Marwadi Financial Services (MFS) announced a partnership with NSDL Payments Bank. This will allow MFS to offer its clients an integrated 3-in-1 savings account that combines the features of savings, demat and trading accounts.
Using this account, investors will be able to seamlessly transfer funds in real time and execute trades in almost no time.
Users will also be able to avail margins without actually moving funds between their savings and trading accounts.
The 3-in-1 account will provide the additional advantage to users of availing savings interest on funds lying idle in their trading account.
The savings bank account allows customers to tag and identify capital market transactions separately through the mobile banking app.
This strategic partnership will help Marwadi to boost customer experience while allowing NSDL Payments Bank to access Marwadi’s clients and expand its customer base.
Single click and seamless experience for clients
Gaurav Bhojak, Chief Strategy & Digital Transformation Officer at Marwadi Financial Services said, “The integration of NSDL Payments Bank’s savings account is an inordinate step forward for us. This partnership will allow us to extend an innovative, single click and seamless experience to our clients for availing margins without going through the slow & traditional fund transfer journey while adhering to the regulatory norms. This tech integration will enable our customers to allocate funds while retaining the money in their bank’s saving account till trade is successfully executed."
Ashutosh Singh, President & CBO at NSDL Payments Bank said, “The combined product offering with Marwadi Financial Services Ltd will now allow broking customers to allocate funds to the broker for stock market transactions while retaining the money in their bank account till such time the trade gets successfully executed, thereby earning them interest until the time such trade gets completed."
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