Can NRI have two demat accounts in India?

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NRIs can have as many as NRI Demat Accounts as they want. In most cases, NRIs open 2 demat accounts (NRE and NRO Demat Account) for repatriable and non-repatriable transactions.

For repatriable transactions, they have to maintain an NRE demat account and for non-repatriable transactions, they have to open an NRO demat account.

As per the RBI regulations, they have to maintain a separate NRO and NRE demat account to track the repatriable and non-repatriable securities. Although, they can only have one NRI PIS bank account (required for trading on repatriation basis) with a designated bank approved by RBI.