Recently, Federal Bank announced to launch Portfolio Investment Scheme for NRIs. The PSI is launched in tie up with Geojit BNP Paribas Financial Services Ltd. It is "hassle free" facilities for investments in stock market.
Managing Director and CEO of Federal Bank - M Venugopalan said to ET, “The bank, which has been authorized by RBI to administer the scheme, was the first among the traditional private sector banks to offer the facility. As per RBI rules, investments by NRIs in Indian share market were permitted under PIS of a bank only.”
Further he talks about the benefits of the scheme, “Under the scheme, NRIs could investment in shares with or without repatriation benefits adding they need to open separate PIS accounts with the bank for repatriation and non-repatriation benefits.”
About the account details, he says, “The trading account would be opened with Geojit BNP Paribas Financial Services Limited. DP account may be opened with Federal bank/Geojit BNP Paribas Financial Services Limited. NRIs need to only issue orders for purchase/sale of shares and the remaining procedures will be handled by the bank and Geojit.”
In the analysis, economictimes.indiatimes.com, an online news portal about economy writes, “Federal Bank has over six lakh NRI clients and has a representative office in Abu Dhabi and Relationship Managers in other Gulf countries.
Geojit BNP Paribas Financial Services Limited Managing Director and CEO C J George said with the two organizations operating together, NRIs could execute transactions in the stock market with maximum convenience.
Geojit BNP Paribas Financial Services has offices in UAE, Bahrain and Saudi Arabia.”
It is not very new offer for the customers because almost all banks have already introduced the scheme. Federal Bank is Kerala-based bank so; people of South India will get some good benefits with the Portfolio Investment Scheme. Recently, we saw the key rates for car and home loans also by all banks.
Managing Director and CEO of Federal Bank - M Venugopalan said to ET, “The bank, which has been authorized by RBI to administer the scheme, was the first among the traditional private sector banks to offer the facility. As per RBI rules, investments by NRIs in Indian share market were permitted under PIS of a bank only.”
Further he talks about the benefits of the scheme, “Under the scheme, NRIs could investment in shares with or without repatriation benefits adding they need to open separate PIS accounts with the bank for repatriation and non-repatriation benefits.”
About the account details, he says, “The trading account would be opened with Geojit BNP Paribas Financial Services Limited. DP account may be opened with Federal bank/Geojit BNP Paribas Financial Services Limited. NRIs need to only issue orders for purchase/sale of shares and the remaining procedures will be handled by the bank and Geojit.”
In the analysis, economictimes.indiatimes.com, an online news portal about economy writes, “Federal Bank has over six lakh NRI clients and has a representative office in Abu Dhabi and Relationship Managers in other Gulf countries.
Geojit BNP Paribas Financial Services Limited Managing Director and CEO C J George said with the two organizations operating together, NRIs could execute transactions in the stock market with maximum convenience.
Geojit BNP Paribas Financial Services has offices in UAE, Bahrain and Saudi Arabia.”
It is not very new offer for the customers because almost all banks have already introduced the scheme. Federal Bank is Kerala-based bank so; people of South India will get some good benefits with the Portfolio Investment Scheme. Recently, we saw the key rates for car and home loans also by all banks.
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