State Bank of India (SBI) has been one of the biggest banks of India and has been famous for the excellent services it provides to its bank account holders. Expanding their excellent services, SBI launched their stock brokerage firm called SBI Securities in the year 2006 to facilitate investors and traders with a more reliable broker. Since the start of SBI Securities, it has kept its mark within the customer base with its exceptional services and a frictionless investing experience. SBI Securities has presented a great competition to the stock brokers that have been in the market for more than twice its time.
Everything that makes SBI Securities the best
- Multiple options for trading platform,computer software, web-browser based trading platform and mobile application .Multiple channel customer services such as email, phone, web-form etc.
- Research reports of different investment products.
- Multiple trading and investing products
You can open a 3-in-1 demat account with SBI Securities which will keep you off of the burden of transferring funds from your bank account to your trading account. Talking about the above features of SBISecurities which is a full-time stock broker, let’s take a bit of insight into all of them.
The trading platforms of SBI Securities include three variants that make it easy for traders to trade or invest using either a web browser, a computer software or a simple mobile application. They were early adapters of technology in the stock brokerage industry and have implemented everything possible to make their customers investing experience faster, smoother, and easier.
Their 3 different trading variants include:
SBI Smart Express -SBI Smart Express is a computer software of SBI Securities that is meant to be downloaded and installed on users’ computers. This is most reliable for professional investors who trade in high volumes and require a quick execution of orders.
SBI Smart Web-For the ease of investors and traders, SBI Securities also facilitates them with a web-browser version of their trading platform which needs no download or installation but can be accessed by directly following a web link. There’s no restriction as to which devices the SBI Smart Web can be used on as it is compatible will all desktops, laptops, tablets and mobile.
SBI Smart Mobile App-The mobile application for trading provided by SBI Securities can’t be considered as the epitome of trading application but is not bad either. It can be called an average trading application which would suffice the need to new traders. It doesn’t provide a very user friendly interface and hence those who are new to the application might face difficulties in the initial stage.The SBI Smart Mobile App hasn’t really wooed many users as there haven’t shown up many praise worthy reviews about the application on thePlayStore either.
The major problems as reported by the users of the application are:
Slow processing speed of the app is highly consistent
- The stock market feed shown on the application is delayed
- The process of logging into the application sometimes gets a little hectic
The application has a three star rating with a negative rating of over 35%.
Customer Services of SBI Securities Customers of SBI Securities can choose to contact theservice team through the following mediums:
While there are some complaints regarding the service provided by the technical support team of the full-time stock broker, there are still people who have a good experience with the same. The technical support team tries their best to answer your queries though, at times, the time they take to do the same is much more than expected.
The Research Reports of SBI Securities SBI Securities being a full time stock broker, provides itsusers with a complete assistance for placing their trades. They give users access to reports and data all the time.While trading with SBI Securities, investors and traders can expect reports such as:
- Heat Map: Being an SBI Securities trading member, you’ll be provided with heat maps of investment products which will make it easy for you to spot particular stock trends and take up the best possible trades with ease.
- Fundamental Reports: The fundamental reports are deep insights of specific stocks that help you to easily recognize whether or not a stock is worth investing on. They also provide you with suggestions to buy or sell the stocks.
- Bubble Map: SBI Securities will also give you access to bubble maps that are relative studies of different stocks that you can look at, at once.
- Screeners: You can get a fast insight of the momentum of the market using the screeners. They are usually used for short term trading.
Account opening andbrokerage charges Having has a look at the services that SBI Securities provides as a full-time broker, here’s a brief about the account opening and brokerage charges that the broker imposes on its customers.
To open a 3-in-1 demat account with SBI Securities, you will have to pay a sum of INR850 while you’ll be getting the trading account at no cost. In addition to this, you will be charged a total of INR350 each year for the maintenance charge of your demat account. Again, the maintenance charge of the trading account is zero.
The brokerage charges of SBI Securities are pretty high but can be considered okay as they are a full time broker providing good service.For equity derivatives, intraday and futures, the brokerage charge is equal to 0.5% of the total invested amount. For equity options the brokerage charge you’ll have to pay equals INR100 per lot.On trades of Currency Options and Futures, a brokerage of 0.3% and INR30 will be charged respectively.
The pros and cons of SBI Securities
SBI Securities is owned by SBI which is a highly trusted brand
It has an above average presence all across India.
Provides a number products for investment and trading Equity, Derivatives, Currency, IPO, Mutual Funds, Home Loans, NCDs, NFOs, ETFs and Loan against securities
- Above average customer service.
Provides reliable research and trading calls.
High account opening and maintenance charges.
Less focus on technology which makes theirtrading portals lag behind a few of their competitors.
High brokerage charges.
SBI Securities is eligible to get over a four star in a marking of five which makes them pretty much a good stock broker. It’s true that they have a high brokerage charge but same is the case with all otherfull-time stock brokers. Some even charge higher brokerage and account opening fees. So, if you have been contemplating over opening a demat account with a full-time broker, SBI Securities can be a good call for you.