Hot Deal upstox charges

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I had opened upstox account for IPO purposes only for my family members..however upstox is charging Rs 29.50 every month as MMC charges (Monthly Maintenance charges). On contacting them , they told me this MMC charges (Monthly Maintenance charges) are applicable for the demat account ..Is it true ? How to avoid this charges ?

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anshu wrote:

@Awake @adrishya @bikidas2060

Basic Services Demat Account allows us to get a free demat account. If Upstox charges you on monthly basis, then close the account and go with Zerodha/SAS Online/ Angel Broking etc

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anshu wrote:

@Awake @adrishya @bikidas2060

bro upstox offices are closed. they require a physical mail to be send for bsda and office closed so mails are just lying there. No solution. Either bug their cc until they give in or bear the charges

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Every broker charges the maintenance amount. It should be nil if there are no transactions but if you transact once and then keep it dormant, they will still keep on charging you.

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i think its only charged momthly if do any trxn in dat month

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billubakra wrote:

Every broker charges the maintenance amount. It should be nil if there are no transactions but if you transact once and then keep it dormant, they will still keep on charging you.

If you opt for Bsda, then there ll be nil charges.

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billubakra wrote:

Every broker charges the maintenance amount. It should be nil if there are no transactions but if you transact once and then keep it dormant, they will still keep on charging you.

Zerodha is not doing it. They charge quarterly. But for BSDA as per SEBI guidelines, it charges 0 from me. 🐒🐒🐒🍬

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bikidas2060 wrote:

Zerodha is not doing it. They charge quarterly. But for BSDA as per SEBI guidelines, it charges 0 from me. 🐒🐒🐒🍬

What is BSDA how to get that?
Recently i opened account in zerodha…n initially while opening it changed me Rs 300 and they told every quarter they ll b maintenance changes

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Sm2698 wrote:

What is BSDA how to get that?
Recently i opened account in zerodha…n initially while opening it changed me Rs 300 and they told every quarter they ll b maintenance changes

Basic services demat account that’s BSDA and as per SEBI’s circular all brokers need to have such option for all their customers and if the holding value is below 50k no broker can charge a single penny to any customer.

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bikidas2060 wrote:

Zerodha is not doing it. They charge quarterly. But for BSDA as per SEBI guidelines, it charges 0 from me. 🐒🐒🐒🍬

It has to be zero bro and I guess if the holding is below 50k they automatically convert that into BSDA.

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bikidas2060 wrote:

Basic Services Demat Account allows us to get a free demat account. If Upstox charges you on monthly basis, then close the account and go with Zerodha/SAS Online/ Angel Broking etc

Banao angel me account ping me for referral benefits also do subscribe for ipo listing gains stuck_out_tongue_winking_eye joy

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Sm2698 wrote:

What is BSDA how to get that?
Recently i opened account in zerodha…n initially while opening it changed me Rs 300 and they told every quarter they ll b maintenance changes

https://support.zerodha.com/category/account-op...

@bikidas2060
How to confirm whether one’s account is a BSDA or not? Can we convert existing account into BSDA without closing it?

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MrKool_JJ wrote:

Basic services demat account that’s BSDA and as per SEBI’s circular all brokers need to have such option for all their customers and if the holding value is below 50k no broker can charge a single penny to any customer.

Then in my brother upstox account they are changing 29.5 or something every month and he as invested only 1000 till now…wt to do if we want to shift for BSDA?

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Sm2698 wrote:

Then in my brother upstox account they are changing 29.5 or something every month and he as invested only 1000 till now…wt to do if we want to shift for BSDA?

As I said holding value below 50k are automatically converted to BSDA that’s what I feel. OP needs to consult their cc this might be an error too from their end.

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MrKool_JJ wrote:

As I said holding value below 50k are automatically converted to BSDA that’s what I feel. OP needs to consult their cc this might be an error too from their end.

Thanks for info…

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billubakra wrote:

https://support.zerodha.com/category/account-op...

@bikidas2060
How to confirm whether one’s account is a BSDA or not? Can we convert existing account into BSDA without closing it?

Bhai, if one has only one account and that too in Zerodha, then they automatically add it under BSDA scheme. Just call the CC/ email, to verify. 🙂🙂

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MrKool_JJ wrote:

As I said holding value below 50k are automatically converted to BSDA that’s what I feel. OP needs to consult their cc this might be an error too from their end.

Below 50k then amc is zero, 50k to 2lakh then amc is 100₹, beyond 2 lakh then amc is as per the provider’s guidelines.

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Sm2698 wrote:

What is BSDA how to get that?
Recently i opened account in zerodha…n initially while opening it changed me Rs 300 and they told every quarter they ll b maintenance changes

Bro, I had made an article on how to open zerodha account for free of cost. 🙂🙂🙂🙂 Don’t worry there ll be no maintenance charges

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bikidas2060 wrote:

Below 50k then amc is zero, 50k to 2lakh then amc is 100₹, beyond 2 lakh then amc is as per the provider’s guidelines.

Yes bro, if you are eligible under BSDA and still being charged more, contact their cc once!
And in case of no resolution, you may want to sell of your holdings in upstox and move to zerodha! But remember non BSDA in zerodha has 354/- as AMC too
Also,for bsda u can have only one demat ac

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adrishya wrote:

bro upstox offices are closed. they require a physical mail to be send for bsda and office closed so mails are just lying there. No solution. Either bug their cc until they give in or bear the charges

Email them once telling them that accounts are eligible as BSDA since One demat on one pan. They’ll reverse the amount. Happened With me once in one of my accounts that they charged full year amc. I emailed them. They rectified. @anshu @mrKool_JJ @bikidas2060 @Awake @billubakra

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billubakra wrote:

https://support.zerodha.com/category/account-op...

@bikidas2060
How to confirm whether one’s account is a BSDA or not? Can we convert existing account into BSDA without closing it?

You don’t have to do anything.
It’s broker’s duty to categorise the accounts as BSDA at the end of the financial year. Your part is just to make sure only one demat is active / open on single pan card and holdings <50k. I have been maintaining 10 demats of my family members since July 2018, some in upstox, some in zerodha. Absolutely no amc charged in any one of them. In one account, upstox charged but then i emailed them about bsda eligibility , they reversed the amount. I hope this helps. smile
@adrishya @bikidas2060 @mrKool_JJ @Awake @Sm2698 @anshu

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BubbleBoyChickenLittle wrote:

You don’t have to do anything.
It’s broker’s duty to categorise the accounts as BSDA at the end of the financial year. Your part is just to make sure only one demat is active / open on single pan card and holdings <50k. I have been maintaining 10 demats of my family members since July 2018, some in upstox, some in zerodha. Absolutely no amc charged in any one of them. In one account, upstox charged but then i emailed them about bsda eligibility , they reversed the amount. I hope this helps. smile
@adrishya @bikidas2060 @mrKool_JJ @Awake @Sm2698 @anshu

Thank you for writing to us.

This is to inform you that, for conversion of your demat account to BSDA you should fulfill below 2 conditions.:-

1) Your total valuation of holdings should be Rs. 50000/- or less then Rs. 50000/-

2) You should not have any BSDA demat account with another broker or with us as only 1 BSDA demat account is acceptable.

If you fulfill both the conditions then you can send us the attached form to convert your demat account to BSDA.

This is what they sent me bro when I told them to convert my account to BSDA. Two forms were attached to this mail which were to be sent to upstox office for the change to be done. How did u get it done ?

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BubbleBoyChickenLittle wrote:

You don’t have to do anything.
It’s broker’s duty to categorise the accounts as BSDA at the end of the financial year. Your part is just to make sure only one demat is active / open on single pan card and holdings <50k. I have been maintaining 10 demats of my family members since July 2018, some in upstox, some in zerodha. Absolutely no amc charged in any one of them. In one account, upstox charged but then i emailed them about bsda eligibility , they reversed the amount. I hope this helps. smile
@adrishya @bikidas2060 @mrKool_JJ @Awake @Sm2698 @anshu

lifetime free demat ac?

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adrishya wrote:

Thank you for writing to us.

This is to inform you that, for conversion of your demat account to BSDA you should fulfill below 2 conditions.:-

1) Your total valuation of holdings should be Rs. 50000/- or less then Rs. 50000/-

2) You should not have any BSDA demat account with another broker or with us as only 1 BSDA demat account is acceptable.

If you fulfill both the conditions then you can send us the attached form to convert your demat account to BSDA.

This is what they sent me bro when I told them to convert my account to BSDA. Two forms were attached to this mail which were to be sent to upstox office for the change to be done. How did u get it done ?

May be they have brought this thing now.
My accounts were opened in 2018 and then at the end of fy 19, there was BSDA FLAGYES” automatically in updated cmr file.

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bikidas2060 wrote:

Bro, I had made an article on how to open zerodha account for free of cost. 🙂🙂🙂🙂 Don’t worry there ll be no maintenance charges

Please share that article link bro

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BubbleBoyChickenLittle wrote:

You don’t have to do anything.
It’s broker’s duty to categorise the accounts as BSDA at the end of the financial year. Your part is just to make sure only one demat is active / open on single pan card and holdings <50k. I have been maintaining 10 demats of my family members since July 2018, some in upstox, some in zerodha. Absolutely no amc charged in any one of them. In one account, upstox charged but then i emailed them about bsda eligibility , they reversed the amount. I hope this helps. smile
@adrishya @bikidas2060 @mrKool_JJ @Awake @Sm2698 @anshu

Thank you so much.. even I’ll raise a complaint to upstox from my brother account.

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Sm2698 wrote:

Thank you so much.. even I’ll raise a complaint to upstox from my brother account.

please update here if they do revert the charges without needing any physical form

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BubbleBoyChickenLittle wrote:

May be they have brought this thing now.
My accounts were opened in 2018 and then at the end of fy 19, there was BSDA FLAGYES” automatically in updated cmr file.

Where I can check My account is BSDA or not?
Any ideas please?

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