The first step to investing in any company or mutual funds stocks is to open a Demat account. A Demat account is a mandatory trading account needed when dealing with stocks and mutual funds in electronic form. All of your transactions take place through the Demat account.
You can open your Demat account using the SBI Yono application. Read the article to learn how to open a Demat account using the SBI Yono application.
Also read: How to reset the password in Yono?
Open your Demat account using the SBI YONO app
Before starting the process, keep the following documents handy to open your Demat account.
- Aadhar Card
- PAN Card
- Bank Account Proof (cancelled cheque, passbook).
- Passport image
- Other documents such as driving license or voter ID etc.
SBI Yono charges Rs. 500 for account opening, and the first AMC will be free. You will be charged the regular AMC from next year onwards.
Follow the steps below to open your Demat account using the SBI Yono app.
- Open your SBI Yono application, and tap on Investments.
- Under the Through SBICAP Securities, tap on the Open Demat & Trading Account option.
- Tap on the Start Now button.
- Choose the account you want to map to your Demat account. Check the box to agree to the terms and conditions and confirm the details you provided. If you have some referral code, then add it else, tap on the Next button.
- Enter the OTP that you will receive on your registered mobile number. Tap on Submit.
- Agree to the disclaimer dialogue box. You will be redirected to the SBICAP Securities webpage. You will also get an agent assigned to you with whom you can get help in case you face any issues.
- Verify all your personal details.
- Choose the investment plan you want to enroll in, and tap on next.
- Provide all the other necessary details as asked from you, and submit your application.
After the verification, your account will be activated within 24 to 48 hours.