Currently, the withdrawal process at Upstox takes considerable time. There is a day end brokerage cycle and billing process based on which the final balance is calculated and then the payout is processed. This entire process takes more than 24 hours if a withdrawal request is placed during market hours.
However, with our instant withdrawal facility offered free of charge to customers, one can withdraw funds in under 15 minutes after placing a withdrawal request. This is subject to the below criteria:
- As per SEBI, one can only withdraw funds after the settlement is done. Read more on this here.
- One cannot withdraw any unsettled profits
- One should not have any pending withdrawal request
- One cannot withdraw more than what they have in their Upstox account
- This is only available if one has activated IMPS on their bank account
- On any trading day the feature can be used between 11:00 AM to 4:00 PM.
- Feature would not be available for use on trading or settlement holidays
- Fund withdrawal limits are between ₹100 to ₹2,00,000, in a day including both securities and commodities wallet
- One should not have any open and/or closed orders in their Trading and Mutual Fund account
- In case one places more than one withdrawal request over and above ₹2,00,000 and on non- trading days, then the request will follow the standard withdrawal process, read more on this here.
- Used margin shows you the total amount that you have utilized, against any open or closed positions which needs to be zero, in order to place an instant withdrawal request
- User’s positions should be zero at the time of the withdrawal request.
While you place an instant withdrawal request, keep the following in mind
You should be able to place an instant withdrawal request and it will be processed via IMPS within the next 15 minutes
In the case of a failed IMPS, a new standard payout request will be created with the same parameters (amount, exchange, User ID [UCC]).
You can’t retry for 15 mins till the current instant withdrawal request is open
There is no limit on the number of withdrawal requests for Instant withdrawal