Today I will be showing you how to open Demat account in India. As you might already know if you would like to invest in stocks or start trading then you need a demat account and trading account. Here I will help you open your demat and trading account with one of the best stock brokers; Upstox.
After opening your Demat account with Uptox, you will be able to start trading and investing in stocks.
In my recent post, I showed a list of India’s top trading platforms fromthe discount broker category and Upstox was one of them.
I recommend you open Upstox demat account because the company is considered one of the top 5 discount brokers in India. Their trading platform is very advanced but easy to use and their brokerage charges are within the pocket of retail investors.
Upstox annual maintenance charges are ₹300 per year excluding taxes.
Upstox has all the tools and indicators a retail trader needs to trade in the initial days. Mostly all the new traders rely on indicators such as moving averages, super trend, RSI and the like and you get access to all the advanced indicators including mentioned ones with Upstox account for free.
They charge flat ₹20 brokerage for intraday trades and do not charge for delivery trades. Yes, if you buy and hold a stock for more than one day then you won’t pay any brokerage.
What are the documents required for Upstox account opening?
Before you start following the steps to open demat account in India, make sure you have following Upstox account opening documents handy to quickly complete the application process:
- Active mobile number and email address.
- Cropped and clear photo of your signature on a white paper.
- One of the following documents as income proof will be required for Upstox account opening: last 6 months bank account statement, IT return of last 2 years, Form 16, last 6 months salary slip or the like document showing your income proof. Recommended: I recommend you upload your bank account statement because it is available easily.
- Client’s mobile number must be linked to his Aadhaar card to successfully complete Upstox account opening online process.
- You will be required to provide your PAN card details therefore make sure you have one. Without a PAN card you cannot open your demat account in India.
Steps to open Demat account in India with Upstox
We are going to choose Upstox trading platform to open Demat account in India. The platform is one of the favorites of Indian retail traders and has a very advanced trading platform to help you execute profitable trades. So let’s start the process.
Visit official Upstox website.
Special Offer: FREE Equity Delivery Trading + Flat ₹20 per order for Intra-day and F&O + Beginner’s stock market course by Elearnmarkets worth ₹999 + Unlimited Brokerage Credit with 30 days validity + StockEdge Premium quarterly membership and more.
After landing the Upstox account opening page, enter your active email address and mobile number and then click Send OTP button.
After clicking on the button, a new box will appear on the same page asking you to enter the OTP received on your mobile number. Enter the one time password then click on Sign Up.
Enter your PAN card number and date of birth, as on PAN card. Press Next button.
On the next page, first check your name and then provide the asked details. See screenshot for more information. After completing the form, accept terms and conditions. Press Next to proceed.
Select the segments you would like to trade in. I recommend you activate all the segments. By doing so, you will be able to trade in commodities, equities, futures and options, and legal currency pairs.
Next, it is a very important Upstox account opening step, choose your brokerage plan; Priority or Basic. Priority plan comes with high leverage up to 27 times against capital but has high brokerage too. You pay ₹30 per trade in Priority plan. On the other hand, their Basic plan is retail investors’ favorite which has ₹20 brokerage per order and margin up to 20x. Recommended: Go with their Basic plan. If you are a trader who requires high leverage then you can choose Priority plan.
On the same page, you can enter a discount code, if you have one, to get discount on Upstox account opening charges.
Hit ‘Next’ button once you select and fill in the details.
Press Yes to enroll for their offer. Provide the bank account details you want to link to your Upstox account. Here make sure you enter your own active bank account details. After selecting account type, press Next.
Upload your signature and income proof (bank account statement is recommended), enter your name in the given field and hit Next.
Now, you will be asked to capture your photo. For that purpose, click on ‘Take a Photo’ and capture one to Upload with the help of your webcam.
Similarly, you will be required to share your location, as per new SEBI guidelines stock brokers will be required to record client’s location at the time of opening demat account. To do so, simply click Share Location button.
Once the system verifies your location, click Next.
Press Skip to proceed to next step.
Hit Get OTP button and log in to your email address. Enter the OTP received on your email address and press Next button.
As discussed in the beginning for Upstox Basic plan you will be required to pay ₹249 so it’s time to make the payment. To make the payment, click the radio button next to, ‘Sigh Up for – ₹249’ then confirm that your mobile number is linked to your Aadhaar card by pressing Yes. Subsequently, press Continue.
Pay Upstox account opening charges using your preferred payment method. Important: Do not press back or cancel button or refresh the page once you are on the payment page.
Once, after paying charges for Upstox account opening, you are redirected back to Upstox website, press Continue.
Hit ‘Esign with Aadhaar OTP’ button.
Enter the OTP received on your mobile number and click Submit.
Click Sign Now.
Enter your 12 digits Aadhaar card number and press Send OTP button.
Enter the high security password received and press Verify. Important: Do not press refresh or cancel button.
Ta da! You have successfully completed Upstox account opening process. Now within the next 24-48 hours, your demat account will be opened and then you can start trading.
Upstox offline account opening
For offline account opening, customers can visit any nearest office of the company or can download account opening form from their Upstox official website and forward to their head office.
Similarly, another easy way is just fill the form provided below and I will arrange an Upstox team call for you and you will be helped to open demat account from the very beginning.
Important: 🙏 Kindly fill the form only if you have not started the registration process.
What are the benefits of trading with Upstox?
As discussed in the beginning there are many stock brokers in India and you can open your demat account with any of them. If you’re skeptical then here are some insisting reasons to open Upstox account:
- Upstox is one of the top 5 discount brokers in India.
- The platform is backed by business tycoon Mr. Ratan Tata.
- The company is registered with SEBI with registration number INZ000185137 and active member of BSE, NSE, CDSL, NSDL, and the like authorities.
- Upstox brokerage charges are very pocket friendly. They charge flat ₹20 per executed order.
- Equity delivery orders are free from brokerage.
- Upstox account gives you access to all the advanced tools and indicators you can think of.
- Upstox annual maintenance charges are ₹300. They charge on monthly basis, every month ₹25 will be deducted from your trading account.
- You get high margins against your capital, up to 27x. Not only this, you can increase you margin threshold by pledging your holdings.
- Apart from that, you can directly invest in mutual fund schemes, apply for IPO and FPO.
- Upstox account opening is completely paperless, you don’t need to send the documents to their office. The application takes only 15 minutes and within 24-48 hours your demat account will be opened.
- You pay ₹249 for Upstox Basic plan and in return you get access to beginner’s stock market course by Elearnmarkets worth ₹999, unlimited brokerage credit with 30 days validity, StockEdge premium quarterly membership and more.
Fo detailed information, you are requested to read the Upstox review.
What are the Upstox account opening charges?
Upstox account opening charges are as follow:
- You will be required to choose one of their plans: Basic or Priority. Basic plan charges are ₹249 and Priority plan charges are ₹499.
- Upstox account maintenance charges are ₹300 plus taxes on yearly basis but they deduct them on monthly basis and every month ₹25 excluding taxes will be deducted from your Upstox trading account.
- Brokerage charges are ₹20 and ₹30 for Basic and Priority plan respectively.