Beware Of Hdfc Bank

I am an NRI in USA and have a PIS Account in HDFC Bank.
I sold some shares recently and they are refusing to accept the payment from my broker.
My money is stuck due to this bank.
NRI's do not open a PIS account in HDFC Bank.
You will risk all your money if you do so

Any reason they gave to refuse to accept the payment from your broker.

Please elaborate what is PIS account and the reasons given for not accepting monies.

Portfolio Investment Scheme (PIS) allows NRIs to invest in shares of Indian companies, in secondary market, under repatriation or non-repatriation basis in respect of shares or convertible debentures sold or purchased through a registered stock broker on a recognised stock exchange. Any other modes of acquiring shares are not covered under this scheme ie, shares purchased through IPOs, as resident individuals, bonus shares etc.

googling

I hear you my friend. Anyone visits HDFC Bank will get creeps. That is their moto.

Cheers
VG

I am an NRI and have been trading with HDFC since last 3 years and did not face any problem. My broker is HDFC though.

Thanks
DK

Goood for ya and them too!!

Hi,

I am USA based NRI and think of opening PIS account. I was wondering how US tax is handled, do the PIS broker/bank issue any tax document when stock is sold. Any insight will be very helpful.

Thanks.

SK