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Federal Bank branch launches online trading in equities

KOCHI: Aluva-based Federal Bank Limited has launched online trading in equities, in association with Geojit Financial Services Limited. The new product, ‘Fed-e-Trade’, was jointly launched by the bank’s Executive Director K.S. Harshan and Geojit’s Managing Director C.J. George, here on Tuesday.

The new facility is available to the bank’s customers through a three-in-one integrated account comprising savings account and a Demat account with the bank, and an online trading account with Geojit. Through Geojit’s online trading platform, the bank’s customers can block funds in their bank account to purchase shares and view the holdings. In case of sell orders, the trading system will check the balance in the Demat account and block the required quantity before sending orders to the stock exchange.

The Federal Bank customers can benefit from access to corporate information, technical analysis, research and news from the Geojit’s online platform.

The bank will offer the facility at over 160 designated branches. It will be available only for domestic customers now. It is to be extended to NRIs within a few months.

Federal Bank’s Executive Director P.R.Kalayanaraman and General Manager Abraham Thariyan also spoke.

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