No, you don’t need a US bank account. Upstox has partnered with a US-based broker who manages your brokerage and USD wallet on your behalf. Here’s how it works:

• You add funds in INR from your Indian bank account.
• These funds are converted to USD and deposited into your US brokerage wallet.
• This wallet is maintained with the US broker, so you can buy and sell US stocks directly from the Upstox app.
• The entire funding and withdrawal process is managed digitally — no need to open or operate a separate US bank account.

This setup is 100% legal and compliant under the Liberalized Remittance Scheme (LRS) issued by the RBI.