State Bank of India, widely known as SBI, is a trusted brand in India. SBI Securities Limited (SSL) is a subsidiary of the well established State Bank of India. Opening a trading account in SBI is an easy process. Let’s talk about it in detail today.
Although, if you already have an SBI savings account, you can get it linked easily. This offering reduces the effort of linking a savings account with the trading account.
SBI is a well-known brand in the finance industry. From its banking sector facilities to the helping hand as a stockbroker, SBI has gained millions of trusted customers with a reputation and image of assisting people.
With no more delay, let’s discuss the trading account in SBI.
Trading Account in State Bank of India
As the name indicates, a trading account is used to place orders to buy or sell various financial securities. The financial segments bought are stored in a demat account and deducted from the same when sold.
Now, you must be curious to learn about the benefits of operating a trading account in SBI. Let’s jump to the block of discussing the advantages of a trading account in the State Bank of India.
The account holder can trade in various financial segments like currency, equity, derivatives (options & futures), and many more. They are facilitated to trade in multiple financial segments using the trading account in SBI.
The trading career operates much faster with the best technological support. SBI extends state of the art apps.
Multiple trading platforms for desktop and mobile apps are technologically advanced and are available for the customers for free.
The SBI trading platforms are made available using omnichannel networks. You can trade while being online and also while staying offline. Trading Terminal, Mobile Apps are capable of trading in both of them.
Extraordinary analytical capabilities and extensive research analysis tools are a great add on for the traders subscribing to SBI.
They extend the facility of educational tools for the traders and investors to provide them with demos of the best trading platforms in India and help them start an efficient trade.
These tools are simplified for easy understanding.
So, having a trading account in SBI is super beneficial, and the risk is reduced as the brand is the utmost trusted name in the industry.
The next necessary question is – How to open a trading account in SBI. Let’s discuss the process in detail.
How to Open a Trading Account in SBI
Various stockbrokers offer multiple ways to open a trading account with them. SBI Securities facilitates its customers to open a trading account in SBI using three different ways. These ways are
You can complete the process online.
For the tech-savvy generation, this is the best way out. You can complete the process of opening a trading account in SBI while sitting in the comfort of your home.
Log onto their official website and click on open an account.
You’ll be required to enter details like Name, Email ID, Mobile Number, etc. the further procedure is as easy as a standard registration form.
You’ll be assisted by the instructions provided along with the information required.
Follow the instructions, and you’ll register as an SBI trading account holder in less than 15 minutes.
2. You can visit the SBI branch in person.
For all the technology-phobic people and the older generations that prefer it better on paper can visit the nearest SBI Securities branch.
You’ll be extended the best of assistance to registering yourself as a trading account holder with SBI. The staff will help you with the registration process and the verification after that.
3. You can request the relationship manager at SBI to visit your home.
To avoid any hassle, you can reach the customer care support of SBI Securities and schedule a visit of the relationship manager at SBI to your place.
After the visit is scheduled, the appointed manager will visit you and open a trading account in SBI for you. This process helps you avoid a plethora of issues.
You can choose the account opening procedure that is best for you. These options are provided to you for your ease and increasing your customer experience with the stockbroker.
There are a few documents required to open a trading account in SBI. a list of these documents is mentioned below
For signing the form digitally, you can link your email ID or mobile number with Aadhar Card.
After opening an account, you will be required to bear a few charges. These charges are discussed below.
Trading Account Charges in SBI
In general, a stockbroker levies three charges on an account holder. These charges are Account opening charge, Annual Maintenance Charge (AMC), and account closing charge.
The fee for opening an account is a one-time payment, while AMC is, generally, a yearly payment.
SBI Securities charges only an opening charge for a trading account, and the rest of the two is zero.
The opening charge for a trading account in SBI is ₹850. On the other hand, for a trading account in SBI, the annual maintenance charge (AMC) is zero. SBI levies AMC on the Demat account and not trading account.
Lastly, the account closing charge in SBI Securities is zero. You are required to clear your balances. Post balance clearing, you can move ahead with the account closing procedure.
How can I Close Trading Account in SBI?
Since SBI offers a 3 in 1 account, closing for the trading account is combined with the closing of the Demat account. There are two ways of closing your trading and demat accounts.
First, you can download the account closure request from the website of SBI Securities. Print it, fill the details, and send it to the corresponding address printed on the form.
Your trading account will be closed within 3 – 5 business days after receiving your account closure form.
Second, you can visit the nearest SBI Securities branch and ask for a form of trading account closure.
You have to fill in the details and sign the account closure form to initiate the process. They’ll assist you throughout the process.
After the form is submitted to the branch, it will take approximately 3 – 5 business days to close the trading account in SBI.
But before you rush to the branch for closing your trading account in SBI, make sure you check on a few things. These essential things are
Your account should not have any pending payments or balance (credit or debit).
The shares in your demat account, if any, should be transferred. The process of account closure should be initiated after you have concluded the process transfer of shares.
All account holders should sign the form of closure, in case of a joint account.
SBI Securities Limited (SSL) is a full-service broker that is a subsidiary of the State Bank of India, the largest bank of India.
It is a trusted brand due to the vast offline presence across the nation, i.e., approximately 120 branches.
SBI Securities is a bank based broker. Thus, it facilitates its customers with a 3 in 1 account. This service includes a trading account, a demat account, and a savings account.
Traders or investors have free and unlimited access to technologically advanced SBI trading platforms.
These platforms aid the trader or investor in trading multiple financial segments like equity, commodity, derivatives, currency, etc.
Opening a trading account in SBI is a simple process with proper guidance and instructions from the broker.
To enhance the customer experience, they also extend the facility of opening an account while the relationship manager visits you at your home.
The broker levies multiple charges on the trading account like opening charge, AMC, and closing charges. These charges vary for different brokers.
We hope all your queries about the trading account in SBI have been cleared.
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