Non- Resident Indian (NRIs) can purchase or sell shares/convertible debentures of Indian companies in Secondary Market through Stock Exchanges under the Portfolio Investment Scheme up to the limits prescribed by RBI. The investment of NRI funds in equity market is controlled by various regulations/caps, and hence NRIs can participate in the Indian equity market through the PIS route.
Portfolio Investment Scheme focuses on NRI transactions in secondary market either in repatriation/non repatriation basis channeled through designated Bank Branch and reconciles them. South Indian Bank is authorized by RBI to offer the Portfolio Investment Scheme for NRIs and has tie-up with M/s Geojit BNP Paribas Financial Services Ltd for operations.
Requirements for availing Portfolio Investment Scheme
An SB NRE/NRO Privilege a/c has to be opened with any of our branches.
Exclusive NRE/NRO PIS account to be opened only with Ernakulam NRI branch which is RBI designated branch for offering this facility.
NRE/NRO demat a/c can be opened with us or with M/S Geojit BNP Paribas Financial Services Limited as desired.
Trading account will be opened and maintained with M/s Geojit BNP Paribas Financial Services Ltd only.
All the necessary documents like Identity Proofs, Address proof (foreign proof mandatory), Passport copy etc duly self attested has to be submitted at the time of opening a/c’s
- Nil Issuance charges
- Lowest cost of transaction
- No minimum balance requirement
- Seamless reporting of daily transaction of clients under PIS to RBI
- Hassle free trading facility offered through broker
- Facility to view PIS a/c’s through Sibernet(SIB’s Internet Banking Product)
- Exclusive PIS Cell to carry out operations and attend queries.
- Support for customers from abroad through SIB run Hadi Express Exchange and subsidiary of M/S Geojit BNP Paribas which has its presence in UAE.
Fee and Charges:
- PIS a/c Annual Maintenance Charges of RS 1000/- (Annual maintenance charges waived for SIB NRE Diamond/NRO Platinum Account Holders.)
- Transaction charge of Rs.50 and service tax for any number of purchase made and Rs.50 and service tax for any number of sale done on a contract note/ deal sheet.
For more details contact SIB PIS Cell, Ernakulam NRI branch, Kadavanthra, Ernakulam
Ph: 0484 2204455, Fax: 0484 2204452, email [email protected]
List of Geojit BNP Paribas offices abroad