Which Banks in India offer PIS account?

Almost all the major banks in India offer PIS account services through its designated branches that have been authorized by the Reserve Bank of India to manage PIS. The popular banks offering PIS account include ICICI, HDFC, SBI and Axis bank.

The PIS account only required for NRIs to trade/invest on a repatriation basis. For investing or trading on a non-repatriation basis, NRI can open an NRO Account (Non-PIS). Unlike the PIS bank account, transactions from the NRO bank account are not reported to RBI. NRO trading account allows you to invest in Equity, Equity F&O and Currency F&O on a non-repatriation basis.

List of Banks in India who offer NRI PIS account

• ICICI Bank
• HDFC Bank
• SBI Bank
• Axis Bank
• Kotak Mahindra Bank
• Deutsche Bank
• Bank of Baroda
• Federal Bank
• South Indian Bank.