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How to Open SBI Demat Account?

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Earlier in India, shares and securities were issued and traded physically and starting from 1996 onwards the concept of Demat Account introduced to ease the trading process for both investors, companies and brokers. Holding a Demat Account helps investors to hold their securities in an electronic form. Thus the entire process of investing, monitoring and trading with securities becomes easy. The demat account helps an investor to carry on the process of trading conveniently, quickly and in a cost-efficient way.

How to Open SBI Demat Account?
 

What is a Demat Account?

The Demat account is known as a Dematerialised Account. This account provides the users with the facility to hold securities and shares in an electronic format. The Demat account comes in handy while conducting online trading as it facilitates to trade easily for users.

A Demat account structured in such a way that it can hold all forms of investment of an individual be it shares, bonds, mutual funds, exchange-traded funds, government securities in one place.

The State Bank of India, one of the prominent lender in the country, provides Demat account along with a range of other banking products to its customers.

Let's learn in detail about the process of How to Open an SBI Demat Account?

SBI Demat Account can be opened either through online or offline mode.

Required Documents to Open an SBI Demat Account

An applicant needs to have the following list of documents to open an SBI Demat Account:

  • Aadhaar Card
  • PAN Card
  • Recent Passport Sized Photograph
  • Pass Book Account of SBI (SBI Account Number & IFSC Code)

Procedure to Open SBI Demat Account through Online Mode

  • Visit the official web site of State Bank of India (SBI) and click on the link Apply Online for SBI Demat Account.
  • Proceed further and accept all the terms and conditions and click on "Apply Now" option.
  • Now fill in the application form, make an online payment and submit the form electronically.

Note: The applicant should have the following list of documents handy at this time - PAN Card, Bank Account Proof, Passport size photo, SBI Internet Banking Account, Residential Proof.

 
  • Collect Documents and Signatures - Once the applicant submits his/her application through online, a representative from SBI will get in touch with them to get their Signatures on the application form and to collect the required set of documents from them. The applicant should ensure that they have a self-attested copy of Passbook (front page), PAN card, relevant address proof, recent passport size photographs.
  • Check Status of your online application - Post Verification of the application form along with documents from the SBI official, the Demat account will be ready for activation. The procedure usually takes around 3 - 5 working days.

The applicant can check the status of their application online by entering the application number.

  • Begin Trading - Once the Demat account gets activated, PIN mailers with a password will be sent to the residential address. If the applicant is not familiar with the SBI trading platform, then they can take the help of the SBI representative while placing the trades.

Procedure to Open SBI Demat Account through Offline Mode (SBI Branch)

The following is the procedure to Open SBI Demat Account by visiting the nearest SBI Branch:

  • First visit the home branch of State Bank of India along with the attested copies of the Passport size photos, identification proof documents, address proofs and other relevant documents.
  • Contact the concerned SBI officials and ask for Demat Account Opening Application Form.
  • Duly fill in all the relevant details in the form carefully and sign it.
  • Attest the required documents along with the application form and submit the completed application form to the concerned officials.
  • Proceeding further, the SBI will forward your application form along with submitted documents to SBI Cap Securities for processing.
  • Post Verification, your application is processed after this, the applicant will receive their SBI Demat Account Number and other related documents.

GoodReturns.in

Read more about: sbi demat account
Story first published: Thursday, October 29, 2020, 20:41 [IST]
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