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Both these accounts allows investment in securities in India like mutual funds, equity stocks, IPOs, ETF, bonds, etc., by the NRIs and PIOs. NRIs can open these accounts with any broker available in India like ICICI Direct, IIFL Securities, HDFC Securities, Zerodha, Angel Broking, etc. however, it is to be noted that the investment purposes of both NRI PIS and Non-PIS accounts are different.
Portfolio Investment Scheme or PIS is an RBI scheme, initiated for investment by NRIs and it allows the Non-Residents and PIOs to shop for and sell shares on a repatriation basis in the Indian stock markets.
A Non-PIS account is basically a standard NRI savings bank account, which enables NRIs to take position in shares of Indian companies on a non-repatriation basis. Thus, such an account can be opened with any bank in India.
FEATURES | PIS BANK ACCOUNT | NON-PIS BANK ACCOUNT |
PURPOSE | TO BUY/ SELL EQUITY SHARES ON A REPATRIATION BASIS | TO BUY/ SELL SECURITIES AND MUTUAL FUNDS ON A NON-REPATRIABLE BASIS |
RBI RULES | THE SECONDARY MARKET TRANSACTIONS ARE REPORTED TO RBI | THE SECONDARY MARKET TRANSACTIONS ARE NOT REPORTED TO RBI |
SOURCE OF FUNDS | CAN BE REPATRIABLE | CAN BE REPATRIABLE AND NON-REPATRIABLE |
ACCOUNT | NRE SAVINGS ACCOUNT | NRE AND NRO SAVINGS ACCOUNT |
ACCOUNT USES | IT CAN BE USED TO BUY SHARES IN THE STOCK MARKET ON A REPATRIABLE BASIS ONLY. | IT CAN BE USED TO BUY EQUITY SHARES, MUTUAL FUNDS, IPOS, ESOP AND BONDS ON A NON-REPATRIABLE BASIS. |
S. NO. | BROKER | BROKERAGE |
1 | ZERODHA | 0.1% OR UP TO RS. 200 PER TRADE |
2 | ICICIDIRECT | 0.50% – 1.25% |
3 | HDFC SECURITIES | 0.75% |
4 | ANGEL BROKING | AS PER TERMS AND CONDITIONS |
5 | AXISDIRECT | 0.75% |
6 | IIFL SECURITIES | 0.50% |
7 | KOTAK SECURITIES | 1.00% |
8 | SHAREKHAN | 0.50% |
9 | VENTURA | 0.40% |
10 | ANAND RATHI | AS PER TERMS AND CONDITIONS |
The Indian market is growing by leaps and bounds with each passing day and folks are aggressively investing within the Indian stock exchange. Rajput Jain & Associates has been closely working with some of the leading brokers and banks like IIFL, Zerodha, SBM Bank, etc., since many years, and the same will be helpful to assist NRIs open NRI account online and make investment in India.
Open an NRI PIS/ Non-PIS and Demat accounts instantly and find the most effective investment advisory. you’ll be able to get detailed mutual fund advisory from experts at RJA. you’ll be able to visit CARAJPUT website from the Google to ask any questions associated with PIS Account, NRI account opening online and tax filing in India. To ask any questions associated with investment, click on the button below. One can also visit our blog and YouTube channel, in order to get more details on the same.
NRIs, PIOs and OCIs can open an NRE savings bank account with PIS permission. Once the PIS account is opened, NRIs can make investment within the Indian securities market on a repatriation basis.
As per RBI guidelines, an NRI is allowed to have a maximum of one PIS from a designated bank. The PIS approval is linked with an NRE/ NRO account reckoning on their repatriation requirements. Hence, NRIs can have just one NRE PIS account and NRO PIS account. In case of NRO mode of transactions, PIS approval need not to be taken.
PIS account opening charges varies from bank to bank. However, HDFC bank charges Rs. 1000 for a PIS account, in Axis Bank the charges are Rs. 1000, in Kotak Securities the charges are Rs. 1500, and in the SBI Cap Securities charges are Rs. 750.
Transactions not allowed using a PIS account are:
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