In order to transfer money to your Upstox account for trading or investing, you need to add and verify a bank account to Upstox. Once verified, you can use this bank account to fund your Upstox wallet and use it for investing or trading. Any dividends, refunds, and fund withdrawals will be transferred to this bank account.
We use 2 methods to verify your bank Account:
Reverse Penny Drop Using UPI: In this method, the user has to complete a transaction of ₹1 through their UPI app .The bank account will be verified in the below manner:
The ₹1 will be refunded to the user’s account within 24 hours.
- Make sure to use the transaction from the bank you want to use to transact at Upstox for investments and trading.
- The bank account should be in the name of the same person for which the application is being filled.
This method is faster as users will not need to remember the bank account number or IFSC and just have to navigate to their UPI app.
We will then compare the name received from the bank and the name fetched from the ITR website. Both should match.
2 . Penny Drop Method using Bank Details:
In this method, users will have to enter their bank account number and IFSC code. After that we will transact ₹1 to your account. We will receive the name of the user and then compare them with their ITR name. Post that the account would be verified.