Standard Chartered has launched a new unified
account aimed at making it easier for non-resident Indians (NRIs)
in the UAE to access various financial products in India.
The NRI 3-in-1 account is a one-stop shop for
banking products for the 65% of the population of the UAE of Indian
descent.
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The service combines non-resident bank
accounts, including portfolio investment services, with demat
accounts (which allow Indian citizens to trade in listed stocks in
electronic form rather than paper) and brokerage accounts.
It creates a single login facility for bank,
trading and depository accounts, and also provides unified web
access to cash, equities, IPOs, bonds, debentures, mutual funds and
derivatives.
Last year Private Banker
international reported on NRI wealth, concluding that banks
needed to have a much more segmented approach to this market to
profit fully.
PBI reportedthat there were 170,000
Indian millionaires residing outside India’s borders, making the
NRI sector one of the fastest-growing in global wealth.
Standard Chartered estimate that Indian
nationals are the third highest investor base in the world,
numbering more than 20 million investors.
