SBI Demat Account Charges: Complete Details
Are you considering opening a demat account with SBI Securities? Understanding the various charges involved is crucial to select the right type of account that suits your investment needs and budget. In this comprehensive guide, we’ll walk you through the different charges associated with SBI demat accounts, including Account opening charges, annual maintenance charges, transaction charges, and other fees.
By the end of this post, you’ll have a clear understanding of the charges involved and be able to make an informed decision when opening an SBI demat account. Optimize your investment strategy by learning about SBI demat account charges. Keep reading to learn more.
Overview of SBI Demat Account Charges
SBI Securities offers a wide range of Demat account services, including account opening, maintenance, and transaction charges. The charges levied by SBI Securities are competitive and affordable, making it an attractive option for investors.
The account opening charges for a demat account with SBI Securities are Rs. 850, which is inclusive of the first-year annual maintenance charges. Thereafter, the annual maintenance charge is Rs. 400 plus GST for a regular account and Rs. 100 plus GST for a Basic Services Demat Account (BSDA).
SBI Securities also charges transaction fees for buying and selling securities. For equity delivery transactions, there is no charge, while for intraday and futures and options (F&O) transactions, a flat fee of Rs. 20 per trade is charged. For equity transactions other than delivery, a fee of 0.03% of the transaction value, subject to a minimum of Rs. 25 and a maximum of Rs. 50 per transaction, is charged.
In addition to the above charges, SBI Securities also levies various other fees for services such as dematerialization and rematerialization of shares, pledge creation and closure, and account modification. The charges for these services are reasonable and in line with industry standards.
Overall, SBI Securities offers a competitive and transparent fee structure for its demat account services. Investors can choose from a range of account options based on their investment needs and budget, making it an attractive option for both novice and experienced investors.
Account Opening Process and Charges
Opening an SBI Demat Account is a straightforward process that can be completed online or in-person at an SBI branch. The account opening process involves the submission of personal and financial information, along with the payment of account opening charges.
Demat Account Opening Charges
The Demat Account Opening Charges for SBI Securities are Rs. 850/- per account. This charge is exclusive of applicable GST and other taxes/statutory charges levied by Government bodies/statutory authorities from time to time, which will be charged as applicable. Any concession in card rates is subject to approval from the competent authority.
Trading Account Opening Charges
Trading Account Opening Charges for SBI Securities are Rs. 850/- per account. This charge is exclusive of applicable GST and other taxes/statutory charges levied by Government bodies/statutory authorities from time to time, which will be charged as applicable. Any concession in card rates is subject to approval from the competent authority.
The trading account opening charges are waived off for the first year for those who open a 3-in-1 account with SBI. This account combines a savings account, a demat account, and a trading account in one package.
In conclusion, opening a Demat account with SBI Securities is a simple process that can be done online or in-person at an SBI branch. The account opening charges for both Demat and Trading accounts are Rs. 850/- per account. The trading account opening charges are waived off for the first year for those who open a 3-in-1 account with SBI.
Annual Maintenance Charges
SBI charges Annual Maintenance Charges (AMC) for maintaining a demat account. The AMC is charged annually and is mandatory for all demat accounts. The AMC for a demat account depends on the number of holdings and is charged by the Depository Participant (DP). SBI offers two types of AMC, Demat AMC, and Trading AMC.
Demat AMC
The Demat AMC is charged by the DP for maintaining the demat account. The charges vary depending on the value of the holdings in the demat account. For example, if the value of the holdings is less than Rs. 50,000, the Demat AMC is waived off. However, if the value of the holdings is between Rs. 50,000 to Rs. 2 lakhs, the Demat AMC charges are Rs. 100 plus taxes. If the value of the holdings is more than Rs. 2 lakhs, the Demat AMC charges are Rs. 300 plus taxes.
Trading AMC
The Trading AMC is charged by the broker for maintaining the trading account. The charges for Trading AMC are separate from the Demat AMC charges. The Trading AMC is charged annually and is mandatory for all trading accounts. The charges for Trading AMC vary depending on the broker and the type of account. For example, SBI charges Rs. 750 plus taxes for Trading AMC for a basic trading account.
It is important to note that the AMC charges are subject to change and may vary depending on the DP or broker. Customers are advised to check the latest AMC charges before opening a demat or trading account.
Brokerage and Transaction Charges
SBI Securities offers competitive brokerage and transaction charges to its customers. The brokerage charges are based on the type of transaction and the asset class being traded. The transaction charges, on the other hand, are levied by the depository and the stock exchanges and are the same for all brokers.
Equity Delivery
SBI Securities charges a brokerage fee of 0.50% of the transaction value for equity delivery trades. The minimum brokerage charged is Rs. 10 per trade. The transaction charges for equity delivery trades are 0.00325% of the transaction value. Additionally, there is a Securities Transaction Tax (STT) of 0.1% of the transaction value and a Goods and Services Tax (GST) of 18% on the brokerage and transaction charges.
Futures, Options and Currency Derivatives
For futures, options, and currency derivatives, SBI Securities charges a brokerage fee of 0.05% of the transaction value or Rs. 20 per trade, whichever is lower. The transaction charges for these trades are 0.002% of the transaction value. There is also an STT of 0.01% of the transaction value and a GST of 18% on the brokerage and transaction charges.
Commodities
For commodity trading, SBI Securities charges a brokerage fee of 0.03% of the transaction value or Rs. 20 per trade, whichever is lower. The transaction charges for commodity trades are 0.0026% of the transaction value. Additionally, there is an STT of 0.01% of the transaction value and a GST of 18% on the brokerage and transaction charges.
It is important to note that SBI Securities also charges demat charges, trading charges, and other statutory charges as applicable. Customers are advised to check the latest charges on the SBI Securities website or by contacting their customer service.
Depository and Other Charges
SBI Securities offers demat account services through two depositories, namely, CDSL and NSDL. The charges for maintaining a demat account with SBI Securities include account opening charges, annual maintenance charges, transaction charges, pledge creation, and invocation charges, failed transaction charges, and courier charges.
CDSL and NSDL Charges
The depository charges levied by CDSL and NSDL are as follows:
| Particulars | CDSL Charges | NSDL Charges |
|---|---|---|
| Account Opening Charges | Rs. 100 | Rs. 100 |
| Annual Maintenance Charges (AMC) | Rs. 100 | Rs. 100 |
| Transaction Charges (Debit) | Rs. 15 per transaction | Rs. 20 per transaction |
| Transaction Charges (Credit) | Nil | Nil |
Pledge Creation and Invocation Charges
SBI Securities charges a fee for creating and invoking pledges on securities held in the demat account. The charges for pledge creation and invocation are as follows:
| Particulars | Charges |
|---|---|
| Pledge Creation Charges | 0.02% of the value of securities pledged (minimum Rs. 50) |
| Pledge Invocation Charges | 0.02% of the value of securities invoked (minimum Rs. 50) |
Failed Transactions and Courier Charges
SBI Securities levies charges for failed transactions and courier services. The charges for these services are as follows:
| Particulars | Charges |
|---|---|
| Failed Transaction Charges | Rs. 50 per transaction |
| Courier Charges | At actuals |
It is important to note that all the above charges are exclusive of applicable GST and other taxes/statutory charges levied by government bodies/statutory authorities from time to time, which will be charged as applicable.
Overall, SBI Securities charges reasonable demat account fees, which are in line with industry standards. Customers are advised to carefully read the terms and conditions of the demat account before opening one with SBI Securities.
Conclusion
If you are considering opening an SBI Demat Account, it is crucial to review the charges and fees associated with the account before making a decision. The account opening fee, annual maintenance fee, and transaction fee are some of the charges to consider. SBI Securities offers flexible options for paying the annual fees, and there are no AMC charges if there are less than ₹50,000 in your trading account. However, there may be charges for other services, such as pledge creation, dematerialization, and materialization.
By understanding the fee structure and terms and conditions, investors can decide whether an SBI Demat Account is right for them. It is also important to remember that the charges and fees associated with a Demat account may change from time to time, and investors should stay updated with the latest information to avoid surprises. Opening an SBI Demat Account can be a great way to invest in the stock market and manage your securities electronically.
Therefore, it is recommended that investors carefully review the fees and charges before opening an account to optimize their investment portfolio and reduce their costs.
Frequently Asked Questions
What are the charges for opening an SBI Demat account?
The account opening charges for an SBI Demat account are Rs. 850 plus GST. This charge is a one-time fee and is applicable at the time of opening the account.
What is the minimum balance required in an SBI Demat account?
There is no minimum balance requirement for an SBI Demat account. However, to avoid any inconvenience, it is recommended to maintain a sufficient balance in the account.
What is the annual fee for an SBI Demat account?
The annual maintenance fee for an SBI Demat account is Rs. 400 plus GST. This charge is applicable from the second year of account opening and is debited from the Demat account.
What are the brokerage charges for trading through SBI Cap Securities?
The brokerage charges for trading through SBI Cap Securities depend on the type of transaction and the volume of trade. The brokerage fee is charged on a percentage basis, ranging from 0.15% to 0.5% of the transaction value. For more information, please refer to the SBI Securities Demat Account Charges page.
How can I close my SBI Demat account?
To close an SBI Demat account, the account holder needs to submit a written request to the nearest SBI branch or SBI Cap Securities branch. The request should include the account holder’s name, account number, and the reason for account closure. Once the request is processed, the account holder will receive a confirmation of account closure.
What are the DP charges for SBI Securities?
The Depository Participant (DP) charges for SBI Securities are levied by the depository (NSDL/CDSL) and are passed on to the account holder. The charges include a transaction fee, custody fee, and other statutory charges. The exact charges depend on the type of transaction and the volume of trade. For more information, please refer to the SBI Securities Demat account charges page.
