0.50% Standard delivery brokerage		₹20 OIOP plan F&O brokerage		₹0 Account opening & AMC (standard)
SBI India's largest bank — 22,000+ branches		0.01% DP charge (POA) — lowest in full-service set		3.6/5 CSB Rating

SBI Securities Limited (SBICAP Securities Limited) is the retail stock broking arm of India's largest bank — State Bank of India. A 100% subsidiary of SBI Capital Markets Ltd (which is itself a subsidiary of SBI), SBI Securities was founded in 2006 and is headquartered in Mumbai with 114+ locations. It holds SEBI registrations for broking and is a depository participant with both NSDL and CDSL. The defining advantage of SBI Securities over all other brokers reviewed on CSB is its brand: State Bank of India has over 22,000 branches nationwide and the deepest reach into India's tier-2 and tier-3 markets. For any investor who is already an SBI bank customer or who prioritises government-bank institutional safety, SBI Securities is a natural first consideration.

SBI Securities' pricing structure has two very distinct tiers. The standard plan is percentage-based and expensive (0.50% delivery, ₹100/lot options) — on par with HDFC Securities' default plan and materially more expensive than ICICI Direct or Kotak Securities. For investors who want competitive pricing, the OIOP plans (One India One Price, ₹3,000–₹10,000 one-time subscriptions) are where SBI Securities becomes genuinely interesting: they provide ₹20 flat brokerage on all F&O and intraday trades, combined with a large block of lifetime complimentary delivery volume — ₹1.5 crore for OIOP-3K up to ₹7.5 crore for OIOP-10K. No other reviewed broker offers this type of pre-paid lifetime delivery volume structure.

Two additional differentiators stand out. First, SBI Securities' DP charge via POA (0.01% min ₹21 max ₹300) is the most favourable DP charge structure in the full-service broker set — significantly cheaper than HDFC Securities (0.04% min ₹25) and ICICI Direct (₹20+GST flat). Second, the 3-in-1 account with YONO SBI integration allows existing SBI customers to open and link trading accounts directly through the SBI mobile banking app, leveraging SBI's infrastructure of 22,000+ branches for support.

Standard plan brokerage

1.7

OIOP plan value

3.7

SBI brand & trust

4.9

DP charge & AMC structure

4.3

YONO integration & branch reach

4.5

Platform & technology

3.0

Overall Rating

3.6

Ratings based on independent testing, verified user reviews, SEBI complaint data, and platform benchmarking. Updated March 2026. Standard plan brokerage rated separately from OIOP plan as both represent real user experiences depending on plan chosen.

SBI Securities operates a standard (default) percentage-based plan and a range of subscription plans including OIOP (One India One Price). All charges verified from sbisecurities.in official plan PDF, sbisecurities.in T&Cs, Chittorgarh, and CompareShareBrokers FAQ database as of March 2026.

OIOP complimentary delivery volume is lifetime — not per year. After the complimentary volume is exhausted or validity expires, the reduced OIOP brokerage rate (0.10%–0.20%) continues on remaining delivery trades. Verified from sbisecurities.in official plan PDF (Brokerage Plans.pdf). Plans are for Resident Indians only.

OIOP (One India One Price) plans are SBI Securities' signature subscription product and the most distinctive pricing structure in the full-service broker space. Here's what you get with each plan: a one-time subscription fee buys you (a) ₹20 flat brokerage on all intraday equity, futures, and options trades for life, and (b) a lifetime block of complimentary delivery volume at a reduced brokerage rate.

The complimentary delivery volumes are the key evaluation point. A long-term investor who expects to transact ₹1.5–₹7.5 crore in delivery equity purchases and sales over their investing lifetime could find the OIOP plan genuinely cost-effective when combined with ₹20 flat F&O brokerage. After the complimentary volume is exhausted, the OIOP delivery rate (0.10%–0.20%) continues — still better than the standard 0.50%. Calculate your expected lifetime delivery volume before choosing the plan tier.

The SBI Securities 3-in-1 account links an SBI Bank savings account, SBI Securities demat account, and trading account. For existing SBI Bank customers, YONO SBI — the State Bank of India's mobile banking app — enables account opening, fund transfer for trading, and basic trading access directly within the SBI banking ecosystem. This is particularly valuable for investors already deeply embedded in SBI's 22,000+ branch network, where any branch can assist with the trading account. The 3-in-1 is not as automated as Kotak's Trinity (manual fund transfer is needed in some cases), but the sheer scale of SBI's physical network makes it uniquely accessible to India's geographically diverse investor base.

TradeSabi is SBI Securities' proprietary trading platform, available as both a web terminal and mobile app for Android and iOS. It provides real-time market data, order placement, portfolio tracking, and research access. The platform is built in-house, providing SBI Securities with full control over support and feature updates. Additionally, SBI Securities integrates with the YONO app for a simplified investment experience. Products include equity, F&O, MF, IPO, bonds, NCDs, home loans, car loans, and Loans Against Securities (LAS).

• You are an SBI Bank customer — YONO integration, 22,000+ branch support, and 3-in-1 seamless banking integration are maximally useful when you are already an SBI customer.
• You are a conservative investor who prioritises government-bank safety over everything else — SBI's sovereign-backed institutional strength and India's largest bank status provide unparalleled trust for investors who won't consider private-sector banks.
• You are a long-term delivery investor planning large transactions — the OIOP-10K plan's ₹7.5 crore lifetime complimentary delivery volume at 0.10% brokerage can be very economical for HNI-level delivery investing over years.
• You want the lowest DP charge in the full-service space — 0.01% min ₹21 max ₹300 via POA is significantly cheaper than HDFC Securities (0.04%) and ICICI Direct (₹20 flat per ISIN).

• You are not an SBI Bank customer and don't want to become one — the branch support and YONO integration advantage disappears; you would be paying for a brand connection you cannot leverage.
• You are an active F&O or intraday trader on the standard plan — 0.05% intraday and ₹100/lot options on the standard plan are very expensive. You must subscribe to an OIOP plan to make costs competitive.
• You want a modern, polished trading app — TradeSabi is functional but not at the level of Kotak Neo, Dhan, or Upstox in terms of UI design.
• You need unlimited free Call & Trade — 30 free calls/month is reasonable but not unlimited. For frequent phone-order users, HDFC Securities (unlimited free) or Sharekhan (free Dial-N-Trade) are better.

SBI Securities Limited (SBICAP Securities Limited) is a 100% subsidiary of SBI Capital Markets Ltd, which is itself a subsidiary of State Bank of India. SBI is a public sector bank backed by the Government of India — the only broker in the reviewed set with this sovereign backing. SEBI-registered for broking, and a DP with both NSDL and CDSL. Your demat holdings are held in your personal demat account independent of the broker. From a pure institutional safety standpoint, no broker in this review set has stronger backing than SBI Securities.

• You are an existing SBI Bank customer — the 3-in-1 with YONO SBI integration is seamless. With 22,000+ SBI branches, you can get in-person support anywhere in India, including tier-2 and tier-3 cities.
• You prioritise government-bank safety above all else — SBI is India's largest bank and carries the strongest public-sector trust. For conservative investors who want the assurance of a government-backed institution, SBI Securities is the natural choice.
• You are a long-term high-volume delivery investor who can benefit from the OIOP plan — the OIOP-10K plan (₹10,000 subscription) offers ₹7.5 crore in complimentary lifetime delivery volume at 0.10%. For investors who transact large amounts in delivery, this can represent significant long-term savings.
• You want free demat AMC — SBI Securities' standard plan AMC is ₹0 compared to ₹700 at ICICI Direct, ₹750 at HDFC Securities, and ₹600 at Kotak Securities.

• You want a modern trading platform — TradeSabi is functional but not as advanced as Kotak Neo, Dhan, or Zerodha Kite. Innovation is slower at bank-owned full-service brokers.
• You are on the standard plan and trade actively — 0.50% delivery and 0.05% intraday are very expensive. The OIOP plans are needed to make SBI Securities cost-competitive.
• You are an NRI wanting OIOP plans — OIOP plans are for resident Indians only. NRI customers cannot subscribe to these plans and face standard brokerage instead.

SBICAP Securities Limited is a 100% subsidiary of SBI Capital Markets Ltd, itself part of the State Bank of India group — India's largest bank with assets exceeding ₹50 lakh crore. SBI is a government-of-India enterprise. For conservative investors who place safety and institutional trust above all other considerations, SBI Securities carries the highest possible backing in Indian retail broking. The company is SEBI-registered, a DP with both NSDL and CDSL, and operates under SBI's regulatory and compliance framework. Your demat holdings are held in your personal demat account and are independent of SBICAP Securities itself.