On April 7, 2021, Jana Small Finance Bank (Jana SFB) made a tie-up with Axis Securities, a wholly-owned subsidiary of Axis Bank, to offer banking and investment services to its customers through a 3-in-1 account.
Features of the 3-in-1 account:
- The 3-in-1 account integrates the Savings Bank Account maintained by Jana Small Finance Bank &Demat and Trading Accounts maintained by Axis Securities
- It will be useful for the customers to transfer funds quickly by reducing paperwork.
- It will provide a single platform to invest in various investment instruments including Mutual Funds, Systematic Investment Plan (SIP), equities and other investment avenues offered by Axis Securities.
- The customers can choose from the various services of Axis Securities for investing like Mutual fund investing, Stockbroking, Investment advisory and portfolio management services, along with the opening of a Trading / Demat account.
What is SIP?
- SIP is an investment plan in which investors can make regular, equal payments into a mutual fund, trading account, or retirement account. Investors can invest a pre-decided amount every month in the MF scheme of their choice.
- SIPs are open-ended, i.e. customers can initiate or terminate a SIP at any time. There is an option of pausing your SIP for a while if you don’t have enough money to invest.
About Small Finance Bank:
- They are established as public limited companies in the private sector under the Companies Act, 2013 and governed by the provisions of RBI Act, 1934 and Banking Regulation Act, 1949
- Eligibility: Resident individuals/professionals with 10 years of experience in banking and finance will be eligible as promoters to set up small finance banks.
- Capital Requirement: The minimum paid-up equity capital should be ₹200 crores (US$28 million).
Recent Related News:
On October 16, 2020, Jana Small Finance Bank(SFB) became the Sponsor of the Bank of Ashoknagar Co-operative Bank Limited. With this partnership, Jana SFB becomes the 1st SFB to go live under the bank sponsorship programme.
About Jana Small Finance Bank:
Establishment – 2008
Headquarters -Bengaluru, Karnataka
MD & CEO -Ajay Kanwal
About Axis Securities:
Establishment – 2010
Headquarters – Mumbai, Maharashtra
MD & CEO – B Gopkumar