Customers can now participate directly in the primary markets through the ASBA facility and can avail higher savings account interest till the date of allotment of shares.
Equitas Small Finance Bank (Equitas SFB) on Wednesday announced the launch of ASBA facility on Internet Banking, Mobile Banking and UPI interface for its customers. ASBA – Application Backed by Blocked Amount – is the process required by the stock market regulator SEBI to apply for IPO and FPO.
Customers can now participate directly in the primary markets through the ASBA facility and can avail higher savings account interest till the date of allotment of shares. The bank said in a release that this facility is available at no cost and no physical documents are required to be submitted to activate it.
In association with Aditya Birla Money, the bank offers the facility of instant trading cum demat account which can be activated digitally within minutes.
Murali Vaidyanathan, Senior President and Country Head, Branch Banking, Equitas Small Finance Bank, said: “The move will also help retail and HNI investors immensely. With contactless banking becoming the need of the hour and omnichannel delivery critical to future readiness, our continued investment towards building world-class digital assets has become a key difference. “
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