A Demat and trading account is mandatory for investing in shares and mutual funds. SBI is one of the most popular names in India when it comes to financial services. As a trader, you can enjoy several benefits and advantages with an SBI Demat account. In this post, I will show you how to open Demat account in SBI online/offline?
SBICAP Securities Limited in association with SBI offers a Demat and state-of-the-art online trading product to investors & traders. It offers you a 3-in-1 account that combines a savings bank account, a Demat account, and an online trading account.
What is a Demat Account?
A Demat account is a bit like a savings account that provides the facility of holding shares and securities in an electronic form.
What is a Trading Account?
A trading account is used for the buying and selling of equity shares in the stock market. With this account, you can buy and sell shares as frequently as you want within the same trading session.
Documents required to open Demat Account with SBI
The following documents are required to open Demat and trading account in SBI:
- Proof of Identity – PAN Card (Photocopy)
- Address Proof – Copy of any one of the following
- Aadhaar Card
- Driving Licence
- Voter ID Card
- Ration Card
- Electricity Bill (not more than two months old)
- Bank Pass Book
- Bank Proof – Personalized Cheque Leaf or Copy of Bank Pass Book
- Demat Account Proof – Demat Account Statement or Client Master (If already having an account with State Bank of India)
- Three Passport size photos
These are the important documents that may be required for the opening of Demat account in SBI.
Charges for opening Demat Account in SBI
The charges to open Demat account in SBI is Rs.850. However, currently, you can open a free Demat and trading account in SBI. Hurry, this offer is for a limited period.
Now, let’s see how to open SBI Demat account online or offline.
How to open SBI Demat Account?
There are 3 different ways to open Demat and trading account in SBI as mentioned below:
1. Fill the online application form available at the SBI Smart website
2. State Bank of India Demat account through SBI Yono App
3. Open Demat and trading account in SBI by visiting the local SBI branch
How to open SBI Demat Account online?
1. First of all, visit the SBI Smart Website. Click here.
2. Click on the “Open an account” tab in the top right corner of the screen.
3. Next, fill in the required information.
4. Enter the OTP received on your registered mobile number.
5. Here enter your PAN number and date of birth. Click on the “Proceed to Personal Details” tab.
6. Next upload your KYC documents such as PAN Card, Aadhaar Card, etc. Click on the “Submit” tab.
7. After verification, your account will be activated within the next 24 to 48 hours.
8. You will receive a call if you are stuck or having an issue when uploading your documents.
9. You can also request for Relationship manager who will guide you in this process.
10. This is how open Demat account in SBI online.
How to open Demat Account in SBI Yono App
The procedure for opening Demat account in SBI through SBI Yono App is very easy. Follow the steps mentioned below to open Demat and trading account in SBI using Yono Mobile App. Also Read: YONO SBI App – Mobile Banking and Lifestyle
1. Login SBI Yono app using your login credentials.
2. Once logged in, tap on the “Investments” option.
3. Next, tap on the “Open Demat & Trading Account” tab under the “Through SBICAP Securities” option.
4. Enter all the required details.
5. Accept terms and conditions and confirm.
6. After verification, your account will be activated.
How to open SBI Demat and Trading account offline?
In this method, you need to visit the local SBI branch. You will be able to complete all the documentation work within a day. Just carry all your original documents along with attested photocopies and photographs. Furthermore, you will get all answers from the bank representative related to brokerage fees, annual maintenance charges, and so on.
FAQs (Frequently Asked Questions)
1. Can I open SBI Demat account online?
Yes, you can open SBI Demat account online through the SBI Smart Website.
2. Is SBI demat account free?
Currently, you can open a free Demat and trading account in SBI. This offer is for a limited period. However, the charges for opening the account is Rs.850.
3. Does SBI provide Demat account?
SBICAP Securities Limited in association with SBI offers a Demat account and state-of-the-art online trading product to investors & traders.
4. Is SBI Demat account good?
SBI is one of the most trusted names in India when it comes to financial services. You can safely open an account in SBICap Securities and enjoy several advantages with an SBI Demat account.
5. How can I check my SBI Demat account status?
You can check status by visiting the customer service webpage of the SBI Smart website. You need the application reference number and PAN number to avail of this facility.
I hope now you know how to open Demat account in SBI online or offline easily without any hassle. SBI is one of the most trusted and popular names in India when it comes to financial services. You can safely open this account in SBI Cap Securities and enjoy several advantages. Happy Investing!
Also Read: Top 4 Best ELSS Mutual Funds to invest