Portfolio Investment Scheme(PIS)
- Features & Benefits
- Transactions Covered
- Rates & Charges
- Tie Ups
- Get Assistance
- Speedy account opening.
- No minimum balance for opening a PIS account.
- Low transaction charge.
- Internet banking facility for PIS account.
- Computation and deduction of capital Gains Tax on behalf of customers.
- Issue of TDS Certificates to customers.
- Mandatory reporting of PIS transactions to RBI on daily basis.
- Simplified Documentation for account opening.
- Facility to choose from wide range of registered empanelled brokers with Federal Bank.
- Facility for easy transfer of funds between linked accounts.
- Nomination facility.
- Normal Interest rate is applicable to funds available in the PIS account.
- Daily statement of transactions.
If you are an NRI customer and would like to open a PIS account, please submit your contact details. We will get in touch with you.
- Equity Share and Convertible Debentures purchased from secondary market.
- Shares acquired by split
- Shares acquired on conversion of ADRs/GDRs
- Shares acquired under Direct Investment Schemes
- Shares purchased outside India from other NRI/OCB
- Mutual Funds
- Insurance investments
- Inward remittance in foreign exchange through normal banking channels
- Transfer from applicant's other NRE accounts or FCNR(B) accounts or NRO accounts maintained with banks in India
- Net sale proceeds (after payment of applicable taxes) of shares and convertible debentures which were acquired on repatriation basis(for NRI PIS) and non repatriation basis(for NRO PIS) and sold on stock exchanges through registered brokers.
- Dividend or income earned on investments under PIS.
- Outward remittances of dividend or income earned.
- Amount paid on account of purchase of shares and convertible debentures on repatriation basis or non repatriation basis on stock exchanges through registered broker under PIS.
- Any charges on account of sale/purchase of shares or convertible debentures under PIS.
8. When a resident Indian becomes a non-resident, is it required to change the status of holding from Resident to Non-Resident?
- Account Opening and Minimum Balance Charges –Nil
- Transaction Charges-Rs 100/-+Service Tax per segment and independent of volume of trade.
- Annual Maintenance Charges –Rs 1000/- + Service Tax
For more details, please contact PIS Division of Federal Bank
PIS Division I Federal Towers I Marine Drive I Ernakulam I Kerala 682031
Contact numbers: 91 484 2385582 /2385505