What is SBI Demat Account | How to Open Demat & Trading Account in SBI? | Account Charges in 2023
When I started publishing articles related to Demat and Trading account. As a result, I started getting queries about the largest India Bank’s Demat account. Instead of resolving the individual queries, I thought to write up an article on the points that many were inquiring about. Therefore in this article, I will cover in detail “What is SBI Demat Account, with the charges applicable in the year 2023, and how one can open Demat and Trading Account with SBI?
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What is SBI Demat Account & Trading Account?
Till 2011, SBI itself provides Demat & Trading services to its clientele. Post-2011, SBI handed over this segment to SBICAP Securities, which is a wholly-owned subsidiary of SBI Capital Markets Ltd. Thus, all the accounts opened thereof were in the books of SBICAP securities.
Having a Demat account not only helps you in buying shares but also helps in storing them safely in Demat form. In a Demat account, you can hold a variety of investments such as equity shares, mutual funds, bonds, ETFs, and government securities.
Also Read How to Open Demat Account in SBI-YONO?
But to buy or sell those baskets of securities, you need to have a trading account. Without this account, you cannot trade in the stock market. Many of us are not sure about holding two-two accounts to conduct trade in the share market.
Let’s understand the difference between both accounts with a small example. You have Rs.1000 in your wallet and you went to a Mall. In one store, you like one T-shirt, you check the price and finalize the transaction by paying Rs.800 in exchange for a T-Shirt. Therefore, your wallet acted as a Demat account, and you acted as a Trading account.
Account Charges 2023
Before opening an account with SBI, please have a look at the charges applicable. Most importantly, its demat cum trading account hence the brokerage will be applicable on each trade:
How to Open Demat and Trading Account in SBI?
Please find the steps to open a Demat and Trading Account in SBI Securities:
Time needed: 1 minute
Here are a few steps to digitally open this account via SBI YONO App:
- Open the Registration Page on SBI Securities
Click on this URL: https://digikyc.sbismart.com/SBIDIY/register to start with the procedure. 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 Non-personalized 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.
Therefore, with these simple steps, you can easily open your Demat cum trading account with SBICAP securities digitally from the comfort of your house.
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