SBI Demat Account For NRI
More on NRI Trading
The State Bank of India is one of the top national banks that allow NRI trading through its platform. Therefore, interested NRIs invariably are curious about the SBI Demat Account For NRI.
Furthermore, with the influx of people participating in the Indian trading market, the demand from NRIs to invest in the Indian stock market increases even more.
Therefore, the Government of India has allowed NRIs to participate in the Indian trading scene. We will discuss the SBI Demat Account For NRI and the corresponding charges SBI Securities levies to its clients in detail in this review.
SBI Demat Account For NRI Review
Before we go into the SBI Demat Account For NRI, let us learn about the services that NRIs can avail through SBI Securities. These services include:
3 in 1 trading option allows the NRIs to open all three accounts – trading account, demat account, and a bank account with SBI. All of these three accounts are required to trade with SBI.
SBI’s E Broking services allow NRIs to invest in the Indian trading market directly through a single online platform. Traders can buy and sell in leading stock exchanges like NSE and BSE through SBI’s E Broking.
A PIS Account is important to report the revenues made through trading to the RBI. SBI can help you open a PIS account very easily.
With an SBI Demat Account for NRI, you can invest across multiple trading segments, including Equity, IPOs, Mutual funds, Security Lending.
You will be provided with a dedicated NRI service desk through the IVR support system directly.
Apart from that, with SBI Demat Account you will be provided with:
- Equity Research
- SBI Smart trading platforms
- 24 X 7 Back Office Access
How to Open Demat Account in SBI for NRI?
SBI offers 3 accounts; NRI PIS Account, NRI Trading Account, and NRI Demat account. Thus one can enable 4 accounts with a single application that helps them to gain a good trading experience.
Here the SBI NRI Demat Account holds the securities in electronic or says dematerialized form. SBI Cap offers the NRE Repatriable Demat account and NRO i.e. Non-Repatriable Demat account to NRI clients.
NRI Trading Account facilitates the client to place buy and sell orders across the top exchanges of India, including BSE and NSE.
Apart from this, the broker provides SBI NRI PIS Account, that allows them to invest in equities directly. Apart from this, it offers Non-PIS NRE and NRO Bank account to clients thus preventing them to report each transaction to RBI.
- To open the NRI Demat account with SBI Cap, just visit the website and fill the form.
- Enter the basic details and the call back is arranged that further guides you with the account opening process.
Still, confused let’s make it easier. Fill in your details in the form given below.
SBI Demat Account For NRI Charges
For equity trading using SBI Demat Account For NRI, one can trade through the PIS account. For this purpose, SBI opens four accounts for the NRI- PIS Account, Bank Account, NRE Bank Account, Demat Account, and Trading Account.
RBI Approval for PIS will cost ₹750. This is a one-time fee and it will be charged during SBI Demat account opening.
SBI charges an Annual Maintenance fee for a PIS Account. This fee is zero for the first year, and ₹1000 will be charged every year after the first one.
For PIS accounts, reporting charges are present too. These charges are divided into six slabs.
- For transactions up to ₹10,000, 0.50% of transaction value per scrip is charged.
- For transactions more than ₹10,001 to ₹50,000, 0.45% of transaction value per scrip is charged.
- For transactions more than ₹20,001 to ₹2,00,000, 0.40% of transaction value value per scrip is charged.
- For transactions more than ₹2,00,001 to ₹5,00,000, 0.35% of transaction value per scrip is charged.
- For transactions more than ₹5,00,001 to ₹10 lakh, 0.30% of transaction value per scrip is charged.
- For transactions above ₹10 lakh, 0.25% of transaction value per scrip is charged.
- For opening the trading account, SBI will charge a one time fee of ₹500.
- For opening the Demat account, SBI will charge a one time fee of ₹2500.
- For Demat accounts, an Annual maintenance fee of ₹750 is charged every year too.
- For brokerage, SBI charges a flat rate of 0.50% of the transaction value per scrip.
Here is a quick summary of all the charges:
|Account Related Charges|
|Opening Trading Account||₹500|
|Opening Demat Account||₹2500|
|Demat Account AMC||₹750 Per Year|
|RBI Approval for PIS||₹750|
|PIS Account AMC||1st Year Free, ₹1000 Per Year Later|
|Transactions up to ₹10,000||0.50%|
|Transactions between ₹10,001 to ₹50,000||0.45%|
|Transactions between ₹20,001 to ₹2,00,000||0.40%|
|Transactions between ₹2,00,001 to ₹5,00,000||0.35%|
|Transactions between ₹5,00,001 to ₹10 lakh||0.30%|
|Transactions above ₹10 lakh||0.25%|
SBI Demat Account For NRI Penalties:
NRIs who wish to trade through NRE or NRO account need to maintain a monthly average balance of ₹3,000 for metro and urban savings, ₹2,000 for semi-urban savings, ₹1,000 for rural savings, and ₹10,000 for current accounts.
If this minimum balance is not met, SBI can charge penalties to the NRI. These penalties are as follows:
SBI NRE or NRO Savings Account
While maintaining the SBI Demat Account For NRI traders, one needs to make sure there is no shortfall. In case that happens, there are defined slabs with corresponding penalty charges as discussed below:
For a shortfall of 50% of minimum balance, the bank will charge ₹30 plus GST for urban areas. For rural areas and semi-urban areas, the bank will charge ₹20 plus GST.
For a shortfall between 50% – 75%, the bank will charge ₹40 plus GST for urban areas and ₹30 plus GST for semi-urban and rural areas.
For a shortfall more than 75%, the bank will charge ₹50 plus GST for Urban Areas and ₹40 plus GST for semi-urban and rural areas.
These charges will be charged on a monthly basis.
For NRO current account, ₹500 plus GST will be charged every month for non-maintenance of Monthly Average Balance.
We hope you will find this information regarding SBI NRI Demat Account Charges helpful. If you want to know more, feel free to contact us with your queries.
In case you are interested in going ahead with an NRI Demat account, let us assist you in taking the next steps forward:
If you wish to learn more about NRI Trading, here are a few references: