If you know, NRIs are allowed to invest in Stock Market in India i.e. they can purchase and sell shares in Stock Exchanges (Secondary Market) as well as they can buy stocks on Initial Public Offering (IPO), the Primary Market. Unfortunately, not many NRI knows about Portfolio Investment Scheme or PIS. It's a scheme of RBI under Schedule 3 of Foreign Exchange Management Act 2000 which allows NRIs to purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange routing such purchase/sale transaction through the account with the designated bank branch e.g. ICICI bank.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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