SBM logs into e-trading

Bangalore-based State Bank of Mysore (SBM) on Wednesday launched e-trading services under which its customers will be able to access bank account, demat account and Internet trading account sitting at home.

Initially, the facility is being offered through the designated branches of SBM at Bangalore, Mysore, Mumbai, Surat, Ahmedabad, Hyderabad and Chennai. The brokerage charges vary between 0.5 per cent and 1.5 per cent depending on the monthly turnover.

SBM managing director PP Pattanayak said the e-trading facility will allow the bank's customers to trade on the Bombay Stock Exchange and National Stock Exchange, and derivatives segment without the hassles of running to the broker's office.

The bank has tied up with SBICap Securities Ltd (SSL) for offering e-trading facility. SSL provides online streaming quotes through the browser and desktop versions, online funds transfer, online payout, access to latest research reports and information security.

SSL managing director Sridhar Raju said the company has opened 35 branches in one year and aims to open 100 branches in two years. Its Bangalore branch will soon be opened at the Basavangudi branch of SBM, he said.