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 focus on NRI trade in secondary market in repatriable basis channeled through all SIB Branches and reconciles them. South Indian Bank is authorized by RBI to offer the Portfolio Investment Scheme for NRIs.
Requirements for availing Portfolio Investment Scheme
Customer should have following accounts to trade while being abroad,
- An NRE SB Privilege account with any of our branches.
- An NRE PIS account a/c with any of our branches.
- An NRE DEMAT account with any of our designated branches.
- A trading account with any of our Trading partners.
Features:
- Seamless trading facility.
- No minimum balance requirement in PIS.
- Low transactions cost.
- Competitive tariff and no hidden charges.
- Filing of short term capital gain tax & long term capital gain tax on behalf of NRI customers.
- Facility to transfer fund from SB NRE a/c to PIS a/c through Internet / Mobile Banking.
- Exclusive PIS Cell to carry out operations and attend queries.
- Support for customers from abroad through SIB Representative Office in UAE.
Documents required:
- PAN Card
- Address proof (local and overseas),
- Valid Passport & VISA
- Passport size photo
Fees and Charges:
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Service
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Fees [wef 01.05.2022]
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PIS Issuance Charge
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Rs.1000* + GST
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|
Transaction fees for PIS
- Any number of purchase of shares/company on a contract note
- Any number of sale of shares/company on a contract note
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Rs.100+GST
Rs.100+GST
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Annual Account Maintenance Charge of PIS Account
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Rs.1000*+GST
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*Waived for NRE Diamond and above accounts.
- The AMC & Issuance charges is to be collected from SB NRE account and in case of insufficient fund the same has to be collected from PIS account.
- The daily transaction charges to be collected from PIS accounts.
For more details contact – PIS Cell, South Indian Bank Retail Banking Department, 2nd Floor. Shanu Towers, North Kalamassery, Ernakulam, Kerala – 683104.
Ph: 0484 2933547, Representative Office - +971 43308877, Email: [email protected] , [email protected]
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