SBI Demat Account

SBI the common name in the financial market is here to offer brokerage services as well. To avail the 3 in 1 account services the foremost step is to open SBI Demat Account.

SBI Securities one of its subsidiaries comes with multiple offerings and opportunities that allow traders to invest in different segments including equity, derivatives, mutual funds, etc. To get started here is all about the SBI Demat Account features and reviews.

Before jumping into the detailed review of the demat account and trading account SBI let’s first go through the brief understanding of SBI Securities.

Among different services offered, SBI offers demat account services through one of its subsidiaries SBI Cap Securities. It is incorporated in the year 2006 to offer broking services.

It is a full-service stockbroker registered with SEBI and depository participant CDSL and NSDL offers a reliable platform for investors and traders to invest in different segments including equity, currency, derivatives, IPO, mutual funds, NCDs, etc.

With more than 115 branches all over the country, this financial house is a strength of more than 1000 field force agents who guide and offer the best services to customers. 

Let’s now move ahead to learn more about the demat account with SBI.

SBI Demat Account Review

As already discussed SBI Cap Securities is a bank-based full-service stockbroker registered with the central depositories NSDL and CDSL who manage the demat account.

So, if you are looking ahead to invest, then you can get started with opening the demat account with these depositories through SBICAP.

Demat account secures your shares, bonds, and securities in an electronic form and makes the whole transaction process simple and easy.

The primary advantage of opening an SBI Demat Account is it offers a 3-in-1 account.

The services included in this type of account are discussed below:

A. Savings account – It is a normal bank account that is used for saving, crediting, and debiting money.

In case stocks or any financial instrument is bought in any transaction, the required money is withdrawn from this account. When any of the financial instruments are sold, money comes back into this account.

B. Demat account – The purpose of this account is to hold the securities which a customer buys. Stocks, mutual funds, etc. are held in demat account. Learn the best way to use the demat account. 

C. Trading account (online) – The purpose of this account is doing buying and selling transactions of financial instruments like stocks, derivatives, etc.

Transactions can be done either online or through telephonic calls placed on the SBI numbers.

Opening an SBI Demat account allows you to hold multiple holdings simultaneously in his / her demat account which include stocks, mutual funds, bonds, futures and options, etc.

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SBI Demat Account Benefits

SBI Demat Account review gives you a clear understanding and multiple benefits associated with account opening.

If you are wondering why to open a demat account with SBI then here are the SBI Demat Account uses that are enough to influence you start trading journey with the firm.

1. You can operate SBI Demat Account anytime, anywhere through its demat enabled branches.
2. It offers tech-savvy services and provides you with all the transaction details and bills via email.
3. Also, its technology-driven services help you to operate your account from your home.
4. It also provides the delivery instruction booklet online.
5. SBI Securities also gives the provision to transfer pledge and unpledged securities anytime, anywhere.
6. SBI 3-in-1 demat account makes it easy for the customer to transfer funds to and from their bank and trading accounts. This makes their trading journey quick and easy.

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How to Open SBI Demat Account?

SBI Cap Securities Ltd. is responsible for the opening of demat and trading accounts nowadays.

With the seamless methods and online process, it has now become easier for customers to open a SBI demat account.

However, the broker offers multiple ways to open a demat account. You can opt for a convenient method and start trading without any further delay.

To open a SBI Free Demat Account, you can opt for any of the three ways offered by the broker.

1. SBI Demat Account Opening Online
2. SBI Demat Account Opening Form
3. SBI Demat Account Opening via Calling

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SBI Demat Account Opening Online

To open SBI Demat Account online, you have to visit the website and click on the link open Demat account.

It will redirect you to the new page where you have to complete some basic steps enlisted below.

• Fill in basic details like your name, phone number, and email address.
• Once you are done with the entries, you have to upload documents like PAN card, Aadhaar Card, Bank Details, etc.
• Select the trading segment and pay the account opening and other charges.
• On verification, you will get the account opening confirmation email within 48-72 hours.

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SBI Demat Account Opening Form

Apart from the online process, you can open the demat account with SBI offline. For this either you can visit the branch and fill the account opening form or can download the form from the website. 

• Fill all the details in the form and attach the self-attested copies of documents required to open a demat account.
• You can either submit the form to the nearest branch or sent it via courier.
• On receiving your details, the executive will visit your place or call you for the in-person verification.
• As the document verification step is over, you will get the account opening confirmation details in your registered email account.

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Want to open a demat account, fill in the basic details, and a call back will be arranged for you.

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SBI Demat Account Opening Status

After all the required documents for opening a demat account have reached the SBI Cap Securities branch, it would take about 3 days to open the account.

In case of the absence of any response from them after three days, one can check the status of his / her application either online or by visiting the nearest branch.

The customer service page of the SBI Smart website would have status-related information. One would need to fill in the details of the reference number of the application as well as PAN number in order to check the status. 

Alternatively, one can also check the application status by visiting an SBI branch in person.

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SBI Demat Account Documents Required

Apart from gaining the SBI Demat Account opening process, it is important to keep handy all the documents essential to open the demat account.

For the online process, you can upload the scanned copies of the below-listed documents, while for the offline process attach the self-attested copies. 

1. PAN Card
2. Aadhaar Card
3. Voter ID Card
4. Driving License
5. Bank Statement
6. Passport Size Photograph

In case you want to trade in the derivatives segment, you have to upload or attach the income statement as well.

For this, you require the last 6 months’ bank statement, salary slip, and ITR acknowledgment slip.

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SBI Demat Account Charges 

The broker offers different plans and charge fees for account opening accordingly. Considering the basic plan here the SBI Demat and Trading account opening charges.

The Demat account charges for opening an account in SBI is ₹100.

The Maintenance Charges for every year of SBI Demat Account = ₹400 per year

Trading Account Charges in SBI 

SBI Trading Account Opening Charges for Individuals = ₹850 + KRA charges

SBI Trading Account Opening Charges for Non-Individuals = ₹1000 + KRA charges. 

Other charges linked with the SBI 3 in 1 Demat Account are given in the table below:

 

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SBI Demat Account Minimum Balance

There is no such condition of keeping a minimum balance in the SBI Demat Account. However, to go ahead with your stock market investments, an amount of ₹10k is a recommended amount.

You may go less or more than that, as per your investment goals.

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SBI Demat Account AMC Charges

AMC charges also called annual maintenance charges are charged to maintain and keep your account activated.

It is generally charged annually and vary as per the plan you opt for and the amount you maintain in your trading account.

As per the latest guidelines of SEBI, if you hold less than ₹50,000 in your account than you do not have to pay any AMC charges, on the other hand for the amount of more than ₹50,000 and less than 2 lakh the AMC charges are ₹100/year and for more than ₹2 lakh you have to pay the AMC equal to ₹400 per year.

Here is the complete information on SBI Demat Account AMC charges.

Value of Holdings Charges

• Less than₹50,000: ₹0 
• ₹50,001 -₹2 Lakh: ₹100 per year
• More than₹2 Lakh: ₹400 per year

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SBI Demat Account Login

Once you open a Demat and trading account with SBI, next comes the point of how to use Demat account effectively.

To experience the services, all you have to do is to log in to the app and access the features provided.

You can simply log in using the User ID and Password provided to you in the email. Also, you can change your password and set it accordingly, but make sure it is secured and strong enough to offer extra protection to your account.

Apart from this, you can use the same login credentials to log in to the app and other trading platforms provided by the broker.

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SBI Demat Account App

Opening a Demat and Trading Account with SBI offers you many benefits. The best is that you get access to login to the app SBISMART Money app.

SBISMART Money app is their new mobile phone application which has made trading much easier and educated for a normal investor or trader.

Some of the features of this app are discussed below:

1. Personalized Experience – This is one of the most unique features of a trading app. When one logs into the app for the first time, he/she would be required to answer questions regarding the previous experience in trading and the risk-taking capacity of the individual.

With the help of inputs given for these questions, the dashboard of the app would be customized for an individual in terms of presentation of market-related information, relevant news, etc.

2. Research Benefits – They have a dedicated research team that helps in selecting stocks, making intraday calls, BTST calls, and other recommendations based on one’s preferences.

3. Advanced Charts – Interactive charts equipped with many technical indicators help traders make buy and sell calls easily.

4. Scanners – Scanners are used for spotting opportunities in trading at a particular time in the market. One can even avail the facility of creating one’s own scanner based on one’s preferences and strategies.

Buy and sell signal alerts are then generated by the system, thus making the whole experience of trading on a mobile phone seamless and very efficient.

Overall, the app is pretty average, and thus, keep your expectations low from this mobile trading app.

Here is a quick look at the Google Play Store stats of this mobile app:

 

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How to Close SBI Demat Account Online?

If you are not using your SBI Demat Account for years and want to switch the broker services, then it is good to close your account.

However, unlike opening the broker does not offer any online mode to close the demat account.

All you have to do is to close your demat account offline. To get it done, visit the website and download the form.

Post download, make sure you fill in all the details carefully and then submit this form to your closest branch. You may also choose to courier the form to the head office of SBI Securities.

If all the details are correctly entered, then the account closing process takes 3-4 business days.

Also, make sure you clear all the dues and transfer demat account shares to another active demat account.

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SBI Demat Account Customer Care

Not only for the brokerage services, but SBI Securities is known for offering exclusive customer care services.

The customer can easily reach for their trading-related queries and account-related queries using a different platform.

Apart from this, if the customer does not receive a satisfactory response then they are provided with other options where they raise their complaint and request to escalate the process.

Here is the detail and links to reach the Customer care support services of SBI Securities.

 

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SBI Demat Account Benefits

SBI offers one of the best broking services in India. Let us discuss some of the pros of opening an SBI demat account.

1. An integrated account that also handles banking services. This is a one-stop solution for banking as well as trading and holding of financial securities. This also allows online viewing of SBI demat account details, statement of billing, etc.

2. SBI demat account provides the facility of converting physical share certificates into dematerialized form. For more information, check out this detailed review on dematerialization.

It also provides the facility of just the exact opposite of what has been mentioned. It helps in the conversion of an electronic balance of shares into physical form.

3. A 24 * 7 dedicated customer support is available for all customers for any queries. Also, the grievances related to services provided under CDSL and NSDL can be emailed to different email ids provided on the website.

4. Online facility of pledging shares for granting of advances against shares. 

5. The facility of securities lending is available in order to obtain income on the existing holdings in the demat form.

6. Corporate benefits like dividends, bonus, and rights issues are directly credited to the bank account of the customers.

7. One can now receive the demat account statement, statement of holdings, the details of all the transactions made, and billing statements through the internet. One can also avail the facility of receiving the debit and credit-related information through alerts via SMS.

8. The account statement and bills can be received through emails.

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SBI Demat Account Disadvantages

At the same time, here are a few concerns, you must be aware of about SBI Demat Account:

1. Brokerage charges of other stock brokers in India (especially discount brokers) are lower in comparison to brokerages charged SBI Cap Securities which lowers the return on investments of its customers.

2. The reviews of the trading platforms provided by SBI are not really great. There are many faster and better trading platforms available in the market for trading and holding shares purposes.

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Conclusion

SBI Demat account is quite a safe and good way to hold one’s investments in the form of stocks, mutual funds, etc.

Opening an SBI Demat account is a simple process and can be completed within 3 days of submission of required forms and documents. This process can be completed online as well as offline.

One should look at various account opening charges and account maintenance charges mentioned in the article. Brokerages charged by SBI on different transactions in all the segments (equity, currency, commodities) have also been discussed here.

SBISMART Money app provides some unique features like customization of the app according to the customers’ experience related to trading and the kind of risk one is willing to take in his / her investments. 

This app also enables traders to make their own strategies and use scanners on the basis of one’s own customized preferences.

The research team also provides help in deciding what stocks to buy and sell, making trades of buying and selling stocks/indices, etc. within the same day.

Buy and sell signals are generated on the system automatically which makes trading much more efficient and profitable.

Overall, when we look at both the pros and cons of SBI demat account, it seems to be a good decision to try using this once. 

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In case you are looking to get started with stock market trading and investments, just fill in the form below and we will assist you in taking the next steps ahead:

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More on SBI Securities

If you wish to learn more about this stockbroker, here are a few references for you: