Torus Digital enters strategic partnership with Suryoday Small Finance Bank, launches 3-in-1 Savings & Investment Account
Mumbai (Maharashtra) [India], August 8: Torus Digital, an innovative wealth technology company, has established a strategic partnership with Navi Mumbai-based Suryoday Small Finance Bank (SSFB) to launch a 3-in-1 Savings and Investment Account.
Key Highlights:
- Deep-integrated banking, trading and demat account for seamless savings and investment experience
- Aim to penetrate underserved segments with an affordable, digital-first approach
- Key features like 'Invest your Interest' and 'Block Funds' facility designed to make investment easy for both passive and active investors
Over the next 4 to 5 years, more than 100 million retail investors are expected to enter the Indian investment market. Already, nearly 2 million digital investment accounts are being opened every month across the country. In response to this growing demand, the 3-in-1 account offers a comprehensive financial solution tailored for this new wave of investors.
Torus Digital has partnered with Suryoday Small Finance Bank to offer a unified approach to savings, trading, and demat services. This unified approach allows users to manage their finances with greater ease, transparency, and efficiency. Torus Digital offers a savings interest rate of up to 7.75% per annum, 88% higher than traditional Indian banks. The IYI feature includes three Nifty 50 ETFs, providing a safe investment avenue with a potential 15% CAGR. Users can open zero-balance savings accounts, trade across NSE and BSE at flat rates, and maintain a lifetime free demat account.
Through this partnership, Suryoday Small Finance Bank, serving over 3.4 million customers through 710+ banking outlets across 15 states and Union Territories, aims to enhance its digital presence and expand access to a wider, more diverse customer segment.
Commenting on the launch, Prakarsh Gagdani, Chief Executive Officer, Torus Digital, said, " We are building a future where personal finance is not fragmented but integrated. Our 3-in-1 account brings simplicity and intelligence into the everyday financial lives of our users. In partnership with SSFB, we're redefining the customer experience by making saving, trading, and investing accessible to everyone, especially in underserved segments of India. We are aiming to onboard over 1 million customers within the next 2 to 3 years."
Commenting on the partnership, Vishal Singh, Chief Information Officer and Head - Digital Banking at Suryoday Small Finance Bank (SSFB), said, " At Suryoday, we've always aimed to deliver innovative banking experiences. Our strategic partnership with Torus Digital will allow us to bridge the gap between traditional banking and modern investing, offering a robust '3-in-1' account that caters to both savers and investors. Customers can now embark on their financial journey at no cost, with zero account opening charges, and seamlessly save, trade, and invest all in one unified platform."
The account also features 'Invest Your Interest' (IYI), allowing users to automate their monthly interest investment into ETFs through SIPs starting at just ₹27, potentially increasing returns by up to 15%. The account is integrated with Torus Digital's broking platform, allowing seamless trading without the need to transfer funds. The account also provides unmatched liquidity and control with T+1 trade payouts credited directly into the same account.
Torus Digital offers a Trading and Demat account with a variety of investment products, including equities, mutual funds, IPOs, derivatives, ETFs, and indices. Users can enjoy flat trading charges, zero account opening charges, 4x leverage with margin trading, chart-based execution, and advanced algo trading. The Demat Account, regulated by CDSL, offers lifetime free AMC, 100% digital onboarding, and low DP charges. Torus Digital's strategic partnership with SSFB aims to simplify investing and foster financial inclusion through digital innovation. They aim to build a robust retail investor base and target an AUM of ₹4,000-5,000 crore over the next 2 to 3 years.
About Torus Digital
Mumbai-based Torus Digital is a next-generation wealth technology platform spread across 10+ locations in India, offering a comprehensive suite of broking and digital banking services in partnership with Suryoday Small Finance Bank Ltd. Operating under the regulatory purview of the RBI, SEBI, and IRDA, Torus Digital provides users with seamless access to investment opportunities across NSE and BSE segments--including equities, mutual funds, IPOs, derivatives, ETFs, and indices, with the highest standards of transparency, security, and integrity. With a strong focus on accessibility and innovation, the Torus Digital mobile app is available for download on both the Google Play Store and Apple App Store, enabling users to manage their finances and investments anytime, anywhere.
About Suryoday Small Finance Bank
Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC and for over a decade, with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. Pursuant to receipt of the RBI Final Approval, Suryoday started its operations as an SFB on January 23, 2017. Suryoday is among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020. The bank has a wide presence across 15 states and UTs across India through its 710 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. SSFB offers a wide array of services to customers, through its array of asset and liability products, via multiple delivery channels. Suryoday SFB is listed on NSE and BSE
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