NRO PIS Bank Account

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An NRO PIO Bank Account is a Non-Resident Ordinary Saving Bank Account with the PIS permission from RBI for stock market investment by an NRI customer.

An NRO PIS Bank account is an NRO Saving Bank account with the PIS permission. The Portfolio Investment Scheme (PIS) is a scheme by RBI which permits NRI to invest in Stocks and Mutual Funds through stock exchanges in India.

An NRO Bank Account is opened to manage income earned in India by an NRI i.e. Rental, Interest, Pension, etc. This account is also used for equity derivatives trading (F&O) in Indian stock market.

The NRO PIS account can be used for investing in equity, equity derivatives, Mutual Funds and IPOs investment in India. However, only the gains from the investments are freely repatriable, not the principal amount. Money held in this account can be repatriated with additional paperwork and up to a limit of 1 million USD per financial year.

NRO PIS Key Facts

  1. NRO PIS account can be opened by NRIs, PIOs, and OCI Cardholders.
  2. The NRO PIS account is same as an NRO account. Only that it has PIS permission.
  3. NRO PIS account allows NRIs to trade in Stocks, Stock Derivatives, Mutual funds and IPOs using the income earned in India.
  4. Trading in Equity Derivatives (F&O) is permitted only through the NRO PIS Account.
  5. Investments from the NRO PIS account is treated as resident investments.
  6. All the transactions done using the NRO PIS account are reported to RBI by the bank.
  7. It is offered by all major banks including ICICI, SBI, and HDFC, etc.
  8. Bank, where you have NRO bank account, helps you get the PIS permission.
  9. A resident Power of Attorney (PoA) holder can be authorized to operate this account.

 

ProStocks Non-PIS NRO Trading

 

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Frequently Asked Questions

  1. 1. Who can open an NRO PIS Account?

    NRIs, PIOs, and OCIs are eligible to open a Non-Resident Ordinary Saving Bank Account, also known as NRO bank account.

    NRO PIS Account is an NRO Account with PIS permission by RBI to invest in the Indian Stock Market. NRO PIS Account can be opened only with few designed bank branches by RBI. Though almost all large banks in India offer NRO Account, only a few branches of the bank are designed for this.

    Note: The NRO account with a PIS certificate was earlier required by an NRI customer if he was interested in investing the money in the stock market from the NRO Account. However, NRO PIS account is no longer required as NRIs are allowed to invest in equity stocks through the NRO account without PIS permission.

     

  2. 2. Can I hold multiple NRO PIS Accounts?

    An NRI can open multiple NRO Bank Accounts. But only one of them can be designated as PIS however the NRO PIS account is no longer required as NRIs are allowed to invest in stock markets without PIS permission using NRO account on non-repatriation basis.

     


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