With Vested Direct, investors open a free-of-cost, no-minimum-balance savings account with SBM Bank funds. Investors can load funds in Indian rupees that can be converted into dollars to eventually transfer into their Vested account.
“Partnering with Vested Finance is in line with both our beliefs — making the challenge of overseas investing seamless for end users. This will enable Indian investors to geographically diversify their portfolios in a smarter manner,” SBM Bank India head (retail & consumer banking) Neeraj Sinha said.
While the RBI’s liberalised remittance scheme allows Indians to send up to $250,000 overseas, investing in stocks involved multiple steps with high foreign exchange mark-up and fixed transfer charges with transfers taking up to five days. “We have seen rapidly increasing interest among Indian investors to diversify their portfolios internationally. So far, the biggest bottleneck has been the deposit journey due to high charges and the tedious process,” said Vested Finance co-founder & CEO Viram Shah. He added that the partnership will enable the transfer to be done seamlessly, 100% online and with low fees.