As people stay home to prevent the spread of COVID-19, HDFC Bank Ltd has seen a surge in the number of applicants for its newly launched DigiDemat cum Trading facility.
Its an instant Digital Demat cum Trading Account.
This service is offered to select, existing customers of the bank in partnership with its subsidiary HDFC securities.
Since its launch about a month back, DigiDemat&Trading has secured more than 15,000 new customers.
This facility is currently available only for selected existing HDFC Bank account holders who can open a Demat account with HDFC Bank and Trading account with HDFC Securities using Netbanking credentials.
Eligible customers can register through the link shared with them by logging into their account.
After basic KYC and setting preferences, the users will be asked for video in-person verification and their Aadhaar-enabled e-signature.
It takes about 5 minutes to open a demat account and approximately 15 to open a trading account.
The applicant would be able to start investing after account approval and this takes two to 24 hours.
Customers do not need any physical documents for opening of account.
Digital Demat & Trading Account facility is available for resident Indians with single owner accounts with the bank.
The customer’s account number is shared immediately to enable them to invest quickly.
“I’m delighted to present a completely seamless Digidemat and Trading account for existing customers of our bank,” said S Sampathkumar Group Head, Liabilities Products, HDFC Bank said.
“During the lockdown, the Bank has been innovating to offer digital solutions to our customers so that they can transact safely from the comfort of their homes.
“This initiative is line with this. We are providing an easy and a quick way to participate in capital markets by providing a complete online account opening process. It is simple, paperless, quick, and convenient,” he added.
“We are absolutely delighted to offer the Digital Demat and Trading Account to our customers,” said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.
“We have focused on creating a seamless on-boarding experience based on our insights of more than two decades in the stock market.
“This launch is also in line with our core principles of transparency and efficiency while providing our customers a hassle free environment for investing,” he added.
“We are delighted that a player of repute and standing like the HDFC Bank Group has launched DigiDemat facility,” said G V Nageswara Rao, MD & CEO, National Securities Depository Limited (NSDL).
“This service will allow HDFC Bank customers to open a demat account instantly using a digital process implemented through online technical integration with NSDL.
“It will offer a speedy, efficient, credible and safe alternative to investors. NSDL is proud to partner with HDFC Bank in yet another path-breaking digital initiative,” he added.