Upstox NRI Account Opening, Charges, Services Review
Upstox Track Record Of Best Online Stock Broker In India
Upstox NRI Account Opening, Charges, Services Review
Upstox is one of the most popular discount brokers in the country and a large amount of people are interested in trading through it including not only who resides inside the country but also who live outside the country i.e. NRIs.
NRI Trading Account
Not everyone can open an Upstox NRI Trading account. In order to get this account, one person needs to qualify as an NRI with the guidelines settled by the Government of India. NRIs are the Non-Resident Indians who are living outside India but are of Indian Origin, and are the overseas citizens of India.
One person will be considered as an NRI only if he has stayed in India for less than 182 days in the previous financial year.
Documents required to open a Trading Account
The documents required to open an NRI Trading account are as follows:
1. A Passport Copy**
2. A Valid Visa Copy
3. Pan Card (mandatory irrespective of residential status.)
4. An Identity Proof (Pan card, Driving license, Voter card, Overseas Citizen of India card).
5. Overseas Address Proof (Driving License, Bank Statement)
6. Indian Address Proof (Optional for OCI/PIO), (Aadhar Card/Voter ID/Driving License/Bank Statement/Utility bill)
7. Photograph as per the requirement at the time of account opening form.
1. **In case of Foreign Passport this needs to be accompanied by OCI/PIO Card with the matching passport number.
2. If the client does not visit the branch (Non-Face to Face Case) to open these accounts then all the photocopies should be attested by the customer himself and to be attested by the Indian Embassy, by Notary or by the banker Overseas. (This will be applicable for all the documents)
3. Account opening form and above documents are mandatory to open a PIS (or PINS) trading and demat account.
How to Open a NRI Trading Account in Upstox?
To open a NRI trading account, one must follow the below mentioned steps:
1. Select a brokerage firm that is approved by the RBI (Selecting Upstox)
2. You need to fill an NRI form for Upstox Account opening. It can be done online through Upstox online NRI registration portal. You can fill the form through the Upstox website.
3. Fill the form and attach a recent passport size photograph along with it.
4. In case you are applying online, you have to upload the scanned copies and enter the Aadhar details. You can use this method because it is more convenient to use.
5. Once after the last step is fulfilled, you will just have to sign an agreement with Upstox. This document will contain all the responsibilities of the Upstox part. Read the document carefully and sign it.
6. As soon as the document processing is done, you will receive your Demat account number.
NRI Demat Account
In order to trade with Upstox, a customer also needs a NRI demat account. This account holds all the investments in a complete electronic format.
Upstox offers you the two types of demat accounts with the first being the PINS Account. PINS stand for Portfolio Investment NRI Scheme. Another type of account is the NON-PINS account.
1. PINS Account- This account allows a NRI to trade in shares as well as equities in India. It can be linked to the two types of bank accounts- NRE account and NRO account.
By opening a NRE PINS Account, you can repatriate the funds in the account to the country of your residence. However, the NRO PINS account will hold up all your money on a non-repatriable basis.
2. NON-PINS Account- Along with the NON-PINS account, the customer can invest in Upstox mutual Funds and Upstox IPO. This account can also be linked to NRE and NRO accounts. The rules for the NRE NON-PINS and NRO NON-PINS are the same. The added benefit of a NON-PINS account is that you can also trade in derivatives with it.
Charges for Upstox NRI Trading Account
The brokerage fees are low as 0.1 % of the transaction value. The maximum brokerage fee of Rs.200 can be applied and therefore if 0.1% of the transaction turns out to be more than Rs.200, you still have to pay Rs.200.
The maximum fees are more what the broker charges from other India based clients (Rs.20 per transaction) but still offer you relaxation by setting a maximum limit.
Frequently Asked Questions
A stop-loss order is an order placed with a broker in order to buy or sell a specific stock once the stock reaches a certain price. A stop-loss is designed in order to limit an investor's loss on a security position.
While carrying Intraday orders, we trade using margins and thus the trade goes in loss showing the negative balance. It will show the negative balance till the time we square off our trade or their RMS team do so. Your AMC might be deducted and this is the reason why it shows negative balance.
Rs.20 brokerage and 15x intraday margin are the most suited for a new trader. Whereas, the Priority plan is best for the experienced traders who require higher (20x) leverage. The brokerage charges (Rs. 30 per trade) are also higher under the Priority Plan.
The Upstox has pioneered the low-cost brokerage model. Thus while trading with Upstox, equity delivery trades are free of cost. For intraday trading on BSE, NSE and MCX and F&O. It is 0.05% or up to Rs. 20 per order traded.
The Upstox provides three trading platforms. There is Upstox Pro web that you can access from your favorite browser. The other software Upstox Mobile which is available on both Android and iOS will help you in trading on the go.
Upstox runs a partner program wherein you can become a sub-broker and start referring customers from your network. You can earn commissions when they trade. You can receive earnings in two ways in this program either earn a part of the brokerage paid by your referrals or earn incentives for referrals when they open an Upstox account.
The Account opening is free. But if you pay Rs.149, you will get a brokerage credit worth Rs.250 with the validity of 30 days.
You can withdraw money from your Upstox account directly from the application. You go to the balance section of the app and choose to “withdraw funds” from your securities or commodities account. Once after selecting the account, click on the “withdraw” screen. Now enter the amount you want to withdraw and click on “submit”.
Upstox is an online broker and a POA is compulsory during the account opening. This is done in order to keep your information safe and secure.
There is no limit of how many banks accounts you can link with Upstox. One bank account will be marked as the primary account and rest of them will be marked as the secondary bank accounts.
The monthly maintenance charge for the demat account is Rs.25 (excluding GST). This amount will be charged at the end of every month.
The trading with Upstox is completely safe. The company started offering its services in 2012 and since then it has grown exponentially. It has lakhs of trusted customers and over 5 lakh customers traded in January 2020. This made it rank as the second largest discount stock broker in India. The company is registered with the SEBI, BSE, NSE, MCX, CDSL and NSDL. It is regularly audited by the exchanges and no violations have been noticed so far. The company is backed with the leading investors like Ratan Tata, Tiger Global and GVK Davix.
The client can freeze his account in case he does not wish to do any transaction in the near future. This helps in curbing the unauthorized use of demat account & prevention of frauds. The account will be de-freeze only on the instructions of the account holder.
To reactivate your Upstox account, all you need to do is to fill the reactivation form and email it to us at firstname.lastname@example.org. You also need to send a bank statement of the last three months that have been self-attested. Once after we receive this, your account will be reactivated within 24–48 business hours.
Upstox core services does not include providing trading or stock tips. As an online broker, Upstox believes in keeping costs as low as possible.
There is no minimum balance that you are obliged to maintain in an Upstox Mutual Fund account once after the first time when you purchase the SIP.
You can upgrade your Upstox account by just sending an email from the registered email Id to email@example.com. Remember to keep the subject line "Request to change brokerage plan." Make sure that you mention your Name and UCC in the email. The request for changing brokerage plans will be processed in 24-48 hours during business days.
One of the major advantages of having trading account with Upstox is their low-cost structure. As a result, they do not provide any RM (Relationship Manager) services, even in Mumbai.
The Trigger price in Upstox is the pre-set price on a buy or sell order in trading. The order here is a special order such as a “stop-loss order”, a “take-profit order”, “bracket order” and a “cover order”.
The withdrawal of money procedure is an online process. Thus, every request is processed within 24 business hours after the trading day has ended. The Upstox staff get notified of your withdrawal request and hence they process all withdrawals once at the end of each day.
Yes, the account opening in Upstox is free with a ₹249 prepaid brokerage plan. Currently the company does not charge any account opening fee for the individual trading accounts.
In order to change your phone number in the Upstox account, you will have to open an online service request. To change phone number in Upstox, follow the below mentioned steps: a) Go to www.upstox.com b) Click on 'Sign in' > 'Dashboard' c) Login to the dashboard (Upstox back office) d) Choose and click on the 'Service Request' box e) Then, click on 'Change your Mobile Number" f) Enter the new phone number and verify the OTP. Once after the request is submitted, it will be processed in 24 to 72 hours.
Upstox is not a listed company. It is a privately owned company run by the promoters of the company including Mr. Ravi Kumar and Mr. Shrinivas Viswanath. Four major investors that include Mr. Ratan Tata, Tiger Global Management, GVK Davix and Kalaari Capital Partners invested in this company.
The “Validity in Upstox” means the tenure or period for which a placed order is valid. The price of a stock moves up and down on a regular basis and thus the order is executed only when the matching price is available.
If you are deciding to close your account then you can delete it, then you can delete it. Upstox does not charge any fees to close your demat or trading account. Just make sure that all your dues are clear and transfer all existing securities from your Upstox demat account.