On March 26, 2021, Karnataka Bank made a tie-up with IIFL Securities, a broking and advisory firm and introduced ‘KBL Smart Trade’, a solution for its customer’s capital market needs by providing a facility to access IIFL Securities’ Demat and trading account.
Features of ‘KBLSmart Trade’:
- It will provide a two-in-one account facility that the Karnataka Bank’s Savings Bank Account holders can open a Demat & Trading a/c with IIFL Securities instantly.
- Customers will be able to directly open an account under the KBL Smart Trade arrangement.
- The account holders can access live prices and alerts, research and recommendations of stocks, trading tips, customisable watch lists.
Demat Account and Trading Account:
i.A Demat account (short for “dematerialized account”) is an account to hold shares and financial securities (equity or debt) in electronic form.
- In India, Demat accounts are maintained by National Securities Depository Limited and Central Depository Services Limited.
ii.Trading Account is an account that will provide the interface to buy and sell shares in the stock market.
Usage of Demat and Trading Account:
- Trading Account will help to buy and sell shares in the stock market in which Demat Account will act as a repository to store the shares you buy in digital format
- Demat Account is only a repository it will help to take the delivery of shares when trading in equity delivery or when you apply for an IPO and get the allotment of shares. It does not help to transact in the stock exchange for that Trading account will be used.
About IIFL Securities:
IIFL Securities is one of the entities of IIFL Finance Limited
Incorporation – 1996
Headquarters– Mumbai, Maharashtra
MD – R. Venkataraman
About Karnataka Bank:
Establishment – 1924
Headquarters – Mangalore, Karnataka
Tagline – Your Family Bank Across India
MD&CEO– Mahabaleshwara M.S,