What is NRI PIS Account?

PIS is a scheme by RBI to regulate the total investment limit of the NRIs and execute hassle-free transactions. Previously, NRIs had to invest in the Indian stock market through NRE or NRO accounts under PIS. When an NRI invest through PIS account, it becomes easy for RBI to monitor the money flow in investments made by the NRI's. As per the revised norms of RBI, now it is not compulsory to invest under PIS while investing through NRO account in India. In the new process, the transactions in the non-repatriable mode are not reported to RBI.

Key Features of NRI PIS Account

• NRIs have to operate an NRI account separately with the designated bank for PIS purpose. You can also call it an NRI PIS account.
• Under the portfolio investment scheme, the NRI can buy/sell stocks and convertible debentures of the companies.
• Joint NRI Account for multiple holders can be opened.
• You have to open NRE and NRO accounts for repatriable and non-repatriable purposes, respectively.
• The investment made by the NRIs is regularly reported by the designated banks.
• NRIs cannot maintain more than one PIS account. The contract notes for both purchase and sale transaction should be submitted within 24/48 hours of the execution of the contracts to the designated branch with whom the PIS account is maintained.