How to transfer NRI PIS account from one bank to another?

Transferring an NRI Portfolio Investment Scheme (PIS) account from one bank to another involves several steps to ensure compliance with regulations. Here’s a step-by-step guide on how to transfer a PIS account:

1. Open a New PIS Account:

   • Select a new bank where you want to transfer your PIS account.
   • Apply for a new PIS account with the chosen bank. You may need to submit documents such as your passport, visa, PAN card, proof of NRI status, and address proof.

2. Close the Existing PIS Account:

   • Inform your current bank about your intention to close the existing PIS account.
   • The bank will provide you with the necessary forms and procedures to close the account. Ensure that you have cleared all outstanding dues and fulfilled all compliance requirements.
   • Obtain a PIS account closure letter or certificate from your existing bank. This document is crucial for transferring your account to another bank.

3. Transfer Holdings:

   • You need to transfer your existing holdings from the old PIS account to the new account. This can be done through an off-market transfer. Your new bank will guide you through the process.
   • You will need to fill out a Delivery Instruction Slip (DIS) for transferring shares from the demat account linked to your old PIS account to the demat account linked to the new PIS account.

4. Ensure Compliance and Documentation:

   • Make sure all transactions, holdings, and transfers are compliant with RBI guidelines.
   • Keep copies of all documents, forms, and communications related to the transfer for your records.