Quick answer: You can open an Upstox demat account online in four steps: download the Upstox app or visit its website, verify your mobile number with an OTP, complete KYC with your PAN and Aadhaar and add your bank details, then eSign the forms. In October 2026, Upstox listed account opening as free (₹0). Annual maintenance was free for the first year for new users, then ₹300 plus GST a year for a regular demat account.
What a demat account is
“Demat” is short for dematerialised. A demat account holds your securities in electronic form, much as a bank account holds your money. These securities include shares, exchange-traded funds (ETFs), government securities, bonds and mutual fund units. You need one to buy shares online or to apply for shares in an IPO.
Your account sits with a depository. Upstox is a depository participant of Central Depository Services (India) Limited (CDSL). The broking side of Upstox is run by Upstox Securities Private Limited, which is registered with the Securities and Exchange Board of India (SEBI). When you sign up, you normally get a trading account (to place orders) and a demat account (to hold what you buy) together.
Before you start: choose the right broker
Three points from the original version of this guide still hold:
- You can open an account in two ways: online, with Aadhaar-based eKYC and eSign, or offline, with physical forms.
- Choosing a broker that suits your trading style and goals matters more than the method you use to open the account. Compare charges, the app or website, and customer support.
- Some brokers charge extra for paper forms, so check every account opening cost before you choose that route.
Open Your Upstox Demat Account
Documents required for an Upstox demat account
For the online route, Upstox says you need just two documents: your PAN and your Aadhaar. Your Aadhaar must be linked to your current mobile number, because the OTP for eKYC and eSign goes to that number. You will also need:
- bank account details (account number and IFSC) to link for transfers;
- income proof, such as recent salary slips, a bank statement or an income tax return, but only if you want to trade in futures and options (F&O), currency or commodities;
- a signature and a photograph, which are captured during the online process.
If you open an account offline, or with a broker that asks for separate proofs, these are the usual officially valid documents.
Proof of identity:
- PAN card (mandatory for any demat account)
- Aadhaar
- Passport
- Driving licence
- Voter ID card
- NREGA job card
Proof of address:
- Passport, Aadhaar, voter ID or driving licence
- NREGA job card
- A utility bill (electricity, telephone, post-paid mobile, piped gas or water) not more than two months old
- A bank or post office savings account statement
Non-resident Indians (NRIs) can also open a demat account with Upstox, but they need extra documents. Check Upstox’s NRI requirements before applying.
How to open an Upstox demat account online
- Start the application. Download the Upstox app or open the account opening page on upstox.com.
- Verify your mobile number with the OTP sent to it.
- Complete KYC. Enter your PAN and complete Aadhaar-based eKYC, then add your bank account details. Add a nominee, or formally opt out of nomination if you choose not to add one.
- eSign the forms. Sign the account opening form and agreements electronically using an Aadhaar OTP. Our guide to e-signatures using Aadhaar explains how this works.
- Receive your account details. Once Upstox verifies your application, you get your login details and client ID. Your demat account also gets a Beneficial Owner ID (BO ID) from CDSL.
If your mobile number is not linked to Aadhaar, you cannot complete the fully paperless route. Either update the mobile number in Aadhaar first or ask the broker about another way to verify. Many brokers explain the fully paperless option as the quickest way to open a demat account online. For a walkthrough with screenshots, see this guide to trading with Upstox.
Opening a demat account offline
Some brokers still accept paper applications. Upstox’s own account opening page describes a paperless process, so ask Upstox support first if you need a physical form. With any broker, the offline route generally works like this:
- Get the account opening form from the broker’s office or website and fill it in.
- Attach self-attested copies of your PAN, identity proof and address proof. Add income proof if you want to trade in F&O.
- Choose nominees, or opt out of nomination in writing.
- Sign the depository participant (DP) agreement. This document sets out the charges, the rules, and the rights and obligations of both you and the broker. Keep a copy.
- Complete in-person verification, if the broker asks for it.
- Once your application is processed, you receive your BO ID for the demat account and your Unique Client Code (UCC), which the broker uses to identify you on the stock exchanges.
Paper applications take longer and may involve courier costs or a higher opening fee.
If you still hold old share certificates on paper, they need to be converted before you can sell them; see steps to transfer physical shares to a demat account.
Upstox demat account charges
Demat costs fall into three groups: account opening fees, annual maintenance charges (AMC), and transaction charges. This is how Upstox listed its charges in October 2026:
| Charge | Upstox (October 2026) |
|---|---|
| Account opening | ₹0 (Upstox notes that an account processing fee may apply during onboarding) |
| Annual maintenance (regular demat) | Free for the first year for customers onboarded from 14 February 2025; then ₹300 + GST a year |
| Annual maintenance (Basic Services Demat Account, BSDA) | Nil for BSDA holders with holdings up to ₹4 lakh, as stated on Upstox’s page |
| Equity delivery brokerage | ₹20 per executed order |
| Equity intraday brokerage | ₹20 or 0.1% per executed order, whichever is lower |
| Futures / options brokerage | Futures: ₹20 or 0.05%, whichever is lower; options: ₹20 per executed order |
| DP charge on selling shares from demat | ₹20 + GST per scrip per day (sell side only) |
Statutory charges such as GST, stamp duty and exchange fees come on top. An earlier version of this article quoted an opening fee of ₹150 plus tax and an annual fee of the same amount. Those figures are out of date. Charges change, so check the brokerage charges page on upstox.com before you sign up.
Once your account is active, you can use it to apply for IPOs. Our guide to how IPOs work explains the process from the company’s side.
Open a Free Demat Account in 2 mins
Investing in shares involves risk, including the loss of capital. Trading in futures and options is particularly risky: a SEBI study published in August 2026 found that 87.7% of individual equity derivatives traders made net losses in 2025-26. This guide is general information, not investment advice.
Frequently asked questions
Is opening an Upstox demat account free?
Upstox listed the account opening charge as ₹0 in October 2026, with no AMC in the first year for new users. After that, a regular demat account costs ₹300 plus GST a year. Upstox also notes that a processing fee may apply during onboarding.
Can I open an Upstox account without linking Aadhaar to my mobile number?
Not through the fully paperless route, because the eKYC and eSign OTPs go to your Aadhaar-linked mobile number. Update your mobile number in Aadhaar first, or ask Upstox about other ways to verify.
Do I need a PAN card?
Yes. PAN is mandatory for every demat and trading account in India. If you do not have one, see how to apply for a PAN card online.
What is the difference between a BO ID and a UCC?
The BO ID is your demat account number at the depository (CDSL for Upstox). The UCC is the client code your broker uses to identify you when it places your orders on the stock exchanges.
Do I need income proof to open the account?
Only if you want to trade in futures and options, currency or commodities. You do not need it to buy shares, ETFs or mutual funds.
Charges and steps were checked in October 2026 against Upstox’s account opening and brokerage charges pages and SEBI’s published research. Broker charges change frequently, so confirm them on upstox.com before you open an account.
