SBI deducted money for Demat. But I Never Opened One

This topic has 8 replies, 7 voices, and was last updated 1 year, 2 months ago by Superguy814.

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- April 6, 2025 at 7:06 am #20201 Reply
  Superguy814
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  Superguy814
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  April 6, 2025 at 7:06 am
  
  Hi all, I need some help.
  
  SBI recently deducted ₹590 from my savings account. When I asked, they said it was for “securities” or demat-related charges. But I’ve **never opened a demat account**, never traded shares, nothing.
  
  A few months ago, I even checked with my branch manager, and they confirmed there was **no demat account linked** to me. Now, this random deduction has me worried.
  
  ₹590 isn’t a big amount, but if money can be taken without my permission, I’m not sure my account is safe. I’m thinking of closing my SBI account and switching to HDFC.
  
  Can anyone advise:
  
  * Can banks open demat accounts without consent?
  * How do I get this clarified or refunded?
  * Has this happened to anyone else?
- April 6, 2025 at 7:12 am #20205 Reply
  Tarahero769
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  Tarahero769
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  April 6, 2025 at 7:12 am
  
  RBI Ombudsman is your best bet.
  
  NAL
- April 6, 2025 at 8:05 am #20204 Reply
  Shreeeagle119
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  Shreeeagle119
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  April 6, 2025 at 8:05 am
  
  can u paste the exact narration/description of the transaction in your statement ?
  - April 6, 2025 at 9:09 am #20206 Reply
    Superguy814
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    Superguy814
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    April 6, 2025 at 9:09 am
    
    SBICAP SECURITIES LTD TO TRANSFER CMP SBI CAPS
    - April 6, 2025 at 5:04 pm #20207 Reply
      Indianfox3520
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      Indianfox3520
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      April 6, 2025 at 5:04 pm
      
      I was at SBI bank a week ago. I saw 3-4 people complaining the same. 590 amount deducted for their account. One guy was a construction worker who did not even know how to read. His passbook had these chargers of 590. None of them were aware of this demat account.
      
      Seems like an organized scam by SBI or they are again trying to recover the loan amount which was defaulted by some big businessman of this country.
      - April 6, 2025 at 5:18 pm #20209 Reply
        
        Superguy814
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        S
        
        Superguy814
        OP
        April 6, 2025 at 5:18 pm
        
        MFs… I’m definitely closing my account.
      - April 6, 2025 at 5:58 pm #20208 Reply
        
        Cleveraman6260
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        Cleveraman6260
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        April 6, 2025 at 5:58 pm
        
        Looks like they have opened demats without customer consent
- April 6, 2025 at 8:16 am #20203 Reply
  Urbanguy8006
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  Urbanguy8006
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  April 6, 2025 at 8:16 am
  
  Nodal officer, then RBI ombudsman
  
  You’ll get the money back
- April 6, 2025 at 8:22 am #20202 Reply
  Primeowl5754
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  Primeowl5754
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  April 6, 2025 at 8:22 am
  
  Give a complaint in writing to the bank branch and ask them to reverse it..possibly wrongly debited to your account.
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