As per SEBI’s circular, all brokers need to settle accounts of all clients on the first Friday of every quarter i.e. October 2022, January 2023, April 2023, July 2023 and so on. If the first Friday is a trading holiday, then such settlement shall happen on the previous trading day.
What does this mean
- This will have no impact on your existing orders, holdings or positions
- All unutilised funds from your Upstox account will be transferred back to your registered bank account by Friday, 7th July 2023
- However, due to the large volume of transactions on Friday, 7th July there might be a delay from the bank in receiving your funds. Don’t worry, in this case you will receive your funds within 2 working days
What should you do
- For uninterrupted trades, keep your Upstox account funded before trading starts on Monday, 10th July 2023
- You can transfer funds from your registered bank to Upstox via NetBanking, UPI, Google Pay or NEFT/RTGS/IMPS.
- For more detailed steps, click here: How can I transfer funds? .
- If you’re using NEFT/RTGS make sure you add Upstox as a beneficiary 24 hours in advance (by Friday, 7th July). Beneficiary details are:
For Securities:
Bank Name - HDFC Bank
Account Name - RKSV SECURITIES INDIA PVT.LTD.
Account Number - 00600340067574
Account Type - Current Account
IFSC Code - HDFC0000060
For Commodities:
Bank Name - HDFC Bank
Account Name - RKSV COMMODITIES INDIA PVT.LTD.
Account Number - 15770340022236
Account Type - Current Account
IFSC Code - HDFC0000060
We hope this helps you plan your trades better!