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State Bank of India is India's largest bank. SBI provides a wide range of product and services through its subsidiaries.
SBI Demat Account is a key offering by the bank. SBI offers demat account related services through SBI Cap Securities Ltd (SBICap or SBICapSec). Incorporated in 2006, SBICap provides broking, investment and loan products. It offers these services to individual and institutional customers. It is a SEBI registered depository participant (DP) with CDSL and NSDL.
SBICAP's product portfolio includes Equity, Currency and Derivatives trading, Depository services, IPO services, Mutual Funds, Bonds, NCDs, Home and Car Loans.
SBICAP is the depository participant (DP) of both central depositories - NSDL and CDSL. The central depositories manage the Demat accounts. The brokers like SBICap act as an intermediary between the depository and the customer.
You can open the demat account with CDSL or NSDL through SBICAP. You need to pay a fee for opening and the maintenance of the demat account. Depositories also charge a fee on every debit transaction on the demat account.
SBI DP Membership Info:
10 Reasons to open Demat Account with SBICAP
To open a new Demat account with SBI Securities, the customer may have to pay Demat account opening charges. The broker may also charges Annual Maintenance Charges (AMC), a yearly fee to maintain the Demat account.
| Service | Charges |
|---|---|
| Demat Account Opening Fee | Rs 0 |
| Demat Account Annual Charges (AMC) | Rs 350 |
| Sr. No. | Fee Head | Type | Fees |
|---|---|---|---|
| 1 | Account Opening | - | Rs 850 |
| 2 | Dematerialization | Certificate + Dematerialisation Request | Rs 5 per certificate + Rs 35 per request |
| 3 | Rematerialisation | Rematerialisation Request | Rs 35 per request + Rs 10 for every hundred securities or part thereof; or a flat fee of 10 per certificate whichever is higher |
| 4 | Annual Maintenance Charges | Holding Less than 50,000 | Nil |
| Holding greater than 50,000 Less than 2,00,000 | Rs 100 per annum | ||
| Holding greater than 2,00,000 | Rs 500 per annum | ||
| 5 | Pledge Services | If SSL/SBI is the counter party | 0.02% of Value or Min Rs 25 whichever is higher (Plus CDSL Charges) |
| If SSL is not the counter party | 0.04% of Value or Min Rs 50 whichever is higher (Plus CDSL Charges) | ||
| 6 | On-Market (Sell Market) / Off Market | with POA (applicable for On Market Instructions only) | 0.01% (Min. Rs 21 Max. Rs 300 ) |
| For instruction submitted through internet | 0.01% (Min. Rs 21 Max. Rs 300 ) | ||
| For instruction submitted through Branches | 0.04% (Min. Rs 30) Extra Charges of Rs 10 per ISIN for Late submission | ||
| Buy- market and off-market | Nil | ||
| Rejection / Failed instruction | Rs 10 per failed instruction | ||
| 7 | Additional Accounts Statements | By Courier | Rs 30 |
| By Email | Nil |
Follow one of the below steps:
Stock trading involves 3 different accounts:
SBI Demat Account holds securities in the digital form. It works like a bank account. As the bank account holds money, the Demat account holds securities. The securities such as Shares, Mutual Funds, and shares allocated through IPO etc.
The shares are credited into demat account every time the customer buys new securities and is debited when they sell it.
The central depositories (CDSL and NSDL) manage the Demat account. The broker like SBO only acts as an intermediary between you and the central depository.
SBI Trading Account is used for stock trading (buying and selling of the shares). Customer place orders for buy or sell equity shares in trading account online or over the call.
SBI Bank Account is for credit/debit of money for transactions done in the trading account. When the customer buys the share, the money is withdrawn from the bank account. When the customer sells the shares, the money received is credited in the SBI Bank account.
Trading is done in Trading Account. The Demat and Bank accounts provide shares and money needed.
It takes 3 working days after your documents reached to SBI to open your account. If you do not get a response in 3 days, you could check your application status online or by visiting the branch.
You could check SBI Demat account opening status by visiting the Customer Service webpage of SBI Smart website. Application reference number and PAN number is required to check the application status online.
You could also check the SBI Account Opening Status by visiting the branch or calling the customer service.
Once SBI Demat account is opened, a welcome Letter is sent to the customer. This welcome letter has all the account details like DP number, Bank account number and Client Code.
A separate letter is sent with the password for online trading and the demat account. Your account is activated as soon as you login in the account. You could start trading once you are logged in to an online trading account.
SBI Demat Account holds securities (shares, mutual funds, bonds etc.) in electronic format.
To view the demat holding:
You could also view your holding in SBI Trading Account at:
SBI Yono App can help you open an online instant paperless trading and demat account.
YONO by SBI is a mobile app where the customer could do online banking and investment using one single application. YONO is designed to provide almost all SBI services under one application.
Note that this platform is still under active development. Multiple users have reported unexpected errors and downtime.
Online Account Opening is a key feature of YONO mobile app/website. You could open instant paperless SBI Demat account online using YONO App. Note that one visit to the branch is still needed to complete the account opening process.
Limited Power of Attorney (PoA) to the broker is essential for online stock. Without it, the online sell transactions cannot be completed.
Read more about Power of Attorney - Explained with Examples
/article/power-of-attorney-for-demat-account-explained-faq/310/
The PoA allows the broker to withdrew the shares from your demat account to deliver it to the buyer when you sell them through your trading account.
The limited PoA also helps with:
In a way, signing the PoA smoothens and quickens the trading process and management of your securities.
Is Demat PoA to the broker is safe?
Yes, it is for the following reasons:
All resident Indians, Non-Resident Indians (NRIs) and Institutions can open a Demat account.
A minor can also open an SBI Demat account. The legal guardian operates the account on his behalf till the minor becomes a major. Documents (PAN and Aadhar) of the legal guardian are required at the time of SBI minor Demat account opening. The Guardian has to sign on the forms too.
An individual can open multiple demat accounts on his/her name. But only 1 demat account is allowed per depository participant.
If you have a demat account with some other broker then you could open another demat account with SBI. This won't cause any problems as both these demat accounts work totally independent. This is similar to you having saving bank account in two or more banks on your name.
If you already have a Demat Account with SBI, you cannot open another demat account with them.
Note that Demat accounts attract Account Maintenance Charges (AMC), so it is better to open accounts as per your trading needs. Brokers charge between Rs 300 to Rs 1200 AMC every year.
Yes, you can open a joint demat account in SBI. You can include up to 3 people in a demat account. One will be the main holder of the account whereas others would be called joint holders.
It is mandatory to link the bank account with the Demat account. All bonuses, dividends etc., earned by your securities will be credited to this account.
Trading or investing in the stock market requires 3 accounts:
When you buy shares using your trading account, the money is withdrawn from the linked bank account and the shares are deposited in the liked demat account.
When you sell shares using your trading account, the money is deposited in the linked bank account and shares are withdrawn from the linked demat account.
SBICAP offers a 3-in-1 account i.e. a trading, a Demat and a bank account linked to each other. It doesn't offer to open only a trading account.
If you already have an SBI bank account then you don't have to open another one. You can specify the existing account detail in the form. This will be linked with your trading and demat account. In case you don't have an SBI Bank account, an account will be opened with the trading account.
SBI Demat and/or trading account can be closed by submitting an Account Close Request Form. This form has to be submitted physically.
There are 2 ways to deactivate your SBI Demat account:
Documents for SBI Demat Account Closure
Only the forms are needed to close your demat account with SBI. The following forms are required:
Before you close the account
You don't have to pay any charges to close your Demat account. You have to clear all the pending dues before initiating the Demat account closure process.
You need to submit your unused DIS booklet along with the Demat closure form while closing the account.
If for some reasons, you are unable to produce the unused DIS booklet then you can download the 'UNABLE TO PRODUCE UNUSED DIS BOOKLET' form by visiting download section of SBISmart website and submit it along with the account closure form.
SBI Demat Account Opening Charges
|
SBI Trading + Demat Account Opening Charges |
Rs 850 |
|
SBI Demat Account AMC |
Rs 500 per year |
|
SBI Demat account closing charges |
Rs 0 |
To close your SBI Demat Account, you just need a signed SBI Demat & Trading Account Closure Request Form. In case you are planning to move your holdings to another demat account, you also have to fill the Remit Request Form (RRF Form).
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Information on this page was last updated on Monday, January 27, 2020
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