How to Open Demat Account in SBI? || Review, Charges, App, Benefits :
You know right, as a trader or investor you need to open the demat account for starting the trading or investing in the stock market.
In this article on “How to Open Demat Account in SBI?” you will get all the details regarding the process and the charges that the State Bank of India takes for their demat services.
State Bank of India is a huge group in which the SBI Securities is the important part that play the role of the brokerage industry of the SBI and provides the customer all the services and support that is necessary in the brokerage firm industry.
Although, the State Bank of India had gained a lot of reputation and because of that most of the customers trust the bank and reliable to it.
As you also know that the State Bank of India as the more number of the customers associated with it with comparison to the banks available in India.
SBICAP Securities Ltd was started in the year 2006 and because of its versatility and its diversification, it has been now in the leading positions of the stock market currently.
SBI Securities has add value to the company’s portfolio by offering many innovative investment plans and solution to its partners and customers.
So, let us jump into the mainstream of the topic and observe the documents that are required for opening the Demat account in State Bank of India.
Documentation Required for Opening the Demat Account in SBI
Documents that are required for opening the demat account in SBI:
- PAN Card
- Aadhar Card
- Passport Size Photos
- Existing SBI saving account passbook
Now, let us see the process of opening the demat account in SBI.
How to Open the Demat Account in SBI?
There are 3 ways available for opening the demat account in SBI.
1. Visit the nearest local SBI branch
As you know in the country there are many branches of the State Bank of India.
So, you can also visit one of the nearest branches and with that you can also complete all the documentation work within a day.
And meeting an executive can clear all your doubts with complete information about the brokerage charges, annual maintenance charges, benefits and many more things from the bank.
This can be easiest way for the traders or the investors as in this there is no question of doubt remains in once mind.
2. You can also use the Online Facility
As in today’s time most of the people have been shifted to use the technology more and many young age people are becoming the participants in the stock market.
And so that they choose to open their Demat account with using the online facility of SBI Securities.
So, let us see the procedure to open the demat account online:
- Firstly, when you open the online application click on the “Open Demat Account” option that is available.
- Complete the information that is required or asked by them.
- Once you have completed the online form after that your form will go to the back office for processing and verification.
- After that they will arrange a call from their sales representative and they will call you to assist the procedure and the representative also helps in completing the KYC upload procedure.
- For KYC, you need to upload the documentation that is already mentioned above and in that you need to scan the documentation and after that upload them to the site.
- After submitting the documents, the final verification process takes place and the company executive will call you to cross-check the details with you and with that if the documentation will be cleared then they will activate your account within 24 to 48 hours.
These was about the procedure of online submitting and opening the demat account.
3. Contact the Customer Care and they will help to open the Demat Account
The last way is to take the help from the customer care by following the procedure mentioned below:
- Open the Contact Us page on the SBI Smart Website. (https://www.sbismart.com)
- Fill up the contact form or you can call the toll free number and give your details about your name, city, pin code and the mobile number.
- After that the local SBI relationship Manager from your city will call you and within two working days he or she will instruct you about the process.
Now, let us see what is the role of local SBI relationship manager?
- Most probably, the manager will take your address and fix an appointment to meet you at your residential address or the address you provide.
- The manager will carry the form of opening the demat account and requires your sign on the form and collect the necessary documentation.
- As soon as the form submitted the account will be activate within the 15 days.
- And they provide you the mail that contains the user-id and the password along with the instructions about the trading or investing through the SBI Smart.
So, this was about the different ways or options that the customer have for opening the demat account from the SBI.
Now, let us go through the benefits of choosing the SBI as the brokerage firm.
SBI Demat Account Benefits
- Being the most senior player in the banking industry has the trust, faith and consider as the brand by the customer so it has the credibility.
- Despite the fact the oldest banking service provider they have many customer connectivity that helps in wide network and complete support to their customers.
- They also charge low brokerage fees from the customers with comparing their other competitors in the industry.
- As this is a large group with various diversify products facility so the customer can get all the financial services from place and it also acts as one stop shop for financial industry.
These was about the benefits of choosing SBI Securities for opening the Demat Account.
The annual maintenance charge for the demat account by the SBICap Securities is very low with the comparison and it is 400 Rs per annum.
The firm does not charge any maintenance charge for trading account and requires initial margin of Rs 25,000 for starting trading.
Let us now see about the charges for the demat account:
SBI Demat Account Charges
| Different Charges | Charge |
| Depository Participant | CDSL & NSDL (They charge 500 Rs for both demat and trading account) |
| Account Opening Charges | Rs. 500 |
| Demat AMC (Annual Maintenance Charges) | Rs. 400 |
| Trading AMC | Free |
| Margin required | Rs. 25000 |
These were the charges that the SBI Securities apply for opening the demat account.
Conclusion
On our article about “How to Open Demat Account in SBI?” describes the complete information about the procedure and the charges and the benefits about choosing the SBI Securities for opening the demat account. Hope that you like this blog and find useful. Read more about the other brokerage firm services from our site as we had mentioned post on them also.
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