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What is the Portfolio Investment Scheme for NRIs available with the Bank?

April 26, 2017Bank Investment NRIs portfolio Scheme

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What is the Portfolio Investment Scheme for NRIs available with the Bank?

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IDBI Bank provides Portfolio Investment Services through its designated branch at Nariman Point. The trading account is maintained at IDBI CAPS while the Savings Bank and DP Account is maintained at the branch. The provisions relating to Portfolio investment by NRIs is contained in Schedule 2 and 3 of the Notification No. FEMA 20/2000 RB. OCBs are not allowed to make fresh investments in India under the Portfolio Investment Scheme vide Notification No. FEMA 46 dated 29th November 2001. Further, in September 2003, RBI has banned OCBs from investing in any manner in India. In fact, the category of OCB has been abolished. However, they can continue to hold and sell shares purchased before 29th November 2001. Portfolio investment is covered by general permission subject to following condition/provisions.