IDBI bank provides different types of NRI services among which the IDBI NRI Demat account is one. This Demat account helps people of Indian origin staying outside the country take part in the stock market of India. Opening this account one can invest in shares, bonds, and debentures of Indian companies.
The facilities of the IDBI NRI Demat account are:
- Easy and fast access to Demat through the internet and phone.
- Valuation of the portfolio on the accounts statements.
- Online execution of transactions at the respective branches.
- Updates of transactions sent via email as soon as the transaction takes place.
- Special rates for sub-brokers or stock market intermediaries.
Those who are willing to open the IDBI NRI Demat account will have to follow the following steps:
- Get the proper application form.
- Fill the details properly and attach the documents required for the identity proof and residence proof.
- Photocopies of passport, pan card, visa for both identity, and address proof.
- A photocopy of the RBI approval.
- An attested copy of the Power of Attorney.
- Signatures of the account holder and an undertaking stating when the POA is revoked the bank will be informed previously.
- The overseas address is mandatory in the application form.
- NRO charges can be opened simultaneously for debiting the charges.
- The agreement provided by the bank with the application form as specified by the NSDL should be executed.
- The exact fee should be paid by the customers.
- Details of the savings account for easy fund transfers.