I too feel that this charge is quite unreasonable. Linking or updating a bank account is a basic and essential process for any user — especially when we need to change our primary account or update details due to legitimate reasons like account closure, KYC updates, or switching banks.
Charging ₹59 for this one process seems excessive, considering it’s not a trade or service usage but a simple account update.
Can someone please confirm whether this charge also applies when changing the primary bank account?
I strongly feel that this policy along with this charge should be reviewed — such essential actions should not come with additional costs. I hope Upstox reconsiders this, as it affects user trust and flexibility in managing our own funds.
Hi @SAKALDEEP_26725043/@Raghav_35590666,
Thank you for sharing your feedback. We understand your concern regarding the ₹59 charge for linking or updating a bank account. Bank account updates, including changes to your primary bank account, do attract this nominal fee as per our current policy. This is applicable to ensure proper verification and secure processing of account changes, safeguarding both the client and the platform.
We do acknowledge that such charges may feel unexpected and your feedback regarding the review of this policy has been noted. While we cannot waive the fee immediately, suggestions from our users are taken into consideration during periodic policy reviews and your input will be shared with the relevant team.
Thank you for clarifying the policy behind the ₹ 59 charge for adding a new bank account. While I understand the stated reasons for verification and security, my primary concern remains that this fee was not communicated during the process of adding the account. At no point was I notified that this action would incur a charge, which made the deduction feel unexpected and unfair. To better understand all potential charges and avoid such surprises in the future, could you please share if you have any comprehensive PDF document or a detailed charges chart that outlines all applicable fees? This would be helpful in ensuring I am fully informed about all costs associated with using my Upstox account. I trust you will reconsider the transparency of such charges; otherwise, I will be compelled to reevaluate whether Upstox remains the right brokerage for my needs.
@SAKALDEEP_26725043 - Thanks for sharing your concerns. We completely understand how unexpected charges can be frustrating, especially when they are not clearly communicated during a transaction.
The ₹59 charge for adding or updating a bank account is part of our standard policy, covering the verification and processing of account details through secure and compliant channels. That said, we truly appreciate your feedback regarding transparency and we agree that such charges should be clearly visible during the process. Your suggestion will be shared with our product and compliance teams for review to enhance the user experience.
Under SEBI regulations, a broker can modify or introduce charges, including account modification fees, only after providing prior notice to clients. The specific terms governing such changes, along with the required notification period, are outlined in the client-broker agreement you accepted at the time of account opening.
For your reference, you can access the complete list of applicable fees and charges through the Upstox Pricing page on our official website:
Brokerage Charges - Upstox's Demat Account Charges, Fees & Taxes
We value your continued trust in Upstox and assure you that your feedback will be considered seriously to ensure better transparency and client communication moving forward.