SBI FX TRADE is an online platform offered by State Bank of India to its customers to trade in the exchange traded Currency Futures. SBI offers its clients the opportunity to trade in four currency pairs namely; USD/INR, EURO/INR, GBP/INR and JPY/INR as permitted by Regulatory authorities SEBI & RBI. SBI FX TRADE is a secure, robust online platform linked to the customer's Bank account. The customer can take positions in these currencies from anywhere across the country, after transferring the required margins, through his online trading account.

1. Competitive brokerage rates.
2. Integrated platform of Bank Account and Online Trading Account.
3. Provision for lien marking. The money continues to remain in the customer's account until the deal is done, thus earning him interest.
4. Secure and Robust online platform.
5. Product from India's most trusted and transparent Bank.

1. The SBI FX Trade KYC booklet contains six documents specified by the market regulators, Exchange and the Bank. The KYC form collects the details of the customer, which would be kept confidential by the Bank. The Investor Rights and Obligations document specifies the right and duties of the client who wishes to open a currency futures trading account. Risk disclosure document explains the various kinds of risks associated with the exchange traded currency futures market.
2. Member-client agreement is executed between customer and the trading member (SBI) for participating in the exchange traded currency futures market. This agreement has to be stamped as per the applicable stamp act, the cost of which will be borne by the client. The agreement for sending the contract notes electronically enables the clients to receive the contract notes and other statements electronically.

Lien marking is a unique facility offered by SBI for its clients. Through the lien marking facility offered by SBI, the client continues to receive interest on the lien amount till the actual deals are done. In the case where the margins are transferred upfront, the client looses the opportunity to earn interest till the deals are done.

1. When the client marks a lien for placing the trades, the lien status is updated on a real time basis in the onlinesbi homepage of the client. It has to be noted that no separate entry would be passed in the account for lien marking/unmarking.
2. The client can also see the updated limits on the www.nowonline.in  platform on a real time basis. It is also available on POSITIONS -> RMS SUBLIMITS

Upon execution of the deal on the exchange, the lien amount is reduced and the debit entry is passed in the client's account at the End of the day.

1. It is arrived at by applying the Margin% on the value of net open position.
2. For example, you have an open buy position in FUT-USDINR-27-Aug-2010 for 1 lot of 1000 qty @ Rs.50 and IM % for USDINR is 5%. In that case, margin at position level would be 1 * 1000 * 50 * 5% = Rs.2500

1. Calendar spread means risk off-setting positions in contracts expiring on different dates in the same underlying taken simultaneously.
2. For example, you take 'Buy' position for 2 lots of 2000 qty in FUT-USDINR-27-Aug-2010 @ Rs.50 and 'Sell' position for 1 lot of 1000 qty in FUT-USDINR-28-Sep-2010 @ Rs.55. Then 1 lot Buy position in FUT-USDINR-27-Aug-2010 and 1 lot Sell position in FUT-USDINR-28-Sep-2010 form a spread against each other and hence are called "Spread Position". This spread position would be levied spread margin % for margin calculation instead of IM%. In this example, the balance 1 lot of 1000 qty buy position in FUT-USDINR-27-Aug-2010 would be non-spread position and would attract initial margin.

The spread positions require lower margins specified by the Exchange, and the benefit of the lower margins, if any, would be passed on to the client.

1. You can view all your open futures positions by clicking on "POSITIONS"à POSITION TAB. You can see the positions on DAYWISE/NET WISE basis. 'Day wise' positions are those built during the day, while NETWISE include the carried forward positions also.
2. The futures positions table gives details such as contract details, buy/sell position, Lots (no. of contracts), quantity, Buy order lots, Sell order lots, Base price, Last Traded Price (LTP), total margin blocked on open position and order level margin at underlying-group level. 
3. In addition, contract notes and daily statements will be sent to you according to the regulatory guidelines.

1. Yes, you can always voluntarily add Margin at the time of placing orders or allocate additional margin at any time. Having adequate margins can avoid calls for any additional margin in case the market turns unfavorably volatile with respect to your position.
2. Intra Day Trigger Points
3. The client would receive the alerts at the following levels, for topping up his margin account.

4. S.No	Trigger Point	Action Taken
   1.	70% of the margins	Alert for top-up, SMS.
   2.	80% of the margins	Alert for top-up, sent SMS.
   3.	90% of the margins	Positions are squared off by the Bank.

5. 1. It's always advisable for the clients to keep an additional cushion over the required margin to reduce the possibility of such a square off, on account of extreme market movements.
   2. For example, a client has given margins at 5% (Rs.2300). When the margins fall to a level of 70% (Rs.1610), he gets the first margin call asking him to top up his account. Second alert is sent at 80% (Rs.1840) and the final alert at 90% (Rs.2300). If the client fails to top up at this level too, the Bank reserves the right to square off the positions of the client.

1. Daily EOD MTM is a mandatory feature of Currency futures Settlement Process, mandated by the regulators. Every day the settlement of open Currency futures position takes place at the Settlement Price declared by the exchanges for that day.
2. The Base price is compared with the Settlement price and difference is cash settled. In case of profit/loss in EOD MTM, the account is respectively credited/debited. The position is carried forward to the Next day at the previous trading day's Settlement price at which last EOD MTM was run.
3. The daily Profit/Loss on account of the MTM would be credited/debited to the customer's account on the next day.

You can have following two Settlement obligations in Currency futures market:

1. Payout/PayIn due to MTM Profit and loss.
2. Payout/PayIn due to margin requirement of 5%.
   (Excess margin over 5%, would be credited to customer's account, while shortfall below 5%, would be debited from the customer's account)
3. PayIn due to Brokerage, applicable taxes and statutory levies

1. Payout/PayIn due to Profit and loss on close out.
2. PayIn due to Brokerage and statutory levies on close out
3. PayIn due to applicable Taxes

No. Exchange would automatically square off your position on the last day of the contract expiry. Your position would be closed at the final settlement price as per the current regulations. The Final Settlement price shall be the Reserve Bank Reference Rate on the last trading day.

All Currency futures daily obligations are settled by exchange on T+1 basis and Final settlement obligations are settled by exchange on T+2 basis.

The client can request for unmark of the lien at any time. The following has to be noted in this regard.

1. For unmarking the lien, client should go to the REQUESTS page on his onlinesbi home page and choose SBI FX TRADE and enter the amount to be unmarked.
2. The unmark requests placed before 5 PM, would be unmarked during the same day, after the market hours.
3. The requests placed after 5 PM would be processed only at the end of next day's trading hours.
4. Therefore the client is expected not to use the amount, for which the unmark request was made, till the lien is released. In case the client uses this amount on the next trading day, the unmark request would be rejected.
5. Similar to the case of lien marking, when an unmark lien is undertaken; no entry would be passed in the account of the client. Only the lien amount would be reduced by the unmarked amount.

We offer volume based incremental brokerage rates to suit various segments of the customers. Our brokerage rates are straight forward and don't carry any hidden charges.

1. All the customers would be initially assigned to one of the slab on the basis of the expected volume from the customer at the time of opening the account.
2. The actual performance of the customer would be verified against the category volumes at regular intervals and the brokerage category would be modified accordingly.
3. Applicable taxes would be charged to the customer.
4. The above rates can be changed anytime at the discretion of the Bank.
5. The client has to bear the applicable charges for stamping the Member-Client Agreement.
6. Account opening charges and annual maintenance charges are waived for the first year.