Does US NRI having a Demat and Trading account need to open a PIS account?

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Yes, US-based NRIs are required to open a PIS-enabled NRI bank account, if they want to invest in shares on a repatriation basis. To trade on a repatriation basis, you would need an NRE Trading, Demat, and Bank Account with PIS approval from RBI linked to it.

The RBI PIS approval is not needed to trade on a non-repatriation basis.

The PIS approval is also not needed edit to invest in Mutual Fund and Derivatives (stock and currency).


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