Currently we are having Banking tie up with Axis/HDFC/YES/Federal/DCB/Indusind banks and will
assist you for opening bank account.
PIS Issuance/Permission Fee
Fees charged by banks for issuing PIS permission on behalf of RBI to NRI clients. It is only
applicable for NRE investment on NRE PIS Account.
Annual maintenance charges levied by bank for providing PIS services
PIS Reporting Charges
Charges levied by bank for doing settlement in bank account and reporting all trade to regulator.
Trade & Settlement Process
Banks will process the trade settlement transaction as per First in First out (FIFO) concept.
Any capital gain arising will also be debited as per FIFO methodology Sale transaction for
Rights/IPO/FPO/Bonus shares may be settled in saving bank account instead of PIS bank
account as per bank process:
Bank will share PIS account balance. Broker will provide trading limit.
Broker executes the trade as per order received from client.
Broker will share the contract note to bank for RBI reporting on T/T+1.
Bank will inform the broker/Client in case of any rejection.
Purchase transaction will settle on T+1. Sale transaction will settle on T+2.
TDS & Bank Charges
Bank will debit charges and TDS if any.