How can I convert(Steps) physical SGB purchased from HDFC Bank to Zerodha Demat?

I purchased some SGBs a few months back from HDFC Bank. They are are in physical format. I want to transfer the SGBs I purchased from HDFC Bank to my Zerodha Demat Account. I talked to banker @ HDFC bank and she said I can only transfer to HDFC Demat. As per information I found on Zerodha portal it is indeed possible to transfer SGBs purchased from other banks (In My Case HDFC Bank) to Zerodha Demat. Can you please tell the steps I need to follow to do this as I don’t want to transfer my SGBs to HDFC Demat. Thanks.

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You need to submit a dematerialization application form to HDFC and attach Zerodha’s CMR copy along with it. The bank then processes this with the e-Kuber portal of RBI and get this transferred.

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Thanks @Alwin. Much needed information.

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Need to submit demat form to my bank branch or securities branch? Who will give me this demat form. Can this process be not done online?

Hi @Nupur_Sodani_Surjan I recently visited my Bank for some work and also followed up on this process. Initially they were of the view that you cannot convert Physical SGBs into DEMAT format, later they were helpful and cooperative only for putting into thier Banks DEMAT and not some other DEMAT like Zerodha. This has been my experience mostly, even if it is theoretically possible to convert Physical SGBs into DEMAT of any Broker, Banks typically want and will force you to convert into DEMAT of their own account only. Sad but true, I was told on multiple occasions you cannot put into Zerodha DEMAT , I was even told if you want to put in ZERODHA demat approach Zerodha. While TradingQnA and my Zerodha Support tickets says to apprach bank from whom I purchased. Hope you have better experience at your bank. As per what I could gauge it is not possible to do this online.

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Thanks Sage. I am having exactly the same experience. My depositary has advised me to reach out to RBI. One level ahead😂. I have asked them for the contact details of RBI though. Feels like I have taken a wrong decision to buy them via hdfc bank.

Yup @Nupur_Sodani_Surjan … even when I purchased from bank, I was not aware I could have purchased the SGBs from Coin platform.

To switch SGb’s between brokers, you need to request a CMR copy from your broker to get a dematerialization form. This CMR copy will ensure your identity with the broker and proceed further with the switching, by submitting the necessary docs as per the broker requests.

@Nupur_Sodani_Surjan I was finally able to transfer the Bonds to my Zerodha Demat, It worked when I worked the DEMAT branch of my bank, they were quite helpful and they got credited in around a month. Suggest you try the same.

Hi Sage,

Can you pls explain how did this miracle happen as I also have bonds with HDFC bank?

@karthick_Swamy Instead of approaching RM or frequently visited branch , do visit and talk to the demat dept of Branch handling Demat in your area/city.

They will require
1] Physical Stamped CMR copy from Broker
2] Copy of SGB Certificate
3] Handwritten Letter from you for the request
4] Take copy of PAN/AADHAR in case needed

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@Sage90210 thank you for sharing your experience which helped me to solve the same issue with AXIS bank .

Like mentioned above it’s no miracle. Just go to the right person ( best if you directly meet the branch manager/ operations head) . Within 20mins my request was considered and I had to submit the below documents

Aadhar, Pan, CMR, SGB Certificate and a self written letter for conversion to demat .

Since it’s a very least requested service in the bank the executives are unaware on the same. But when reached out to the branch head they understood it in one go and guided well. It might take 30-45 working days for the conversion from physical certificat to Demat .

PS - do not forget to take an acknowledgement mail or letter from the branch as a proof of initiating and submitting the documents.

@Sage90210
Digitally signed CMR copy will be fine?

Hello, if sgb is in demat form, after 8 years who gets the profit, is it account registered one or the person who is holding the sgb in demat form?

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Upon maturity of SGB the proceeds will be credited to the bank account of whoever the holder is. So if you’ve bought from secondary market, upon maturity, the proceeds will be credited to your bank account linked with your trading account.

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@ rohanshah7077
From which branch of axis Bank

All bank sgbs will now go to the RBI retail direct guild account if you have one.