In the digital age, financial markets are more accessible than ever before, and individuals are increasingly looking for convenient ways to invest their hard-earned money. Upstox, a leading Indian stockbroker, has gained popularity for providing a seamless platform for trading and investing in the stock market.
However, one of the most common questions that potential investors have is, “How much time does Upstox take to open an account?” In this comprehensive guide, we will walk you through the entire account opening process with Upstox, shedding light on each step and providing valuable insights into the time it takes to get started.
Before we dive into the account opening process, let’s take a moment to understand what Upstox is and why it has become a preferred choice for many investors.
Upstox is a leading online brokerage firm in India, offering a wide range of financial products and services, including equities, commodities, currencies, and more. It is known for its user-friendly trading platform, competitive brokerage rates, and a plethora of research tools that empower investors to make informed decisions.
Step 1: Online Account Opening
How to Begin
Opening an account with Upstox is a straightforward process that starts with visiting their official website or mobile app. Here’s a step-by-step guide on how to initiate the account opening procedure:
- Visit the Upstox Website: Go to the Upstox website (www.upstox.com) or download the mobile app from your preferred app store.
- Click on ‘Open an Account’: Look for the ‘Open an Account’ button on the homepage and click on it to get started.
- Provide Your Mobile Number: You’ll be prompted to enter your mobile number for verification. Make sure to use a number that you have access to as you’ll receive an OTP (One-Time Password) for verification.
- Enter the OTP: Once you receive the OTP on your mobile, enter it on the website or app to proceed.
- Fill in Your Details: You’ll be asked to provide personal details, including your name, email address, and PAN (Permanent Account Number) details.
- Select the Account Type: Upstox offers two types of accounts: a Demat account and a Trading account. You can choose to open one or both, depending on your needs.
Time Taken: 10-15 Minutes
The initial stage of opening an Upstox account is quick and typically takes around 10 to 15 minutes. The time may vary slightly depending on your familiarity with the process and the speed of your internet connection.
Step 2: Document Verification
After completing the initial registration, you will need to provide some essential documents for verification. Upstox requires the following documents:
- PAN Card: A scanned copy of your PAN card.
- Aadhar Card: A scanned copy of your Aadhar card.
- Bank Proof: A cancelled cheque or bank statement to link your bank account.
Time Taken: 1-2 Business Days
Once you have uploaded the necessary documents, Upstox’s team will verify them, a process that typically takes 1 to 2 business days. It’s important to ensure that all documents are clear and legible to avoid any delays in verification.
Step 3: In-Person Verification
Upstox also requires users to complete a video KYC (Know Your Customer) process. During this step, you will need to interact with a representative over a video call, who will verify your identity.
Time Taken: 15-30 Minutes
The video KYC process can be completed in approximately 15 to 30 minutes, depending on the queue and availability of representatives. Upstox usually schedules video KYC appointments within a day or two of document verification.
Step 4: Account Activation
Access to the Trading Platform
Once your documents are verified, and the video KYC is completed, you will receive your Upstox login credentials. You can now access the trading platform and start your investment journey.
Time Taken: Instant
The account activation is instant, and you can begin trading as soon as you receive your login details.
In conclusion, the time it takes to open an Upstox account can vary depending on factors such as document verification and video KYC appointment availability. On average, the entire process can be completed within 3 to 5 business days, making it a relatively quick and hassle-free experience.
If you’re eager to start investing in the stock market and want a brokerage platform that offers a seamless account opening process, Upstox is undoubtedly a top choice. Their user-friendly interface, competitive pricing, and efficient account opening procedures make it an excellent option for both novice and experienced investors.
So, don’t wait any longer; take the first step towards your financial goals by opening an Upstox account today. Happy investing!