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Starting from 12th January 2023, any Standard Withdrawal Request placed after 8 AM on a Friday, will be processed on a Monday. If Monday is a trading holiday it will be processed on the next trading day.
What does this mean?
To transfer funds from your trading account to your registered bank account linked with Upstox, you need to place a Standard Withdrawal request or an Instant Withdrawal request on our platform. Earlier, if you placed a Standard Withdrawal request after 8 AM on a Friday, your funds would get transferred to your registered bank account by 3 PM on Saturday if it was a working Saturday. However, now any Standard Withdrawal request placed after 8 AM on Friday will be processed by 3 PM on Monday.
This means you’ll receive your funds in your registered bank account by 3 PM on Monday. If Monday happens to be a trading holiday, you’ll get your funds on the next trading day.
Why has this change come into effect?
As per a recent SEBI circular dated 20th July 2021, SEBI has introduced a mechanism wherein brokers in addition to depositing clients money with Exchange/Clearing Corporation (CC), are also required to allocate the funds to the respective clients at the Exchange/CC. This circular will ensure that client funds are not misused in any way.
As the second phase of this circular comes into effect, your funds will be deposited and allocated to the Exchange/CC on a real time basis. And since the Exchange/CC are non functional on Saturday we will be unable to deallocate your funds and withdraw it from the CC/ Exchange to meet your withdrawals on weekends.
What should you do, if you need funds earlier?
If you need your funds earlier you have the option to place an Instant Withdrawal request on any trading day between 10 AM to 6 PM. By placing an Instant Withdrawal request, funds will be transferred from your Upstox account into your registered bank account within 15 minutes.
For placing an Instant Withdrawal request, keep the following in mind →
-Through Instant Withdrawal, you can withdraw anywhere between ₹100 up to ₹2 lakhs per day
-Ensure that the IMPS mode is active on your bank account
-Used margin is the total amount that you have utilised against any open or closed positions and it needs to be zero.
-Positions that are still open and not squared off should be exited before placing an instant withdrawal request
-Instant Withdrawal is only available on trading days.
As per this, what’s the Standard Withdrawal TAT for all days?
| Trading day | Withdrawal request time | Time frame |
| Monday - Friday | Before 8.00 AM | By 3:00 PM on the same day |
| Monday - Thursday | After 8.00 AM | By 3:00 PM on the next trading day |
| Friday - Saturday | After 8.00 AM | By 3:00 PM on Monday (or the next trading day if Monday is a holiday) |
| Bank holiday/ Settlement holidays/ Public holiday | Any time | By 3:00 pm on the next trading day |
For further help, kindly refer to our help centre article here:
