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Can NRIs hold multiple PIS accounts in India?

PostedAugust 13, 2024
UpdatedAugust 13, 2024
ByManoj

Non-Resident Indians (NRIs) are generally not allowed to hold multiple Portfolio Investment Scheme (PIS) accounts with different banks in India. 

  1. Single PIS Account per Account Type: NRIs can have only one PIS account with a bank for repatriation and one for non-repatriation. This means they can have a maximum of two PIS accounts, one linked to their NRE account and one linked to their NRO account.

  2. Repatriable and Non-Repatriable Accounts: NRIs need separate PIS accounts for investments made on a repatriable basis (through NRE/FCNR accounts) and non-repatriable basis (through NRO accounts).

  3. Changing Banks: If an NRI wishes to change the bank providing the PIS account, they must first close the existing PIS account and obtain a closure letter or certificate from the bank before opening a new PIS account with another bank.