It is upto the interest of the Customer whether to opt for DMAT account or not. But SBI is not giving Saving Account to people if they don’t opt for DMAT Account.
While I was opening my new Savings Account with SBI, I told them that I am not interested in DMAT since I don’t know anything about trading.
But they denied to open a New Savings Bank Account because of this reason. So, I have opted for it.
Later, they have deducted Rs.600/- from my Account Balance towards DMAT Account opening charges.
Not only that, I was told by my friend that even if I don’t use DMAT Account, there would be some yearly charges.
I was not told about any of these deductions while opening bank account and I came to know about these charges only after visiting the Bank.
More over, they are charging Rs.85/- towards MAB every month which other private sector banks do not charge.
Better do not open Savings Accounts with SBI.
They have poor ATM machines also. I tried to withdraw money from ATM and money did not come but it got deducted from my Account.
I have placed a complaint against this and it took 7 days time for the refund to happen and I suffered a lot due to lack of money for those 7 days.