Upstox was founded in 2008 as an exclusive trading company and was previously known as RKSV Securities. The Mumbai-based company entered the online brokerage business in 2012. Subsequently, Upstox gained popularity thanks to funding from GVK David and Ratan Tata. Demat Upstox accounts are one of the most popular options among merchants across the country. Additionally, the Upstox trading platform is one of the best in the business due to its sleek design and easy-to-use interface.
On top of that, it also has one of the lowest brokerage fees in the country and charges a flat fee of Rs 20 regardless of trade volume. Opening a Upstox Demat account offers several advantages. Some of them are the following:
- No brokerage commission is charged for the delivery of shares.
- The Upstox trading platform is easily accessible through your Android and Apple phones.
- Upstox currently has one of the largest customer bases in the country, with a daily turnover of more than Rs 500 million. This figure represents approximately 2% of NSE’s total sales.
- Upstox is listed on the main stock exchanges in the country, highlighting the BSE, NSE, and MCX.
- No fees for opening a Demat account
How to open a Demat account with Upstox:
Opening a Upstox Demat account is quick and easy. There are two ways to open a Demat account here: the online method and the offline method. The online method is faster and easier than the offline method and is preferred by users.
Online account opening procedure:
Follow the steps given to open your Demat account online
- Visit the official Upstox website and go to the Demat account opening page
- Enter your basic information, such as your mobile phone number and OTP, and click the Save button.
- Prepare scanned copies of the required documents. The documents required to open a Upstox Demat account are:
- PAN card, Aadhar card, canceled check or first page of bank book, photo
- Signature on a sheet of paper, proof of address
- Proof of income, which includes your income tax return or Form 16 or the last bank statement from the last three months
Upstox will now ask for your Aadhar details. Once entered, you will be prompted to enter the one-time password (OTP) you received for verification on your registered phone number.
You should consider the following steps:
- Your Demat account has been successfully created on Upstox.
- Vous serez ensuite direé see votre compte où il vous I know that I know of basic information telles that you vote full name, votre date of birth, les noms du père et de la mère, l’état matrimonial, le sexe et l ‘professional experience.
- You will be asked to select the specific segments you want to work on. These include stocks, EEB stocks, NSEs, and mutual funds. When it comes to derivatives, you have to choose between NSE futures and options, NSE currency derivatives, and MCX commodities.
- Upstox allows various online payment methods, including credit and debit cards, UPI, online banking, and online wallets. If necessary, you can also use the promo code to take advantage of the discount.
- Now, you must choose the brokerage plan that best suits your interests. You can go for the basic plan or choose the premium brokerage plan that gives you the most leverage.
- Next, load the necessary documents that you scanned earlier.
- The process of completing the application form is now complete, and you must sign the document. You can digitally sign it with your Aadhar or download the account opening form, print it, sign it manually, and then send the form to Upstox headquarters. The former is a better and faster option and allows you to open your Demat account immediately.
- To electronically log in with your Aadhar details, a Digio popup will appear asking you to enter the OTP that was sent to your registered phone number.
- Before opening a business account with a brokerage firm, SEBI requires investors to go through the In-Person Verification (IPV) process. There are two ways to complete the IPV process in Upstox via webcam or your smartphone.
This happens after Upstox has received all the important documents. A Upstox manager will call you to schedule an IPV appointment. He must keep his proof of address and PAN card in front of the camera while the manager verifies his identity.
How to open an offline account:
Follow the steps below to open your Demat account offline.
- Download the Upstox Demat Account Opening Form from the website or visit one of the Upstox branches in your area to obtain the form.
- Complete the opening form by entering all the information sent.
- Attach a copy of the documents with the form such as PAN card, Aadhar card, canceled cashier’s check, bank statement for the last three months, address, and proof of income. You must also sign these documents for self-certification. Make sure your signature matches the documents you provided.
- To make payment, you must present a check to RKSV Securities India Pvt Ltd. Include the amount to be paid. However, when you open a merchant account, you pay the amount to RKSV Commodities India Pvt Ltd.
- Submit the Demat account opening form and documents to Upstox Headquarters in Maharashtra.
Upstox Demat Account Fees:
The costs of opening a Demat account and trading with Upstox have already been explained in detail above. Additionally, at the end of each month, the company charges Rs 25 + GST as a maintenance fee for Upstox Demat accounts only.
Below is also the Annual Maintenance Fee (AMC) you have to pay for Upstox
- For HUF accounts, AMC is Rs 150 plus GST charges
- For LLP accounts, AMC is Rs 1000 plus GST fees
These fees are debited directly from the user’s professional account. In addition to the above fees, you must also pay the transaction fees to Upstox
Advantages and disadvantages of Upstox Demat:
- Money transfers can be made with more than 40 banks.
- This online brokerage company enjoys the trust and support of Ratan Tata
- No account opening fees
- Upstox offers its users one of the most advanced and user-friendly trading platforms.
- Regular trading seminars give inexperienced trading enthusiasts an overview of how the stock market works, along with useful tips and tricks.
- You cannot invest in IPOs, bonds, or FPOs with Upstox
- Upstox does not offer its users the “Voucher until canceled” function for the shared segment.
- The customer service support team is not available for 24-hour assistance.
Upstox is a leading discount brokerage firm in India. Opening and closing a Upstox Demat account is easy, convenient, and hassle-free. If you are a trader looking for a low-cost online brokerage company with high-quality service, Upstox is the right choice for you.
There are currently 100,000 registered customers with Upstox, and the ability to gain popularity in such a short period of time is impressive. Upstox has the right potential to become the leading brokerage firm in India due to its very advanced yet straightforward trading platform, affordable cost structure, and easy to interpret features.