SBI is the leading financial house of India, and through its subsidiaries, it provides a broad range of products and services to its customers. Today in this blog, we will be discussing all the relevant information related to SBI Free Demat Account.
You will be asked to fill some personal information in the form.
You have to fill the information correctly because you will receive a call for verification of the given details.
Once the verification is done, they will ask you for the scanned copies of some documents like Aadhaar card, id proof, bank details, etc.
When the verification process is done, the credentials are sent to your address.
Let’s move forward and see what the offline procedure for opening SBI Free Demat Account is
This process is useful for individuals who are not comfortable with the web-based process. This method is similar to the online process; the only major difference between the two is you have to visit the branch personally.
After visiting the branch, the employees will assist you. You need not worry about anything. They will help you in filling the form, and you just have to take a few documents along with you.
For opening an account, for that purpose, you need documents for the list of documents required are given below.
Documents required to Open SBI Free Demat Account
The client needs to submit a few documents that are required for opening a free Demat Account are mentioned below:
Personal Identity Proof: It is essential to give your identity proof. You are required to provide 2 passport size latest photos, and a PAN card is a must as an identity proof.
Address Proof: Driving license, electricity bill, ration card, Aadhaar card, and other documents are to be given to the firm to open an account.
Bank Details: Along with this, you need to submit a canceled cheque and a copy of the front page of the passbook.
Now, let’s talk about the charges that an individual has to pay for opening an account.
SBI Free Demat Account Charges
For opening a Demat Account with SBI securities, there are some charges that are to be paid by the client. In this section, we will see what the charges that are levied on the clients for opening SBI Free Demat Account are.
Demat Account Opening Charges: There are no charges for opening a Demat Account with SBI. Demat Account opening fee is zero. So, there is no need to pay anything before opening an account.
Annual Maintenance Charges (AMC): The AMC charges are taken for maintaining the client’s account, and these charges are different from one another.
In some brokers, they don’t charge AMC for the initial year and charge from as the second year starts. SBI charges from the first year only, and the charges are Rs. 350 for maintaining a client account.
SBI Free Demat Account Merits
Huge Network: SBI has a wide range of networks across the nation. The branches of SBI have been spread all over the country. The main concern is to connect with as many people as possible.
Reliable: Brand name also plays an important role. SBI is famous for its leading products and services and is a reliable firm. They have built faith in the mind of the customer. Whenever asked about SBI, 90% of the public will be in favor of opening an account with SBI.
Variety of products: SBI provides a broad range of products, and innovative ideas fascinate the clients. Due to the variety of products, a customer never thinks of shifting to another broker.
No hidden charges: SBI is transparent about the charges and believe in being straightforward with their customers. Thus, all the charges levied by SBI are made public beforehand.
Less Risk: The risk factor will be less by having an account with an organization like SBI. They provide services in such a way that the risk factor is undoubtedly reduced in the case of SBI securities.
SBI Free Demat Account Demerits
The brokerage charge is much higher if compared with other brokers present in the market.
The trading platforms are not up to the mark.
Less focus on technology.
SBI is one of the finest financial houses in India, and it provides a wide range of products and services to its clients.
SBI securities attempt to personify as a transparent firm. SBI is a trustworthy brand and has built faith among the clients over the years.
Opening SBI Free Demat Account is a very simple procedure, and it takes only 3 days after the submission of documents to open an account. It is an online as well as offline process to open an account.
It is available for all Indian residents and NRIs to open Demat Account with SBI securities. On an overall note, after discussing the advantages and disadvantages mentioned above, we can certainly recommend you of opening an account with SBI.
Do you want to open a Demat Account? Please refer to the below form