I can't find purpose code S0001 (investment abroad) in AU Bank's app or net banking, and other banks let me do capital account remittances online. Is a branch visit really needed for every transfer to a foreign broker?
1 Answers
With AU bank, transferring for equity investment abroad and submitting the signed A2 form, Overseas Portfolio Investment (OPI) Declaration requires a visit to a branch; online isn’t an option.
While it’s frustrating, I couldn’t find a comparable or more convenient rate from any other bank.
I invest in IBKR/Paasa once a month, so it's fine with me to visit or use a porter/Uber delivery to send a completed form, which saves me 1200-1500 Rs.
AU bank wrote this on email: "Please note that the mentioned transaction pertains to a capital nature case, which requires offline processing. Hence, we request you to kindly visit your nearest AU Small Finance Bank branch to raise the request. Our branch officials will assist you further in completing the required process."
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