First Demat vs SBI Securities

A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.

First Demat
First Demat
Discount Broker · since 2026
VS
SBI Securities
Full-Service Broker · since 2006
SBI Securities

First Demat vs SBI Securities — quick verdict

Choose First Demat if

You want low-cost, self-directed trading

First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short

Choose SBI Securities if

You want research and offline support

Investing Made Easy.

Company overview

First Demat is a discount broker incorporated in 2026; SBI Securities is a full-service broker incorporated in 2006.

ParameterFirst DematSBI Securities
Type of broker Discount Broker Full-Service Broker
Exchange membership NSE · BSE · MCX NSE · BSE · MCX
Year of incorporation 2026 2006 older
Number of branches 1 1,000+ SBI Investor Service Centres & Ba wider
Active clients 500 ~13.7 lakh larger

Charges & AMC

Account-opening and maintenance charges for First Demat and SBI Securities compared side by side.

ParameterFirst DematSBI Securities
Trading a/c opening ₹0 online; ₹500 offline ₹0 (Free)
Trading a/c AMC ₹0 ₹0 (Free)
Demat a/c opening ₹0 ₹0 (Free)
Demat a/c AMC ₹0 for the first year ₹0 (Free for the first year), thereafter as per applicable tariff plan
DP charges (per ISIN, sell) ₹20 + GST per ISIN ₹15.34 per debit transaction lower

Brokerage charges

How First Demat and SBI Securities price each trading segment, per executed order.

ParameterFirst DematSBI Securities
Equity Delivery 0.1% or ₹20 per executed order, whichever is lower 0.50%
Equity Intraday 0.1% or ₹20 per executed order, whichever is lower 0.05%
Equity Futures ₹20 per executed order 0.05%
Equity Options ₹20 per executed order ₹50 per executed order
Currency F&O — 0.05%
Commodity F&O — 0.05%
Call & Trade ₹50 per trade ₹50 per executed order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by First Demat and SBI Securities, per segment.

ParameterFirst DematSBI Securities
Equity Delivery NSE: 0.00307% · BSE: 0.00375% NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Intraday NSE: 0.00307% · BSE: 0.00375% NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Futures NSE: 0.00183% · BSE: 0% NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%)
Equity Options NSE: 0.03553% on premium · BSE: 0.0325% on premium NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%)
Currency Futures Not specified NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%)
Currency Options Not specified NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%)
Commodity Current segment-wise rates not verified —
Commodity Futures — MCX ₹260 per Cr (0.00260%)
Commodity Options — MCX ₹5,000 per Cr (0.05%)

Demat & DP charges

Depository (demat) charges for First Demat and SBI Securities — AMC, debit transactions, pledging and remat.

ParameterFirst DematSBI Securities
Demat Account Opening ₹0 online ₹0 (Free)
Demat Account AMC ₹0 for the first year; thereafter —
DP Source NSDL, through the intermediary identified in the official regulatory disclosure —
DP ID IN303921, as listed on the official website —
DP Charges for Debit ₹20 + GST per ISIN —
Dematerialisation Charges ₹20 per DRF + ₹3 per certificate —
Rematerialisation Charges ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher —
Margin Pledge / Unpledged for Collateral ₹25 + GST per transaction —
Margin Pledged ₹3 + GST per transaction, —
Pledge Creation Confirmation Not specified —
Failed Instruction Charges ₹20 per intimation per instruction —
Advance Deposit ✕ No —
Other Charges Refer to the latest official demat tariff —
Transaction Charges (Sell) — ₹15.34 per debit transaction
Annual Maintenance Charges (AMC) — ₹0 (First Year), thereafter as per tariff
Pledge Creation / Invocation — ₹25 + GST per request
Remat — ₹25 per certificate + applicable charges
Failed Transactions — Nil

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by First Demat and SBI Securities.

ParameterFirst DematSBI Securities
Equity Delivery Not verified (Not verified) 100% of trade value (1x)
Equity Intraday Not verified (Not verified) As per SEBI peak margin norms (Up to 5x)
Equity Futures As per applicable exchange and broker requirements (Not verified) SPAN + Exposure Margin (1x)
Equity Options As per applicable exchange and broker requirements (Not verified) —
Currency Futures Not verified (Not verified) —
Currency Options Not verified (Not verified) —
Commodity Futures Not verified (Not verified) —
Commodity Options Not verified (Not verified) —

Features & account

Account type and feature availability across First Demat and SBI Securities.

ParameterFirst DematSBI Securities
3-in-1 account ✕ No ✓ Yes better
Automated / API trading ✓ Yes better ✕ No
Margin Trading (MTF) ✓ Yes ✓ Yes
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms First Trade Web, First Mobile SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Intraday square-off 3:20 PM 3:15 PM
Other Free equity delivery, digital onboarding, MTF facility available. 3-in-1 account, MTF, research reports, IPO investment, mutual funds, ETFs and fixed-income products.

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by First Demat and SBI Securities.

ParameterFirst DematSBI Securities
Trading platforms offered First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Number of platforms 4 more choice 3
Platforms (summary) First Trade Web, First Mobile SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Mobile / desktop apps Web, Mobile, Android, iPhone / iOS Web, Mobile, Desktop

User ratings

User ratings for First Demat and SBI Securities across the key parameters.

Rated onFirst DematSBI Securities
Fees — 4.2
Brokerage — 4.2
Trading platform — 4.3
Customer service — 4.4
Research — 4.5
Overall 5 better 4.3

Investment options

Which investment products First Demat and SBI Securities let you access.

ParameterFirst DematSBI Securities
Stocks / Equity ✓ Yes ✓ Yes
Commodity ✓ Yes ✓ Yes
IPO ✓ Yes ✓ Yes
Mutual Funds ✓ Yes ✓ Yes
Bonds / NCD ✓ Yes ✓ Yes

Order types offered

Advanced order types supported by First Demat and SBI Securities.

ParameterFirst DematSBI Securities
Bracket Order ✕ No ✕ No
Cover Order ✕ No ✕ No
BTST ✓ Yes ✓ Yes
After Market (AMO) ✓ Yes ✓ Yes
GTC / GTT ✓ Yes better ✕ No

Safety & credibility

SEBI registration, financial strength and complaint record for First Demat and SBI Securities.

ParameterFirst DematSBI Securities
SEBI registration INZ000328330 INZ000200032
NSE member code 90479 (NSE membership number) 13018
Year of incorporation 2026 2006 longer track record
Net worth 6952 ₹1,000+ Cr stronger
Exchange memberships NSE · BSE · MCX NSE · BSE · MCX
Latest complaint ratio 0.016% fewer complaints 0.088%

Complaints record

Exchange complaint data for First Demat and SBI Securities — the ratio matters more than the raw count.

ParameterFirst DematSBI Securities
Latest financial year 2025-26 2025-26
Exchange NSE NSE
Active clients 5,00,000 13,69,945 larger base
Complaints filed 80 1,208
Complaint ratio 0.016% fewer complaints 0.088%

Pros & cons

The main advantages and drawbacks of each broker.

First Demat

▲ Pros

  • ✓ Zero online account opening charges.
  • ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
  • ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
  • ✓ Web and mobile trading platforms.
  • ✓ AI-assisted market insights and research tools.
  • ✓ Option strategy builder and multi-leg strategy tools.
  • ✓ Charting and technical indicators.
  • ✓ Trailing stop-loss and smart alerts.
  • ✓ IPO application facilities.
  • ✓ Mutual funds and ETFs, according to the supplied review and platform information.

▼ Cons

  • ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
  • ✕ Call & Trade and auto square-off services attract additional charges.
  • ✕ Statutory taxes and exchange transaction charges apply separately.
  • ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
  • ✕ Current active-client figures and net worth have not been independently verified.
  • ✕ Individual category ratings and review counts are unavailable.
  • ✕ MTF is marked unavailable in the supplied review.
  • ✕ A 3-in-1 account is marked unavailable in the supplied review.
  • ✕ Some platform features and product availability require confirmation.
SBI Securities

▲ Pros

  • ✓ Integrated 3-in-1 account with SBI Bank.
  • ✓ Trusted SBI Group full-service broker.
  • ✓ Comprehensive equity research and investment recommendations.
  • ✓ Trade in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
  • ✓ Advanced web and mobile trading platforms.
  • ✓ Margin Trading Facility (MTF) available.
  • ✓ Wide branch network and customer support.

▼ Cons

  • ✕ Brokerage charges are higher than discount brokers.
  • ✕ Demat AMC may apply after the promotional period.
  • ✕ Call & Trade service is chargeable.
  • ✕ Advanced trading tools are limited compared to some competitors.
  • ✕ Certain services and brokerage plans have eligibility conditions.
Open First Demat Account Open SBI Securities Account

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Compare SBI Securities with

SBI Securities vs Zerodha SBI Securities vs Groww SBI Securities vs Bajaj Broking SBI Securities vs Upstox SBI Securities vs ICICI Direct SBI Securities vs Kotak Neo SBI Securities vs HDFC Securities SBI Securities vs Motilal Oswal SBI Securities vs Paytm Money SBI Securities vs Mirae Asset Sharekhan SBI Securities vs Axis Direct SBI Securities vs 5paisa SBI Securities vs Choice Broking SBI Securities vs m.Stock SBI Securities vs Sahi SBI Securities vs FYERS Securities SBI Securities vs SMC Global SBI Securities vs Anand Rathi SBI Securities vs Jainam Broking Limited SBI Securities vs Angel One
Disclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.