| Address: SBICAP Securities Ltd Marathon Futurex, A-Wing, 12th Floor, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai - 400013, Mahar |
| Website: www.sbisecurities.in |
A demat account was opened by SBICAP Securities Ltd when I opened my SBI savings account. At the time of opening, I was not clearly informed about the Annual Maintenance Charges (AMC) of ₹590 per year.
I have never used this demat account — no trades, no holdings — but ₹1180 was deducted from my bank account (₹590 each for two years) on 01/07/2025.
When I contacted customer support, they said the charges were as per the signed form. However, the bank representative never explained the AMC. This feels like mis-selling and a hidden deduction, which is happening to many customers across India.
I request a refund of these charges and demand that such unethical practices be stopped.
I am raising this issue publicly so others can be aware and protected.
State Bank of India [SBI] customer support has been notified about the posted complaint.