I have compiled NRI PIS options for investing in India. Please suggest if I have any better options, if I will be trading few times a year. All the following from HDFC, SBI, AXIS looks like a rip-off. I have not included ICICI becasue they don't allow online trading for NRI's.
AXIS Banks charges under PIS:
For Account Opening
Nil
Purchase transaction
Rs. 100/- per scrip + Service tax (w.e.f from 16/08/2005)
Sale transaction
Rs. 100/- per scrip + Service tax
Annual maintenance
Rs. 1000/- + Service tax
Demat
The Revised Schedule of Charges for Retail Customers (Effective from 1 st April 2008):
Description of Charges
Revised
Basis of Recovery
Account Opening Charge
Nil (Statutory Charges would recovered)
NA
Account Closing Charge
Nil
NA
Annual Maintenance Charge
Rs. 500/- p.a. for Axis Bank Customer.
Rs. 2,500/- p.a. for NON-Axis Bank Customers
AMC for Existing Demat Accounts to be recovered up-front in April. New Accounts would be charged on a pro-rata basis from the Next Day of Account Opening.
Demat Charges
Rs. 5/- per ceritficate subject to a minimum of Rs.50/- per request.
Demat Charges to be recovered through monthly bill
Remat Charges
Rs. 20/- for every 100 securities or part thereof or Rs. 50/- per request whichever is higher
Remat Charges to be recovered through monthly bill
Debit Transactions
0.04% (Min Rs.20/- per Instruction)
Sell Transaction Charges to be recovered through monthly bill
Failed / Rejected Instruction
Rs.10/- per Instruction
Failed/ Rejected Instruction Charges to be recovered through monthly bill.
Ad-hoc Statement
Rs.100 per Statement
Statement Charges to be recovered upfront
Pledge Services
Creation
0.04% (Min Rs. 25) + NSDL Charges Rs.25/- per instruction
Pledge Creation Charges to be recovered through monthly bill
Closure
0.04% (Min. Rs. 50/-) per Instruction
Pledge Closure Charges to be recovered through monthly bill.
Invocation
0.04% (Min. Rs. 50/-) per Instruction
Pledge Invocation to be recovered through monthly bill.
SPEED-e
SPEED-e Maintainance charges
Rs. 120/-
SPEED-e To be recovered up-front in the month of
April every year
SPEEDe Debit Transactions
Rs.20/- per instruction
Sell Transaction Charges to be recovered through monthly bill
Freezing Instruction on SPEEDe
Rs. 125/- per instruction
Freezing Instruction Charges to be recovered through monthly bill.
All charges mentioned above are inclusive of NSDL charges.
Service Tax as applicable would be levied.
The above rates are subject to change with 30 days prior intimation.
Annual Maintenance Charges are non-refundable.
Charges mentioned above are applicable to Senior Citizen demat accounts also.
INDIA BULLS
REGISTRATION CHARGES:
For Opening a Trading account & DP A/C 900 /-
For pib softwere 750/-
NO ANNUAL MAINTAINENCE CHARGES
BROKERAGE CHARGES: 0.5% ON DELIVERY. 05% ON INTRADAY OR FUTURE & OPTIONS
HDFC
FEE SCHEDULE FOR PORTFOLIO INVESTMENT SCHEME NRI CUSTOMERS
Sr No
Fee Head
Fees *
1
PIS approval issuance fee ( one time fee)
Rs.1000.00
2
Annual account maintenance fee
Rs.1000.00
3
Transaction Fees
Purchase
Rs.100 per contract
Sale
Rs.100 per contract
Purchase / Sale on same contract
Rs.200 per contract
4
Processing of sale proceeds purchased through Secondary market under PIS
- Transaction value upto Rs 50000.00
Rs.100.00
- Transaction value between Rs 50000.00 to
Rs 300000.00
Rs.250.00
- Transaction value above Rs 300000.00
Rs.500.00
5.
Processing of sale proceeds purchased through Primary market as a resident / non-resident / inherited (by a customer registered for PIS)
- Transaction value upto Rs 50000.00
Rs.200.00
- Transaction value between Rs 50000.00 to
Rs 300000.00
Rs.400.00
- Transaction value above Rs 300000.00
Rs.600.00
6
Processing of sale proceeds purchased through Primary market (customer not registered for PIS).
Rs.500.00
* Plus @ 12.24% Service tax applicable
* New tariff effective 01.01.04
Charges/ service standards are subject to revision at the Bank's sole discretion and as informed by circulars sent by ordinary post
Account Maintenance fees are non refundable and levied on a financial year basis.
Fees for issuing approvals and annual account maintenance fee will be debited annually, while the fees for processing the sale proceeds will be debited each time the transaction is processed.
All fees will be debited to the designated savings account.
The above charges are independent of the demat account charges and the brokers fees
State Bank of India
NRI Branch, Mumbai
PARTICULARS
SERVICE CHARGES
1) Membership/Annual fees
Rs.2500/- as joining fee and Rs.1000/- annually (subsequent years) provided average balance of Rs.550000/- is maintained in NRE/NRO/TDR accounts and/or equivalent thereof in foreign currency. In case of non maintenance of average balance, the annual fee charges will be Rs.2500/-
2) RBI/Bank approval
Rs.500/- per permission
3) Applying in Public issues/Mutual funds/Rights/Buy back on behalf of the clients and payment of allotment/ call money.
Rs.200/- per application/payment.
4) Registration of shares purchase in the name of the customer with the concerned companies.
Rs.10/- per Transfer deed with a minimum of Rs.50/-.
5) Safe custody of shares/ securities
a) Annual holding charges of Rs.5/- per certificate per year or part thereof.
b) Rs.10/- per certificate- Handling charges of physical share certificates before sending for dematerialization. Postal charges will be recovered separately.
6) Registration of Power of Attorney/Mandate.
Rs.50/- per Company per folio in companys book.
7) Conversion, splitting, redemption and consolidation of scrips.
Rs.10/- per certificate. Minimum Rs.50/-
8) Off market Trade transaction for dematerialized shares.
0.25% on the market value on the date of transaction.
9) Buying and selling of shares/debentures through Stock Exchange.
Based on Turnover per Calendar Month.
(% of Contract amount)
Trade above Rs.50,00,000/- - 0.50
Rs.2500001 to Rs.5000000/- - 0.70
Rs.2000001 to Rs.2500000/- - 0.80
Rs.1000001 to Rs.2000000/- - 0.90
Rs. 500001 to Rs.1000000/- - 1.00
Trade up to Rs.500000/- - 1.25
The charges will be applicable for the subsequent month depending on the turnover done during the last month.
Brokerage @ ranging from 0.25% TO 0.50% is payable in addition to service charges.
Securities Transaction Tax (STT) @ 0.125% of turnover will be charged in addition to the brokerage. STT is a Govt. levy and subject to change from time to time.
Service Tax (ST) @ 12.24% of brokerage/Service charges will be charged along with brokerage/service charges. S.T. is a Govt. levy and subject to change from time to time.
AXIS Banks charges under PIS:
For Account Opening
Nil
Purchase transaction
Rs. 100/- per scrip + Service tax (w.e.f from 16/08/2005)
Sale transaction
Rs. 100/- per scrip + Service tax
Annual maintenance
Rs. 1000/- + Service tax
Demat
The Revised Schedule of Charges for Retail Customers (Effective from 1 st April 2008):
Description of Charges
Revised
Basis of Recovery
Account Opening Charge
Nil (Statutory Charges would recovered)
NA
Account Closing Charge
Nil
NA
Annual Maintenance Charge
Rs. 500/- p.a. for Axis Bank Customer.
Rs. 2,500/- p.a. for NON-Axis Bank Customers
AMC for Existing Demat Accounts to be recovered up-front in April. New Accounts would be charged on a pro-rata basis from the Next Day of Account Opening.
Demat Charges
Rs. 5/- per ceritficate subject to a minimum of Rs.50/- per request.
Demat Charges to be recovered through monthly bill
Remat Charges
Rs. 20/- for every 100 securities or part thereof or Rs. 50/- per request whichever is higher
Remat Charges to be recovered through monthly bill
Debit Transactions
0.04% (Min Rs.20/- per Instruction)
Sell Transaction Charges to be recovered through monthly bill
Failed / Rejected Instruction
Rs.10/- per Instruction
Failed/ Rejected Instruction Charges to be recovered through monthly bill.
Ad-hoc Statement
Rs.100 per Statement
Statement Charges to be recovered upfront
Pledge Services
Creation
0.04% (Min Rs. 25) + NSDL Charges Rs.25/- per instruction
Pledge Creation Charges to be recovered through monthly bill
Closure
0.04% (Min. Rs. 50/-) per Instruction
Pledge Closure Charges to be recovered through monthly bill.
Invocation
0.04% (Min. Rs. 50/-) per Instruction
Pledge Invocation to be recovered through monthly bill.
SPEED-e
SPEED-e Maintainance charges
Rs. 120/-
SPEED-e To be recovered up-front in the month of
April every year
SPEEDe Debit Transactions
Rs.20/- per instruction
Sell Transaction Charges to be recovered through monthly bill
Freezing Instruction on SPEEDe
Rs. 125/- per instruction
Freezing Instruction Charges to be recovered through monthly bill.
All charges mentioned above are inclusive of NSDL charges.
Service Tax as applicable would be levied.
The above rates are subject to change with 30 days prior intimation.
Annual Maintenance Charges are non-refundable.
Charges mentioned above are applicable to Senior Citizen demat accounts also.
INDIA BULLS
REGISTRATION CHARGES:
For Opening a Trading account & DP A/C 900 /-
For pib softwere 750/-
NO ANNUAL MAINTAINENCE CHARGES
BROKERAGE CHARGES: 0.5% ON DELIVERY. 05% ON INTRADAY OR FUTURE & OPTIONS
HDFC
FEE SCHEDULE FOR PORTFOLIO INVESTMENT SCHEME NRI CUSTOMERS
Sr No
Fee Head
Fees *
1
PIS approval issuance fee ( one time fee)
Rs.1000.00
2
Annual account maintenance fee
Rs.1000.00
3
Transaction Fees
Purchase
Rs.100 per contract
Sale
Rs.100 per contract
Purchase / Sale on same contract
Rs.200 per contract
4
Processing of sale proceeds purchased through Secondary market under PIS
- Transaction value upto Rs 50000.00
Rs.100.00
- Transaction value between Rs 50000.00 to
Rs 300000.00
Rs.250.00
- Transaction value above Rs 300000.00
Rs.500.00
5.
Processing of sale proceeds purchased through Primary market as a resident / non-resident / inherited (by a customer registered for PIS)
- Transaction value upto Rs 50000.00
Rs.200.00
- Transaction value between Rs 50000.00 to
Rs 300000.00
Rs.400.00
- Transaction value above Rs 300000.00
Rs.600.00
6
Processing of sale proceeds purchased through Primary market (customer not registered for PIS).
Rs.500.00
* Plus @ 12.24% Service tax applicable
* New tariff effective 01.01.04
Charges/ service standards are subject to revision at the Bank's sole discretion and as informed by circulars sent by ordinary post
Account Maintenance fees are non refundable and levied on a financial year basis.
Fees for issuing approvals and annual account maintenance fee will be debited annually, while the fees for processing the sale proceeds will be debited each time the transaction is processed.
All fees will be debited to the designated savings account.
The above charges are independent of the demat account charges and the brokers fees
State Bank of India
NRI Branch, Mumbai
PARTICULARS
SERVICE CHARGES
1) Membership/Annual fees
Rs.2500/- as joining fee and Rs.1000/- annually (subsequent years) provided average balance of Rs.550000/- is maintained in NRE/NRO/TDR accounts and/or equivalent thereof in foreign currency. In case of non maintenance of average balance, the annual fee charges will be Rs.2500/-
2) RBI/Bank approval
Rs.500/- per permission
3) Applying in Public issues/Mutual funds/Rights/Buy back on behalf of the clients and payment of allotment/ call money.
Rs.200/- per application/payment.
4) Registration of shares purchase in the name of the customer with the concerned companies.
Rs.10/- per Transfer deed with a minimum of Rs.50/-.
5) Safe custody of shares/ securities
a) Annual holding charges of Rs.5/- per certificate per year or part thereof.
b) Rs.10/- per certificate- Handling charges of physical share certificates before sending for dematerialization. Postal charges will be recovered separately.
6) Registration of Power of Attorney/Mandate.
Rs.50/- per Company per folio in companys book.
7) Conversion, splitting, redemption and consolidation of scrips.
Rs.10/- per certificate. Minimum Rs.50/-
8) Off market Trade transaction for dematerialized shares.
0.25% on the market value on the date of transaction.
9) Buying and selling of shares/debentures through Stock Exchange.
Based on Turnover per Calendar Month.
(% of Contract amount)
Trade above Rs.50,00,000/- - 0.50
Rs.2500001 to Rs.5000000/- - 0.70
Rs.2000001 to Rs.2500000/- - 0.80
Rs.1000001 to Rs.2000000/- - 0.90
Rs. 500001 to Rs.1000000/- - 1.00
Trade up to Rs.500000/- - 1.25
The charges will be applicable for the subsequent month depending on the turnover done during the last month.
Brokerage @ ranging from 0.25% TO 0.50% is payable in addition to service charges.
Securities Transaction Tax (STT) @ 0.125% of turnover will be charged in addition to the brokerage. STT is a Govt. levy and subject to change from time to time.
Service Tax (ST) @ 12.24% of brokerage/Service charges will be charged along with brokerage/service charges. S.T. is a Govt. levy and subject to change from time to time.