verification Issues

If you are facing some problems while getting verified, then you should try to overcome them by using the following simple steps:

No OTP Received

• Check for the proper mobile network. Make sure that your phone has a good signal. An unstable network might delay OTP delivery.
• Resend OTP. Many sites offer you to resend an OTP after seconds.
• Mobile Number Validity Check: Confirm whether your mobile number is set or mapped to either your Aadhaar or Upstox account.
• Check for Spam/Blocked Messages. OTPs get blocked or even land in Spam from certain apps. So, check your SMS settings.
• Change the mobile number with a different number mapped with Aadhaar and try.
• Wait and Retry. Sometimes there is some lag in it. Keep waiting for some time and retry requesting OTP.

PAN Card Not Verified:

• Is the PAN number uploaded correctly? There is just a need to double-check that there is no typo.
• Make sure your name in PAN and in Aadhaar is correctly matched. Differences of any kind, even slight, would be a problem.
• Sufficiently scanned copy. If you are uploading a PAN copy, always ensure it is clear and readable by the PDF Scanner.
• Try After some time. Maybe the server could be slow. You may try uploading the PAN details later as well.

Bank Details Do Not Match:

• Verify the Account Number and IFSC code twice to check its accuracy.
• Bank statements or cancelled cheques should be crystal clear and identical to the details that you fill in.
• A Connected Bank Account should be registered in your name, and well connected with the Aadhaar, so verification will not trouble you at any point in time.

Account Activation Timeline

Once you submit your documents and complete the steps, it usually takes 1 to 2 days to activate your Upstox Demat account. Sometimes, this may take up to 4 days. Once your account is ready to be used, an email is sent to you.

Step-by-Step Process to Open an Upstox Demat Account

Creating an Upstox Demat Account is simple. You can do it with some steps. Just follow these steps:

• Visit the Upstox Website or App: Visit the Upstox website or download the Upstox app.
• Enter Your Details: Enter your mobile number and email. You will get OTP on your phone.
• Provide Personal Information: Fill in your Name, Date of Birth & other details same as your Aadhar & PAN card.
• Upload Documents: Upload the scanned copies of your Aadhaar card, PAN card, cancelled cheque and a recent photo.
• Sign the Form: You can sign the form digitally using your Aadhaar.
• Add Bank Details: Specify your bank account. You can either do it by UPI or manually.
• Submit the Form: Enter all the information, and once it has been verified, submit it. You should have your account in 1 or 2 days.

How to Link Your Bank Account with Upstox

For trading, you need to transfer funds to your Upstox Demat Account. Hence, you need to link your bank account to a trading account. Here are the steps on how you can link your bank account with Upstox-

• Using UPI: You can link your account using UPI. Just enter your UPI ID or scan a QR code. A small amount of ₹1 will be debited for verification and refunded.
• Manual Entry: You can enter your bank details manually. You’ll need your account number and IFSC code. Once done, your account will be linked.

Key Features and Benefits of Upstox Demat Account

Upstox has many great features for traders. Here are the key benefits:

• Low Fees: Delivery and intraday trades with Upstox cost you just ₹20 per trade. It makes trading affordable.
• Fast, Paperless Process: While the account opening process is fully online, you do not have to fill out any paperwork.
• Advanced Platforms: With Upstox Pro Web and Upstox Pro Mobile you get great tools to trade.
• Multiple Investments: You have the opportunity to invest in stocks, bonds and mutual funds all in one place.
• No Minimum Balance: You can begin trading with whatever amount you want to, so you do not need to keep any minimum balance in your account.
• Nominee Option: In case something happens to you, you can add 3 nominees to your account for easy transfer.

Upstox Brokerage Charges and Fees

Upstox offers very competitive brokerage charges and fees as compared to other platforms. It is a very attractive option for traders and investors.
Check out the various Upstox Brokerage Charges and Fees-

1. Account Opening Charge: Upstox provides a free opening of both Demat and trading accounts. Therefore, a new user can start trading without worrying about any upfront charges that one needs to pay to enter the world of the stock market.
2. AMC for Demat Account: The AMC for your demat account is as low as ₹150 per year, which is in fact the lowest annual maintenance charges being levied by any brokerage firm. This keeps your account active and safely holding your stocks in digital form.
3. Brokerage Charges: Upstox charges an extremely simple and reasonable fee structure with its trades across all the segments:

• Equity Delivery: You pay brokerage fees of ₹20 per transaction or 2.5% of the value of the transaction, whichever is lower. Every time you buy shares keep them in the account. This means small traders will pay the minimum brokerage, thus maximizing profits.
• For Intraday, Futures & Options (F&O), and Commodities: The charges for intraday trades, F&O, and commodities are ₹20 per order executed or 0.05% of the trade value-whichever is lesser. Such a very cost-effective fixed structure is very beneficial for day traders and for those trading high volumes because they know what the fees are in advance without ever having to worry about unpredictable costs.

4. Transaction Fees: Funds for transactions are charged when shares are transferred from the Demat account to the trading account and vice versa.

Transaction Fee at Equity Trade: The lowest transaction fee applicable while transferring shares is ₹13, which includes all forms of taxes. The charges can also include DP fees, government levies as well as other charges. Such low-cost benefits save on cheaper expenses in even the smallest as well as the biggest trades.

Along with the flat brokerage, Upstox has other standard transaction fees like STT, GST, stamp duty, and exchange transaction charges, which have to be levied for all of the trades.

Conclusion

Opening an Upstox Demat account is quick and easy while not being very expensive. One can start trading with fewer documents and minimal details. Low fees and superior tools, along with ease of use, make Upstox one of the best trading choices. Whether you’re a first-time investor or have been trading for decades, Upstox has everything you need to become a hit in the stock market. So, open your Upstox Demat account today and get started on your journey.

Frequently Asked Questions

Q.1 Can I open a demat account with Upstox online?

Yes, you can open a demat account with Upstox online. Just visit their website and follow the application form.

Q.2 Do I need to submit my original PAN card for the account?

No, there is no need to submit your original PAN card. You just have to upload your PAN card digital image in a clear format.

Q.3 How long does it take to open a demat account with Upstox?

To open a demat account with Upstox typically takes 24 to 48 hours. Just make sure to upload all the correct details and documents.

Q.4 Does Upstox charge any fee for opening a demat account?

Yes, Upstox charges a one-time account opening fee. For accurate details, check on the website.

Q.5 Do I need to visit the physical office to open a Demat account with Upstox?

No, there is no need to visit a physical office. The entire process is online. You can go through the website and open your demat account easily.

Q.6 Do I need to link my bank account with a demat account?

Of course, you have to link your bank account with a demat account to fund your account and start trading.