By Saksham Arora If trust and stability matter to you, it’s hard to ignore State Bank of India. Through its brokerage arm SBICAP Securities, SBI offers a 3-in-1 account that links your bank, trading, and Demat account into one system.
Over the years, SBI was seen as a traditional broker with higher charges. But in 2026, things have changed. With newer Neo and Pro plans, it now competes directly with discount brokers while still keeping its full-service options.
Let’s break everything down clearly.
1. Account Opening & Maintenance Charges
Account Opening
- ₹0 (Free) for online accounts (via YONO or SBI portal)
Annual Maintenance Charges (AMC)
- Standard Account → ₹500 + GST per year
- Often free in the first year (offers like Suvidha)
Women’s Plan
- First 2 years → Free AMC
- After that → ₹500 + GST per year
BSDA (Basic Services Demat Account)
- ₹0 if holdings are up to ₹4 lakh
- ₹100 + GST if holdings are ₹4–10 lakh
One-Time Charges
- Agreement stamp paper → ₹100–₹200 (for physical setup)
2. Brokerage Plans (Important Section)
SBI offers both percentage-based plans and flat-fee plans.
A. Standard (Suvidha Plan)
This is the traditional pricing model.
- Equity Delivery → 0.50%
- Intraday → 0.05% per order
- Futures → 0.05% per order
- Options → ₹50 per lot
This plan is simple but can get expensive for larger trades.
B. Neo / Pro Plans (Modern Flat Model)
Designed to compete with discount brokers.
- Equity Delivery → 0.10% to 0.35% (varies)
- Intraday → ₹20 per order
- Futures → ₹20 per order
- Options → ₹20 per order
ETF Trading
- Free in some high-tier plans
These plans are much more cost-effective for active traders.
3. DP Charges (Important Hidden Cost)
DP charges apply when you sell shares.
Online Transactions
- 0.03% per ISIN (minimum ₹10)
Offline/Branch Transactions
- 0.03% per ISIN (minimum ₹30)
External DP Charges
- Around ₹13.50 per company per day
Pledge Charges
- 0.02% (minimum ₹25) if SBI is counterparty
- 0.04% (minimum ₹30) for others
Dematerialization Charges
- ₹35 per request + ₹2 per certificate
4. Government & Regulatory Charges
These are fixed across all brokers.
STT (Securities Transaction Tax)
- Delivery → 0.1% on buy & sell
- Intraday → 0.025% on sell side
- Futures → 0.05% on sell side
- Options → 0.15% on sell side (premium)
Exchange Charges
- NSE → 0.00297%
- BSE → 0.00375%
SEBI Charges
- ₹10 per crore
Stamp Duty
- 0.015% on buy side (delivery)
5. Other Service Charges
Call & Trade
- ₹20 + GST per order
Auto Square-Off
- ₹40 + GST per order
Late Instruction Fee
- ₹10 per ISIN
Failed Instructions
- ₹10 per instance
Physical Statements
- ₹30 + courier
- Email statements are free
6. Real Cost Example
Let’s say you:
- Buy shares worth ₹10,000
On Suvidha Plan → ₹50 brokerage
On Pro Plan → ₹20 brokerage
That’s why choosing the right plan matters.
7. Who Should Choose Which Plan?
Casual Investors
- Go for Suvidha or Women’s Plan
- Lower entry cost and simpler setup
Active Traders
- Go for Pro / Neo Plans
- Flat ₹20 brokerage is more efficient
8. Where SBI Stands Out
- Strong trust and brand value
- Seamless bank integration
- Good for long-term investors
9. Where It Can Be Costly
- Percentage plans are expensive
- DP charges are slightly complex
- Not as simple as pure discount brokers
Final Thoughts
SBI has clearly evolved. It’s no longer just a traditional broker—it now offers both old-school reliability and modern pricing options.
If you want safety and integration with your bank, SBI is a solid choice. And with the newer Pro plans, it can even compete with discount brokers on pricing.
The key is simple: Choose the right plan based on how you trade
Pick wisely, and you get the best of both worlds—trust plus reasonable costs.
Hemlata Soni