Many of you must have heard about the Demat accounts but not many of you are aware of what it is, what are the uses of a Demat account and How to open Demat account in SBI. If you wish to start investing in shares or into mutual funds, then you will need a Demat account. Along with the Demat account, having a trading account is also important. SBI is considered one of the best financial service providers and banks in India.
There are several benefits that you will be able to enjoy with the SBI Demat account. You have many professionals at SBI who can guide you in the right way for investing in the right products and building a long-term plan for your savings.
Open Demat Account in SBI – SBI Smart
A Demat account is nothing but a savings account, but with a small difference. In this account, you will be holding the invested shares in electronic form. While the trading account will be solely used only for buying and selling the shares or orders. That means, any transactions related to the share market will be done through the trading account and you can open a trading account while SBI Demat account opening.
So, here is the process to open Demat account SBI:
First of all, we will have to look at the documents that are required for opening a Demat account. You will need proof of identity, proof of income, proof of address, your bank account details, a PAN card, and also three passport size photographs.
Once you have all these documents ready, you can open the Demat account in many different ways. So, let us have a look at a few ways here:
Open Demat account from SBI website:
One of the best and most simple ways to get started with the SBI Demat account is at the official website of SBI bank.
- You should first visit the website and click on the Open Demat Account link available on the website.
- You will be asked to fill in some details and it can be a few slides that you need to fill in.
- You will receive an OTP on the registered mobile number, which has to be entered to complete the process.
- You should now start uploading the documents that you are asked for. Once you are done, you will apply. The process is going to take at least 24 to 48 hours.
Also Read – How To Generate SBI ATM PIN Through SMS?
In case there is any problem in uploading the documents or you are stuck in the process, you will receive a call from the executive to help you out.
Open Demat account on YONO app:
Yes, just like how you open on the official website, here is how to open SBI Demat accounton the YONO app. If you are already having the SBI YONO app on your phone, then you will have to login into the app with the help of the credentials and then follow the process below.
- You should first log in and go to the menu bar.
- You will find an option to invest and under that, you have Open Demat Account. You need to click on that option.
- Fill in all the required details and then check the Accept terms and conditions check box and then submit the application.
An executive will reach you for further details and confirmation within 24 to 48 hours.
Open Demat account offline:
If you think that you will not be able to complete the entire process by yourself, then you can even do it offline. Yes, you can visit the nearest SBI branch for opening a Demat account. You just need to submit all the documents that we have discussed above and it is going to take just one day for the application process. You need to carry all the original documents along with you and three sets of photocopies of all the documents.
Whatever the process you are following you will have to pay an amount of Rs 850 for opening an account and Rs 350 towards annual maintenance charges for the Demat Account. There will not be any AMC for the trading account.
So, these are the three ways to open a Demat account from SBI bank.
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 |
| Trading AMC | Free |
| Margin Required | Rs. 25,000 |
| Failed delivery instruction | Rs. 35 |
| Delivery instruction | Rs. 10 |
You can open New SBI Demat account from SBI ATM As well. Just Insert your SBI Debit Card at ATM and you can get option to apply for New Demat Account.