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.
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.