Syndicate Bank ties up with ACMIIL

Mumbai, Oct 24:State-run Syndicate Bank today entered into a partnership with the brokerage firm ACMIIL to offer an online trading platform to its customers.

The Manipal-headquartered bank, which has 2.5 crore account holders, will, however, not charge any fees for offering the trading services to them, its Executive Director Mr M Anjaneya Prasad told reporters here.

The bank is carrying out a campaign to open more accounts to strengthen its share of the cheaper Casa (current and savings accounts) deposits and the tie—up will help the initiative, he said.

At present, the bank offers seven services free as part of the campaign and the trading service will become the eighth such service, Mr Prasad said.

The tie-up with Asit C Mehta Investment Intermediates (ACMIIL) will help the bank add 10 lakh new savings accounts to the existing 1 crore, he said.