Government of India through Department of Financial Services has issued a gazette notification regarding amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank w.e.f 01.04.2020. Your Demat account opened with United Bank of India will continue to be active. i.e. there will be no change in your demat account number. However, the name of Depository Participant will change from United Bank of India to Punjab National Bank.
The demat services to the Bank’s customers are provided on both the depositories CDSL and NSDL under the umbrella of “United Demat”, which aims at providing hassle-free, fast and accurate transactions under depository environment. Some of the benefits are.
Demat Services are made available touching all aspects of share trading like:
U-Connect – Bank’s Share Trading Services
United Bank of India facilitates share trading services to its customers under the product name “U-Connect Trio” in association with Kotak Securities Limited (KSL).
In “U-connect Trio”, the client opens its Bank and Demat accounts with United Bank of India while the trading account is opened with Kotak Securities Limited. The products are feature-rich with facilities of investment, trading, exposure, margin trading, funding, IPO applications through ASBA, systematic investment, placing after market orders (AMO) and future orders valid for 365 days, all being made available at an extremely competitive pricing. The investors have flexibility of putting their orders online, offline and through mobile App. The investors will also have access to the research reports and trading tips from the award winning research team.
For Enquiry and Grievances:
Filing Compliant on SCORES – Easy & Quick
Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from CDSL / NSDL on the same day ......................issued in the interest of investors." | "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary." | "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."