For a long time, I was thinking to write on this topic but somehow it was slipping from my mind. Finally this time, I could write you this up and title the same as “How to Open Demat Account in SBI-YONO”? Along with the procedure, I will cover documents required to open a Demat Account via the SBI YONO app and brokerage charges applicable.
Documents Required to Open Demat Account in SBI-YONO
In order to open an account, please keep these documents handy for a seamless experience:
- Photo, Cancelled Cheque
- Address Proof: Voter ID, Driving License,Aadhar Card, Passport, Central or State Government ID card
- To sign the document digitally, need to ensure your mobile number/email address to be updated in Aadhar Database.
Sovereign Gold Bond SBI
SBI Prepaid Cards
YONO SBI Registration
How to Create VPA in SBI?
SBI Express Remit Review
Plot and Construction Loan From SBI Bank
SBI Yono Digital Account
Locker Charges in SBI
SBI Loan Against FD
How to Open Demat Account in SBI-YONO App?
Also Read Applying IPO Online using SBI YONO Lite | Eligibility | New User Registration | Cut-off price | IPO Allotment
Time needed: 1 minute.
Here are a few steps to digitally open this account via SBI YONO App:
- Open the YONO app on your Mobile Device
Firstly open the installed YONO app on your device. Secondly, key in your MPIN or INB credentials to log in to the app.
- Click on Menu Option and Choose Investment from the dropdown
Once you log in to the app, click on the three bars in the top right corner. After that, it will list down the option in a dropdown menu. Further, you can choose the Invest option from there.
- Click on Invest and Select ” Open Demat and Trading Account”
Now click on Invest. Under Invest option, if you scroll down you will see Open Demat and Trading account. Consequently, choose this option.
- Click on Start Now Option
Once you click on Start Option Option it will re-direct you SBICAP securities page. Wherein, you need to validate your basic details like Name, Email address, a mobile number followed with OTP authentication on mobile number. After that, click on Start Registration.
- Enter your Pan number and DOB
Please key in your PAN and DOB for validating your KYC details. Further click on ” Proceed to Personal details”
- Just a Quick Check
The data will be validated from Income Tax Department and auto-populate the data in respective fields. Request you to verify your address details. If not correct then do update the same and click on Confirm & Proceed button.
- Enter/Confirm Additional Information
The details will be auto-populated if something is missing you may key in. After that, click on ” Get OTP on Email”. Further, verify the OTP received on the mail address followed by accepting their terms & condition. Finally, click on ” Proceed to Bank details”.
- Verify your Bank details
As you’re applying via SBI YONO App, your saving bank details will auto-populate. Most Importantly, just verify them and click on proceed button.
- Choose the brokerage Plan
There are two plans, one is the Suvidha account in which account opening charges are zero and first-year AMC is waived off. The company is so transparent that upfront they show you the brokerage applicable under this plan. In case you’re not satisfied with the Suvidha account, you can choose Plan 499 which comes with complementary benefits. After that, choose the trading segment and click on proceed button.
- Upload Documents
In case your bank details are not verified then you’re supposed to upload the respective documents: Passport size photograph, Personalized or Nonpersonalized cheque, Bank statement for 3 months, Digital signature. After that, accept the terms and conditions and click on ” Proceed to IPV”
- IPV Verification
This is the last step of this proceeding. You need to hold the OTP written on white paper, followed by PAN & Address proof verification. Once it has been done, click on the Record button, it will take a few seconds to validate and You will get the message that the account will be activated in the next 24-28hours and will be notified on your mail address.
SBI YONO Brokerage Charges in 2022
As the plan linked to SBI YONO is a Suvidha account so please have a look at the account opening & brokerage charges:
- Account Opening charges for Suvidha account is zero. Above all, annual maintenance charges are waived off for the first year and applicable from second year onward.
- From second year onward, AMC will chargeable Rs.400/- (Rs 350/- for customers receiving statements by e-mail)
Hope we could make your trading journey with SBI Securities a little simpler with these detailed steps. In case you still have any queries or doubts, please inbox us.