How to Withdraw Money from Upstox: Complete Guide to Instant & Standard Withdrawals

How to Withdraw Funds from Your Upstox Demat Account: A Complete Guide

Withdrawing funds from your Demat account is a crucial part of the trading experience. Upstox, a popular online brokerage platform in India, offers a seamless process for transferring your earnings back to your bank account. This article will guide you through the steps of how to withdraw funds from your Upstox account, covering both instant and standard withdrawal methods, and also address some common reasons why a withdrawal request might be rejected. Understanding these processes ensures that you have easy access to your trading profits. Let's dive in and learn how you can effectively manage your funds on Upstox.

Understanding Upstox Withdrawal Options

Before you start the withdrawal process, it’s essential to understand the two primary options Upstox provides: Instant Withdrawal and Standard Withdrawal. Each method has its own set of rules, timings, and benefits, so choosing the right one can significantly impact how quickly you receive your funds. Whether you need quick access to funds or can wait a bit longer, Upstox has got you covered. It's important for every trader to understand these options before initiating a withdrawal to manage their funds effectively and with ease.

Instant Withdrawal: Quick Access to Your Funds

The instant withdrawal option is designed for those who need their money as soon as possible. As the name suggests, funds are credited to your primary bank account within just 15 minutes of placing the request. This service is ideal for times when you have immediate financial needs. Here's what you should know about instant withdrawals:

• Withdrawal Limit: You can withdraw between ₹100 and ₹5 lakhs per day from your securities and commodities wallet.
• Timing: This option is available only between 10 AM and 6 PM on trading days (Monday to Friday). Requests made outside this timeframe will be processed as a standard withdrawal.
• IMPS Requirement: Your bank account must have the IMPS (Immediate Payment Service) mode activated for instant transfers to work.
• Zero Used Margin: Ensure that your 'Used Margin' is zero. This means that you have no open positions or any pending transactions that have yet to be settled.
• Exit Open Positions: You need to exit all open positions before making an instant withdrawal request.

The instant withdrawal feature is a major plus for active traders who need quick access to their funds for reinvestment or personal use. With near-instant transfers, you no longer have to wait for days to use your trading proceeds.

Standard Withdrawal: Flexible and Reliable

The standard withdrawal option offers more flexibility and is suitable for those who do not need immediate access to their funds. This method allows you to withdraw any amount above ₹100, without the limitations of the instant withdrawal system. Here’s what you should know about standard withdrawals:

• Withdrawal Limit: You can withdraw any amount above ₹100, with no upper limit.
• Timing: Standard withdrawal requests can be initiated at any time. However, the processing time depends on when you make the request.
  • Requests made before 8 AM on a trading day are credited by 3 PM on the same day.
  • Requests made after 8 AM from Monday to Thursday will be credited by 3 PM on the next trading day.
  • Requests made after 8 AM on Friday or Saturday will be credited by 3 PM on Monday (or the next trading day if Monday is a holiday).
  • Requests made during bank holidays, settlement holidays, or public holidays are processed by 3 PM on the next trading day.
• Modification: You can modify or delete a standard withdrawal request until it is processed.

Standard withdrawal is perfect for those who do not require instant money access or prefer to plan their financial transactions. It is a reliable method for transferring funds from your trading account to your bank account.

Step-by-Step Guide to Withdrawing Funds

Now that you understand the different withdrawal methods, let's go through the step-by-step process for both.

How to Make an Instant Withdrawal on Upstox

Here’s a detailed, step-by-step process on how to perform an instant withdrawal from your Upstox account:

1. Login: Start by logging into your Upstox app using your 6-digit PIN or biometric authentication. This ensures that your account is secure.
2. Go to the 'Account' Tab: Once logged in, locate and click on the ‘Account’ tab at the bottom of the screen. This section is where all your account-related actions are located.
3. Select 'Withdraw Funds': In the ‘Account’ section, find and tap on the option that says ‘Withdraw funds’. This will direct you to the fund withdrawal interface.
4. Enter the Withdrawal Amount: Enter the amount you wish to withdraw, ensuring it falls within the available ‘Withdrawable funds’ balance and is within the ₹100 to ₹5 lakhs limit. Click on 'Continue' to proceed further.
5. Confirm Withdrawal: After entering the amount, verify the details and then click on ‘Confirm Withdrawal’. This initiates the withdrawal request.
6. Check Payout Date and Time: Once the request is submitted, you will see an estimated payout date and time. As this is an instant withdrawal, it should typically be within 15 minutes if the timing conditions are met.

How to Make a Standard Withdrawal on Upstox

Here’s the detailed process for making a standard withdrawal from your Upstox account:

1. Login: First, log into your Upstox app using your 6-digit PIN or biometric authentication to access your account.
2. Go to the 'Account' Tab: Navigate to the ‘Account’ tab at the bottom of the screen. This is where you manage your account settings.
3. Select 'Withdraw Funds': In the ‘Account’ section, find and tap on the ‘Withdraw funds’ option. This opens up the withdrawal interface.
4. Enter the Withdrawal Amount: Enter the amount you wish to withdraw, ensuring it’s within the available ‘Available to Withdraw’ balance.
5. Confirm Withdrawal: Verify the amount and then click on ‘Confirm Withdrawal’ to finalize your request.
6. Check Payout Date and Time: You’ll be shown the expected payout date and time based on when you made the request. This will give you an idea when to expect the funds in your account.

Why Your Withdrawal Request Might be Rejected

Even if you followed all the steps, there are instances where your withdrawal request may be rejected. It’s important to understand why this might happen, so you can take corrective actions. Here are a few common reasons for rejection:

• Trading After Request: If you placed a withdrawal request and then used the same funds for trading afterward, the request will be rejected. This is because the funds are no longer available for withdrawal after you used them for a transaction.
• Insufficient Funds: If your account balance is insufficient after the daily settlement, your withdrawal request will be denied. Ensure you have sufficient available funds in your account before initiating a withdrawal.
• Outdated IFSC Code: If your bank's IFSC code is not up to date on Upstox, due to a bank merger or change in branch, your withdrawal request might be rejected. Make sure to update your IFSC code as soon as possible to avoid any issues.
• Used Margin: In case of Instant Withdrawal, if the used margin is not zero you will not be able to place a withdrawal request. The used margin reflects the total amount utilized for any open or closed positions, which must be zero.
• Open Positions: In case of Instant Withdrawal, if you have open positions, then the withdrawal request will be rejected. You must exit all open positions before placing the withdrawal request.
• Timing: If you place an instant withdrawal outside the specified timings you will not be able to place an instant withdrawal request.

Tips for a Smooth Withdrawal Process

To ensure a seamless withdrawal experience, keep the following tips in mind:

• Check Available Balance: Always check your available balance before initiating a withdrawal to avoid rejection due to insufficient funds.
• Plan Your Withdrawals: Plan your withdrawals around the settlement timings and the instant withdrawal window (10 AM - 6 PM) to receive funds faster.
• Close Open Positions: For instant withdrawals, ensure that you have closed all open positions before you make the request.
• Keep Your Information Updated: Keep your bank details like your IFSC code updated in your Upstox account to avoid any rejection or delays.
• Monitor the Status: Always keep a check on the status of your withdrawal to ensure smooth transaction.

By following these tips, you will be able to manage your funds more efficiently and have a smooth withdrawal process.

FAQs on Withdrawing Funds from Upstox

Here are some frequently asked questions about withdrawing funds from your Upstox account to further clarify the process:

Q: What is the minimum amount I can withdraw from Upstox?

A: The minimum amount you can withdraw is ₹100 for both instant and standard withdrawals.

Q: What is the maximum amount I can withdraw using the instant withdrawal option?

A: The maximum amount you can withdraw using the instant withdrawal option is ₹5 lakhs per day.

Q: How long does it take for funds to be credited using the instant withdrawal option?

A: Funds are usually credited to your bank account within 15 minutes of placing the request, provided it's within the 10 AM to 6 PM window on trading days and your bank supports IMPS transactions.

Q: When will I receive funds if I use the standard withdrawal option?

A: If you place a standard withdrawal request before 8 AM on a trading day, funds will be credited by 3 PM on the same day. Requests made after 8 AM will be credited by 3 PM on the next trading day.

Q: Can I modify or cancel a standard withdrawal request?

A: Yes, you can modify or cancel a standard withdrawal request until it’s processed.

Q: What should I do if my withdrawal request is rejected?

A: Check the reason for rejection. Common causes include insufficient funds, trading after the request, or an outdated IFSC code. Correct the issue and try again.

Q: Do I need to close my open positions before requesting a withdrawal?

A: For instant withdrawals, you must close all open positions before requesting the withdrawal. For standard withdrawals, open positions do not affect the withdrawal process.

Q: Is there a charge for withdrawing funds from Upstox?

A: No, Upstox does not charge any fee for withdrawing funds.

Q: What if I haven't received my funds within the mentioned payout turnaround time (TAT)?

A: If you haven't received the funds within the mentioned TAT, please wait until the end of the day (EOD). If the funds are not credited even after that, contact Upstox customer support for assistance.

Q: What happens if I place a withdrawal request on a weekend or bank holiday?

A: If you place a request on a weekend or bank holiday, the funds will be processed and credited by 3 PM on the next trading day.

Understanding these FAQs helps you navigate any issues you may face while withdrawing your funds, making the process smoother and more efficient.

Conclusion

Withdrawing funds from your Upstox Demat account is straightforward, whether you choose the instant or standard method. By understanding the processes, timing, and common issues, you can ensure a hassle-free experience. Always keep your account details updated, plan your withdrawals accordingly, and monitor your requests to effectively manage your trading funds. By following this guide, you can confidently access your trading profits whenever you need them. Happy trading!