Upstox Demat Account Opening Procedure

How to open a demat account

Before you get started on the demat account opening procedure, select your broker. This choice could depend on a variety of factors – such as brokerage fees/charges (more on this below), the platform’s / user interface, and its customer service.

In today’s digital world, the way you apply for your account matters. Your broker is the one who’ll help you open a demat account in the easiest way possible. Is it the traditional method involving paper forms? Or the new-age Aadhaar-based paperless online method?

Steps to open a demat account

The online account opening method

In today’s digital world, there really shouldn’t be any reason for you to be filling out physical forms when almost the entirety of your information can now be stored digitally. Fortunately, some brokers have the online processing part figured out. Customers can sign up and complete the registration process online. As long as you have an Aadhaar card with your mobile number linked to it, you’re good to go!

•  Upstox online demat account opening page.
• Enter your basic details, and click Sign Up.
• Keep scanned copies (i.e. soft copies) of your documents (Aadhaar, PAN, Cancelled Cheque, and your latest bank statement) with you for when you are directed to upload them.
• Enter your Aadhaar details and the OTP you receive on your linked mobile number in order to verify your identity.

That should be it. Your demat account should now be created.

Traditional/offline account opening process

• Your broker will hand you an account opening form – either when you’ve visited its office or if you’re meeting one of its employees.
• You will need to fill out this form, and attach a proof of identity and a proof of address. These proofs can be submitted using photocopies of appropriate documents.
• Once done, you’ll also be expected to sign an agreement with your broker. This document will state your responsibilities as a trader/investor, and that of your brokerage firms. Keep a copy of this document with you for future reference.
• Once your broker verifies and processes your documents, you’ll be given your account number, similar to how you receive a bank account number. This number is called the Beneficial Owner Identification Number (or BOID) or Unique Client Code (UCC) 438787 if you’re trading with Upstox.

You’ll also receive additional confidential data – such as a Login ID and key for accessing online portals and placing trades. Keep in mind that these transactions are likely to attract charges. You might incur some charges for using certain portals.

Dayanand saini

I, Dayanand Saini,the founder and chief editor of www.webtechsource.com,have been working as a software engineer from last 4+ years. It's my hobby to learn new things and implement on live environment.