In this paper, we have developed a static charged anisotropic stellar model for a spherically symmetric spacetime geometry. For this, we have considered charged Durgapal V perfect fluid sphere and constructed its anisotropic counterpart by using gravitational decoupling through the minimal geometric deformation (MGD) approach. We have presented physical analysis of the constructed model in details by taking observational data of two different compact stars, namely, SMC X-4 and Vela X-1, into account. All the physical properties such as density, pressure, sound speeds, energy conditions, stability conditions, Tolman–Oppenheimer–Volkoff (TOV) equation, compactness factor, and redshift are found to meet the general criteria required to ensure a well-behaved stellar system.