PIS Accounts for NRIs: Everything You Need to Know| North Loop Official Blog
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North Loop
22 Mar 2020

PIS Accounts for NRIs: Everything You Need to Know

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PIS Accounts for NRIs

If you’re an NRI (Non-Resident Indian) who is looking to invest in the Indian stock market, you will need a Portfolio Investment Scheme (PIS) Account. PIS Accounts let NRIs buy and sell shares of Indian companies in the BSE and NSE via their NRE/NRO accounts. You must have a PIS account if you’re an NRI who wants to invest in stocks and equities.

How to get a PIS Account for NRIs

To open a PIS account, you need to:
  • Step 1 - Get an NRE/NRO account opened (such as one provided by North Loop)
  • Step 2 - Get a form from your bank called the Application for designating a bank account for PIS’ and submit it back to the bank. The bank then submits this form to the RBI for approval.
  • Step 3 – Once you have been approved by the RBI, whichever bank account you requested in the form (NRE or NRO) will be designated as a PIS Account
  • Step 4 – Your Demat account and your trading account will be linked with the PIS account to enable you to buy and sell stocks in the Indian stock market.

Sounds complicated? It is! Save yourself time and hassle by opening a North Loop NRI account, and create a PIS account with one click - we do all the paperwork for you.

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

Investing through Non-PIS Accounts

If you have a NRE or NRO account, it is a non-PIS account (as PIS hasn’t been activated). By default, every NRE/NRO account is a non-PIS account). If you don’t have a PIS account, you can still invest or receive proceeds from the following:
  • Mutual Funds and IPOs
  • Sell any shares acquired through Right Issues/ ESOP
  • Sell any shares received as inheritance
  • Sell any shares received as a bonus
  • Sell any shares bought when you were a resident Indian.

Many banks make it mandatory to open a separate Non-PIS account along with a PIS Account. Therefore, an ‘NRI Investing Suite’ or commonly referred to as 4-in-1, looks like:
  • NRI Saving Bank Account (Non-PIS)
  • NRI Saving Bank Account (PIS)
  • NRI Demat Account
  • NRI Trading Account

North Loop PIS Accounts

Save hours of work, and the hassle of paperwork y opening a North Loop PIC account. With one click, you’ll get a full PIS account, and save thousands of rupees every year . It’s banking made simple. Zero balances. No fees. Sign up online in 5 minutes. Get 4-in-1 Accounts and free remittances. Click here to learn more.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.