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Online & Mobile Banking

Federal Bank of India launches instant online demat account

Tuesday 6 August 2019 | 11:00 AM CET

The Federal Bank of India and the National Securities Depository Limited have launched an instant online demat account.

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). The account for customers that can reportedly be opened within one minute. Federal Bank is not happy with its legacy treasury management system. 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.

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