Saraswat Bank Partners with Axis Securities to Offer 3-in-1 Account
Nov 17, 2021
Mumbai: October 12, 2021: Saraswat Bank, India’s largest Urban Co-operative Bank with its spread across six states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka – and Axis Securities Ltd. (ASL), a wholly-owned subsidiary of Axis Bank, have come together to offer the Bank’s customers a 3-in-1 account i.e. Savings, Demat & Online trading, all in one account. With this tie-up, Saraswat Bank’s customers can conveniently perform a perfect blend of banking and trading transactions. The 3-in-1 account seamlessly integrates Savings Bank Account, Demat Account and Trading Account. This facility will make it easier for customers to transfer funds quickly, reduce paperwork and most importantly, provide a comprehensive platform to invest in various investment instruments like equities, derivatives, currency, commodities, MF, IPO, etc.
Saraswat Bank Chairman, Mr. Gautam Thakur, commenting on the tie-up said, “To grow as a contemporary organization that meets consumer needs with a range of creative banking and financial products, we have decided to partner with Axis Securities, to offer a perfect blend of banking and investing. Our collaboration will broaden and improve Saraswat Bank’s ability to offer integrated financial solutions to a diverse customer base.”
Commenting on the partnership, Mr. B Gopkumar, MD & CEO, Axis Securities, said, "We are happy to collaborate with the esteemed Saraswat Bank, which has a strong presence, particularly in the western region of the country, and extend our investment solutions to their customers. In addition to the excellent banking services, Saraswat Bank customers will now have access to a dynamic range of technology-driven investment products to help them achieve their financial goals seamlessly. This tie-up is another milestone in our journey to make investments simple and accessible to all."
About Saraswat Bank
Saraswat Bank has been recognized amongst the World’s Best Banks by the prestigious Forbes survey for two years in a row. It has also bagged the “Best Technology Bank” Award for the 5th consecutive year at Indian Banks’ Association (IBA) Technology Awards 2021 in the co-operative banking sector, along with an Award for Best IT Risk & Cyber Security Initiatives and Runner-Up for Best Digital Financial Inclusion Initiatives. Even in these challenging times, Saraswat Bank has posted commendable growth figures. The Bank’s business crossed a total business of Rs. 67,000 crore in 2021 with a Net Profit of Rs. 270.24 crore. It also kept its NPAs at a low level of 1.04%, thus demonstrating a strong business position.
About Axis Securities
Axis Securities Limited (ASL) is a proud subsidiary of Axis Bank – India’s 3rd largest private sector bank. With a robust branch network across India, ASL offers retail broking services under its flagship brand AxisDirect (www.axisdirect.in). AxisDirect engages in offering simplified investment solutions to customers. It offers a bouquet of investment products to its customers e.g. Equities, Mutual Funds, SIPs, IPOs, Derivatives, Bonds, NCDs, ETFs, and Company Fixed Deposits. With over 20 million customers, AxisDirect is one of the fastest-growing players in the industry.