India Infoline, Saraswat Bank sign strategic deal

India Infoline today entered into a strategic alliance with Saraswat Bank to equity research, broking and portfolio management services to its clients.

According to a release issued by the company to the BSE, India Infoline will extend its broking facilities to Saraswat Bank customers; both online as well as offline, via its broking brand, 5paisa.com.

A Memorandum of Understanding for the strategic alliance was inked today by Nirmal Jain, CMD, India Infoline and Samir Banerji, MD, Saraswat Bank.

Under the alliance, Saraswat Bank customers will have access to the company's world-class research and online technology platform at no cost. They will be offered the most competitive brokerage rates as well. Also the customer will have flexibility to trade in equities, derivatives as well as commodities through any mode namely internet, telephone or physically at any of the company's branches; all using one account, the release adds.

Further, as a special offer, the company has waived off the software license fee for Saraswat Bank customers. The two organizations are working on integrating the technology platforms so that if the customer has depository account with the bank, he/ she will be able to sell those shares without any cash margin and trade seamlessly. The technology will also allow trading through temporary blocking or transfer of funds from the customer's bank account as margin.