SBI Demat Account: This has been said in a letter sent to all employees by the Deputy Managing Director of SBI. SBI is the largest bank with more than 230,000 employees in 22,500 branches spread across the country.
SBI Securities Account: If you yourself are an SBI employee or any member of your family works in the largest public sector bank, then this news is of use to you. Yes, SBI has given a big order to its lakhs of employees. According to this, the bank has asked the employees and their family members to open a Demat Account with SBI Securities to buy and sell shares.
SBI has more than 2.3 lakh employees across the country
According to this directive, if an employee wants to open a Demat account with any other company, then he will have to take approval from the senior manager for this. This has been said in the letter sent to all the employees by the Deputy Managing Director of SBI. SBI is the largest bank with more than 230,000 employees in 22,500 branches spread across the country.
Will have to submit for verification
Along with this, SBI is also the largest estate manager in the country’s mutual fund industry. In the letter issued by SBI, it was also said that the employees will have to submit the information related to their and dependent family members’ demat or trading account to their respective controllers on a quarterly basis for verification.
What will happen to the already existing account?
As per the order given by SBI, if the employees already have a demat account, then they will have to close it. To do this, the bank has given six months’ time to the employees. For this, the employees will have to take permission from the senior officers of the bank.
Share transactions will be monitored
SBI says that the bank wants to create such a way that it can keep an eye on the stock market transactions of its employees. Therefore, this instruction has been given to the employees by the bank. Let us tell you that SBI provides the facility of buying and selling shares and opening demat accounts through its own company, SBI Securities. This order has been given by the bank because some employees had opened demat accounts in companies other than SBI Group.
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