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Federal Bank has launched a digital facility for instant online opening of demat accounts for its customers.
Shyam Srinivasan, MD & CEO of Federal Bank, and G. V. Nageswara Rao, MD & CEO of National Securities Depository Ltd (NSDL), jointly launched the new digital offering.
The bank customers can open demat accounts in the matter of a minute by logging into the Internet banking portal FedNet. The facility is available round-the-clock, with zero paper work.
The bank is now equipped to offer a full suite of services to investors and traders in the stock market, with instant opening of savings and demat accounts and doorstep service for opening of trading accounts facilitated by strategic tie-ups with major stock broking houses.
According to Nageswara Rao, the insta demat account facility will help clients open demat accounts instantly so that they can start using the same for various purposes such as application for an IPO or NFO, trading, etc.
NSDL has also launched the digital LAS facility, whereby banks can disburse the loan against securities to clients in a few minutes.
Srinivasan also announced Federal Bank’s contribution to the Army Welfare Fund. The bank has decided to contribute an amount equal to the number of online transactions done by the bank’s customers in the month of March to the Army Welfare Fund, he said.
With almost three-fourths of the bank’s transactions happening digitally during that month, the contribution towards the Army Welfare Fund amounts to Rs 42,02,874.
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