Note: Redemption of mutual funds amount will happen to your bank account directly now instead of the upstox wallet. It will take up to T+N working days for the amount to be credited to your bank account after the redemption request is placed successfully. Below is the illustration table to understand the ‘N’ working days for reference.
Type of funds and number of applicable days (tentatively),
Please Note: If you are unable to open the redeem authentication flow on iOS devices, enable Pop-ups for the Safari browser from settings.
In order to redeem your investment, you have to place a redemption request by following these steps:
Step 1: Log in to the Upstox app using your 6-digit PIN or biometrics.
Step 2: Go to the ‘Discover' tab from the bottom navigation bar and click on 'Mutual Funds - Your Portfolio'
Step 3: Once you click on ‘Your Portfolio’, you will be redirected to the page where under MF portfolio you need to click on ‘View Investments’.
Step 4: Here you will see your investments which might be in Profit/Loss with Investment amount and current value. Click on the fund name you wish to redeem and then click on ‘Redeem funds’.
Step 5: Fill in the number of units you wish to redeem and click ‘Next’. Please note that it may be possible that all your units are not allowed to be redeemed because of the lock in period of the fund.
Step 6: You will be redirected to the CDSL page for authorising the sale transaction by entering the TPIN. Over here you can either generate a fresh TPIN or if you already have the TPIN then you can reuse it.
Note: If you’re an iOS user make sure that you need to allow pop-up window.
Step 7: Enter the TPIN.
Step 8: Then verify the transaction by entering the OTP received on your registered mobile number and email id.
Step 9: After approving the transaction on the CDSL page you have to click the close button on the below screen. If you are using the Upstox web portal, post approving the transaction of the CDSL page you need to return to the Upstox page after closing the CDSL tab.
Step 10: Once you are back on the Upstox MF page check the number of units you wish to redeem and click on the ‘Place order
Step 11: Once you click on the Place order, you will be able to see if the redemption request is successfully placed.
The amount will be credited to your bank account within 5 working days.
Please Note: Henceforth the amount post redemption of the funds will be credited directly to your registered bank account instead of your Upstox wallet. As per the announcement by SEBI, the usage of a common fund wallet/account for Stocks and Mutual Funds transactions will be discontinued. For more information refer to the below circular link
You will see a confirmation message as the sell request is confirmed.
Note: Until further notice, you do not need to pay CDSL charges when redeeming or selling mutual funds.
You can click on View Order History and under All Orders, you will be able to see your sell order status.
Note: The order settlement time after redemption varies per mutual scheme & it isn’t the same for all mutual funds. Order will be updated in T+N (N refers to the number of days after redemption as per the mutual fund scheme) working days and accordingly, the amount will be credited in T+N working days in your registered bank account.
Click here to know the charges for placing mutual funds order.