Upstox is India’s leading discount broker, backed by a group of investors like Ratan Tata, Kalari Capital etc. This stockbroker was earlier known as RKSV Securities. In this article, we will tell you in detail about how to open an account in Upstox.
There are two ways to open an Upstox account – offline and online. Let us discuss both the methods one by one.
Upstox Account Opening
The major steps involved in opening an account with Upstox are as follows:
1: Account Opening Form Upstox Account Opening Form should be filled as per the instructions mentioned in the form.
2: Various documents have to be submitted along with the filled form for different purposes.
3: Forms and documents can be submitted online or can be sent through courier or mail to Upstox office address.
4: A check has to be attached to pay the fee for opening the account, which can also be paid online.
We will now take a detailed look at several aspects related to Upstox account opening, including documentation, eligibility criteria, charges, time taken to process, checking account status, etc.
Upstox Account Opening Criteria Eligibility
Age Criteria – Anyone of any age can open an account with Upstox, an account opened in the name of minors (below 18 years of age) can be opened by their parent or guardian.
Until the minor attains the age of 18 years, the account will be subject to the charge of the parent or guardian.
PAN Card and KYC Documents- These are the two most important aspects when it comes to opening an Upstox Trading Account or Upstox Demat Account
Documents Required for Various Purposes- The details of such documents are discussed in detail in the article. One must have some basic documents to open an Upstox account.
Now, let us discuss this whole process in detail.
Upstox Account Opening Offline Process
First you need to know that if a person’s Aadhar card is not available for some reason, he can still open an account.
The step by step procedure to open an Offline Upstox account is discussed below:
Step 1: The account opening process needs to be printed and required details need to be filled. You are required to sign all the places which are marked with “X” sign.
Step 2: A passport size photograph is required to be signed on page number 4 of the account opening form.
Step 3: As per the preferences of the account type and segment, if you wish to trade and invest, there are some fee variables (some charges may vary) which are mentioned in page No. 1 of the form.
Step 4: A check for the required amount has to be submitted along with the form, which should be paid to “RKSV Securities India Pvt lTD”. In case of commodity account, a separate check in the same name has to be deposited.
Step 5: The Upstox account opening form along with all the required documents have to be sent or mailed to the Mumbai office address mentioned on the Upstox website. A KYC form may be required to be submitted.
Step 6: A candidate should be mentioned in the form which will ensure that the nominee will be entitled to the account in case the account holder is mistreated.
Step 7: Personal Verification (IPV) is done to ensure that the details mentioned in the form are correct.
Now you can also open Upstox 3 in 1 account to avail trading, demat and banking services at the same time.
open upstox account online
When it comes to opening an Upstox account online, the KYC process becomes very convenient, easy and paperless.
In case of opening an Upstox account online, your Aadhar card should be linked with the mobile number. If Aadhar card and mobile number are not linked, then it is not possible to open Upstox account online.
Aadhaar (KYC) is required for the customer.
As soon as you click on the account opening section on the Upstox website, you are required to sign up using an email address and phone number. Thereafter, One Time Password (OTP) will be sent to the mobile phone.
Only after filling this OTP can you proceed with the Upstox account opening process.
The next step is to fill the PAN details. Next, one needs to enter the Aadhar card number, after which Upstox automatically fills in the details like name, address etc.
The electronic account opening form can be filled quite easily. To fill in your details and download them all at once on the website, some documents need to be kept ready and they need to be scanned and ensured that the photographs of all the required documents are clear.
After submitting the documents and fulfilling all other requirements, ensure that you have signed the Upstox POA documents to give the broker the right to debit the shares from the account.
Opening an Upstox account allows you to login to Keystone Upstox. It helps you to monitor your trades so that your trades can be executed optimally.
Also, it gives you an opportunity to invest in Upstox Mutual Fund.
The documents are discussed below.
Upstox Account Opening Documents
Here is the list of documents that are required to open an Upstox account:
Documents considered to be valid proof of identity are listed below. Please note that the list is not an exhaustive list of all documents that may be considered valid for presentation of proof of identity.
Voter ID etc.
Any of the following can be submitted as proof of address –
Electricity bills and telephone bills that have been verified
Driving license etc.
Which of the following can qualify you to be a valid bank proof –
A check with the customer’s name, IFSC code, account number, MICR code clearly printed.
latest bank statement
a digital copy of your photo
photo of your signature
If one wishes to trade in the futures and options segment, one also needs to submit an income proof document. The following evidence is required to be submitted –
latest bank statement
latest salary slip
income tax return form
After providing the above mentioned documents, one just needs to sign in using the Aadhar card number. All the details should be checked once again to make the Upstox account process simpler and less time-consuming.
For more details, you can check this detailed review on documents required for Demat account.
Upstox Account Opening Charges
Upstox Demat account can be opened for free. There are different charges for trading accounts in different segments. Now, let us discuss the charges levied for trading purpose of Upstox account.
There is an account opening fee of ₹300 which needs to be paid in trading in the following segments – Equity, Futures & Options and Currency, Derivatives charges ₹300 inclusive of tax.
For the first year, the Annual Maintenance Charges (AMC) are ₹0. After one year, one has to pay ₹150 as annual maintenance charges for the demat account. This amount is ₹150 excluding GST. Hence, as Upstox AMC charges, a little extra ₹150 will have to be paid.
If you want to open account only for commodities, then you have to pay only ₹200 for opening commodity account. This fee is also included in taxes.
Note – All Upstox account opening charges are non-refundable.
Upstox Account Opening for Corporates / Hindu Undivided Family (HUF) / Partnership / NRI Account
If anyone belonging to the above categories is interested in opening an Upstox account, they need to download the account form themselves, then take a print out of it and send it to the mentioned address after filling it.
Once you open an account, you will be charged brokerage on your trades. For more details, you can check this Upstox Brokerage Calculator.
Upstox Account Opening Timings
The offline process for account opening can take anywhere from a few days to weeks.
The online process of filling the account opening form and downloading the scanned copies of the required documents takes only a few minutes. Verification from Upstox takes around 48 hours.
Hence, the online Upstox account opening process is faster as compared to the offline process.
Upstox Account Opening Status
After filling the form and following the complete process, you just need to wait for maximum 48 hours in which all your details along with your form will be checked by the Upstox account opening team.
Upstox Trading ID details will be received in the next 48 hours on the email ID given for the purpose of Upstox account opening.
Upstox login credentials, username and password are provided to you on your email address.
Upstox is a better option for opening a demat and trading account. Follow the complete procedures of Upstox account opening offline and online carefully.
While opting for offline process, send the duly filled form as per the mentioned requirements along with documents for identity proof, income proof, address proof, bank proof etc. to the Mumbai office address mentioned on the website.
To open an Upstox account online, one must carry the scanned copies of the required documents. It will be beneficial to make the whole process extremely easy, convenient and less time consuming.
In the entire account opening process, if you face any difficulty, you can contact the Upstox support team.
Demat account opening fee is free Trading account for investing and trading in Equity, Derivatives, Futures and Options segments Opens Rs.300 inclusive of all taxes
There is no annual maintenance fee to be paid for the first one year. After that, ₹150 + GST has to be paid annually. The charges inclusive of taxes are ₹200 for trading commodities.
The simple step by step process described in this review should be followed and the account will be opened very easily and quickly.