IDBI Bank launches investment scheme for NRIs/PIOs

IDBI Bank launches investment scheme for NRIs/PIOs

Mumbai: IDBI Bank has launched portfolio investment scheme (PIS), a product that would enable Non- Resident Indians (NRIs) or Person of Indian Origin (PIOs) to invest in the country’s secondary capital market.

The product would be available to existing customers of the lender as also other NRIs at designated branches of IDBI Bank across the country, a release said here on Thursday.

IDBI Bank Head, Personal Banking Group, C S Jain, said the scheme complemented the existing bouquet of products and services offered by the lender, in which the government is the majority stakeholder, to its NRI clientele.

The scheme would be offered to NRIs/PIOs on both online and offline modes and they can invest either on repatriation or non-repatriation basis, the release said.