If you are planning to start investing in shares and mutual funds, a Demat and trading account is mandatory. When it comes to financial services and their benefits, SBI is one of the most popular names in the world. The best way to achieve one's wealth-creation strategic goals is to equip yourself with the necessary knowledge and put it to good use. When a professional directs you through the process, building long-term wealth can be simple. Investing in the stock market involves purchasing a company's stock.
SBICap Securities provides you with a 3-in-1 account that combines a savings bank account, a Demat account, and an online trading account to provide you with a simple and paperless trading experience.
What is a Demat Account?
A Demat account is very similar to a savings account where you will be holding your invested shares in an electronic form.
What is a Trading Account?
Trading Account is used for placing buy-sell orders. The main transaction of shares is done through the trading account.
Documents required to open a Demat Account in SBI
PAN card, Aadhaar card, Voter ID, Driving license, Passport, Ration Card, Bank Account Statement/Passbook, cancelled cheque and a photocopy of the Income Tax Return (ITR) are some of the vital documents that may be required.
- Proof of Identity
- Proof of Address
- Proof of Income
- Proof of Bank Account
- PAN Card
- 1 to 3 passport size photographs.
How to Open an SBI Demat and Trading Account?
Step 1: Visit the SBI Smart Website and click on "Open Demat Account"
Step 2: Fill in your credentials (few slides)
Step 3: Enter the OTP (sent your registered mobile number)
Step 4: Upload your mentioned documents (Keep your documents handy)
You can upload your KYC documents i.e. Aadhaar Card, PAN card and address proof, etc documents online as well.
Step 5: Click on submit
Step 6: Post verification, your account will be activated within 24-48 hours.
A sales executive will give you a call in case you are stuck or having an issue when uploading the documents. Also, you can request for Relationship manager who will guide you throughout the process.
How to apply SBI Demat Account from YONO app Mobile?
The SBI Yono App makes it easy to open an online paperless trading and Demat account. If you are already a registered user of the YONO app, you will then be redirected to the SBICAP Securities website to open a trading account. Following the completion of all necessary fields and submission of the form online, a reference number will be created, which can be used to contact SBICAP Securities.
Steps to open Demat and trading account Using Yono Mobile App
Step 1: Login Yono app using credentials
Step 2: Go to the menu bar
Step 3: Click on invest- Under invest, you will see the option to "open Demat account"
Step 4: Click on open Demat account
Step 5: Enter all the required details
Step 6: Accept terms and conditions and confirm
How to open SBI Demat and Trading account offline?
Visit the branch, and you'll be able to finish all of the paperwork in a single day. Make sure to carry all your original documents along with attested photocopies and 3 photographs. Furthermore, the bank's representatives will answer any questions you have about brokerage fees, annual maintenance charges (AMC), and so on.
What are the charges for opening and maintaining a Demat account?
|Depository Participant||CDSL & NSDL|
|Account Opening Charges||Rs 850. Or Free for a limited period.|
|Demat AMC||Rs 350|
|Margin Required||Rs 25,000|
|Failed delivery instruction||Rs 35|
|Delivery instruction||Rs 10|
Important Things to Know before opening SBI Demat and Trading account
1) You can access your SBI Demat Account by connecting to your savings account using your current internet banking login details.
2) You can view the following from your savings account
- Account details
- Holding details
- Statement of transaction
- Billing Statement
3) An investor can open multiple accounts under the same name and with the same or different Dps.
4) If the customer does not intend to make any transactions in the immediate future, he may freeze his account. This will aid in the prevention of fraud and unauthorized use of Demat accounts.
5) The account can only be unfrozen on the account holders' orders after it has been frozen.