IDBI Bank Ltd has launched a portfolio investment scheme (PIS) for its non-resident Indian (NRI) customers that will enable them to invest in the stock market directly.
Says C.S. Jain, head (personal banking), IDBI Bank: “NRIs can trade in Indian markets only through a PIS account so that it is easier to track funds. IDBI, till recently, did not offer this facility but now our customers will be able to trade in the secondary market. Currently, our services would be limited to trading in shares but once the process smoothens, we will also launch derivative trading.”
The bank would offer the product to NRIs and persons of Indian origin through both online and offline modes. This service would be offered free of cost.