Choice Broking has launched its overseas investment service to enable Indian citizens to invest in the capital market of 25 countries including US, UK, Germany and Japan.
The service – Jiffy Global – has been launched in partnership with Interactive Brokers LLC, which is amongst the largest American brokers in terms of daily average revenue trades, the company said in a press release.
It will allow Indian investors to directly invest in stocks that they consume on a regular basis such as Apple, Amazon, Netflix and Facebook, among others.
Features of Jiffy Global
Invest in Fractional Shares (Start from as little as $1)
Multi-currency Account
No minimum balance, no hidden charges
No limits on withdrawal from global investing account
Under the Liberalised Remittance Scheme (LRS) of Reserve Bank of India, Indian investors are allowed to freely remit up to $2,50,000 (Rs 1.82 crore considering Rs.73/USD) in a financial year (April – March) for any permissible current or capital account transactions or a combination of both.
“We have been hand-holding our retail investors who have gradually grown with us over the past decade. Keeping their risk and diversified investment appetite in mind, we are offering this overseas investment service with investor-friendly features,” said Kamal Poddar, Managing Director, Choice group.
As per RBI data, Indians remitted $680.37 million and $623.37 million overseas for investment and deposits in 2020-21 and 2019-20, respectively over their previous year, up 9.1 percent and 36.7 percent over their previous years, which indicates the rising investment size even during a pandemic year, Poddar said.
