Instant demat account from Federal Bank online
Federal Bank's one minute digital demat account is the first from an Indian bank.
Customers can now open a digital demat account in just one minute through FedNet, the Federal Bank's Internet banking portal. Federal Bank is the first bank in India to offer this service.
Federal Bank MD and CEO Shyam Srinivasan and National Securities Depository Limited (NSDL) MD and CEO GV Nageswara Rao launched the new online Demat Account.
Federal Bank MD and CEO Shyam Srinivasan and NSDL MD and CEO GV Nageswara Rao present the Instant Demat Account. Federal Bank Senior Vice President and Country Head Radhakrishnan K and Vice President Vinu Jose are also seen.
The Instant Demat Account opening service is available on the portal at any time, completely paperless. With this, Federal Bank can now offer a full range of demat services to shareholders and investors, Shyam Srinivasan, MD and CEO, Bank said.
Federal Bank also offerrs the option of opening savings and demat accounts immediately and providing direct access to the opening of trading accounts with leading stock broking companies. Nageshwara Rao, MD & CEO, National Securities Depository Limited, said, "This online demat account can be used by customers for IPO applications, NFOs and trading."
Federal Bank's contribution to the Army's welfare fund was announced by the Bank's Head of Bank Shyam Srinivasan at a news conference. In March this year, the bank also decided to donate to the Military Welfare Fund an amount equal to the number of online transactions made by users: 42,02,874. Digital transactions accounted for three-quarters of the bank's total transactions in March.
[Autotranslated from Malayalam]