Centurion Bank joins hand with IIL
Centurion Bank of Punjab has tied up with IL&FS Investsmart Ltd (IIL) for offering equity broking services to the bank's customers. This will provide customers seamless settlement of trade and funds for all their equity transactions done through the IL&FS platform. The MoU between Centurion Bank of Punjab and IIL is a referral arrangement. The customer can receive the settlement of securities and funds and trade in BSE, NSE and derivatives from a single window. The shares will also be automatically delivered from and into the bank's demat account while the sale proceeds will be credited to the account on settlement dates.
The registration charges for `Smart invest (for occasional traders)' is Rs 500 while for `Smart trade (for active traders)' it is Rs 1,000. The brokerage charges are 0.5 per cent for delivery and trade while it is 0.10 per cent for derivatives and intra-day trading. IIL will also offer portfolio management services and online/offline equity broking services to the bank's customers in the first phase.