Federal Bank launches instant online demat account
Federal Bank and the National Securities Depository Limited (NSDL) have launched an instant online demat account for customers that can be opened within one minute, reports Jane Connolly.
Involving zero paperwork, the account can be set up via FedNet, the bank’s online portal, making Federal Bank the first in India to offer the service.
The bank can now offer stock market investors and traders instant savings and demat accounts and a doorstep service for opening of trading accounts. This has been achieved through strategic agreements with major stock broking houses.
The NSDL Insta demat account facility can also be used by clients for various purposes such as applying for an initial public offering (IPO) and a new fund offer (NFO).
At the launch press conference, Shri. GV Nageswara Rao, managing director and CEO of NSDL, also announced that NSDL has launched a digital LAS facility, enabling banks to disburse loans against securities to clients in a few minutes.