{"id":43602,"date":"2026-10-14T22:00:00","date_gmt":"2026-10-14T16:30:00","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=43602"},"modified":"2026-10-14T20:10:27","modified_gmt":"2026-10-14T14:40:27","slug":"nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/","title":{"rendered":"NRI PIS Account Explained: How It Works for Investing in Indian Stocks ?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#what_the_PIS_account_actually_is\" >what the PIS account actually is<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#how_the_transaction_flow_works\" >how the transaction flow works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#the_investment_limits\" >the investment limits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#what_the_PIS_does_not_cover\" >what the PIS does not cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#the_tax_treatment\" >the tax treatment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#what_retail_investors_should_take_from_this\" >what retail investors should take from this<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">An NRI cannot use a regular resident savings account to trade Indian shares. The account has to be converted, or a new one opened, and for investments meant to be repatriated, the RBI requires a specific structure: the Portfolio Investment Scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The PIS is not a product. It is a regulatory framework. It sits between the NRI, the bank, and the broker, ensuring that every equity transaction is recorded, reported, and kept within the foreign investment limits set for NRIs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_the_PIS_account_actually_is\"><\/span><strong>what the PIS account actually is<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A PIS account is a dedicated bank account opened with an authorised dealer (AD) bank that has RBI approval to administer the scheme. It is separate from the regular NRE or NRO savings account, though it is funded from it <a href=\"https:\/\/pnb.bank.in\/PORTFOLIO-INVESTMENT-SCHEME.html\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRE-PIS account is funded from foreign remittances or an existing NRE account. The investments made through it are fully repatriable. An NRO-PIS account is funded from Indian-source income in an NRO account. The investments are non-repatriable, and the proceeds face the USD 1 million annual limit <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Only one AD bank per NRI is permitted. The bank allocates a unique code, and the account is linked to a demat account marked as repatriable or non-repatriable, depending on the route <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how_the_transaction_flow_works\"><\/span><strong>how the transaction flow works<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The PIS route adds a layer of reporting to every trade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Funding.<\/strong> The NRE or NRO savings account is debited, and the funds are moved to the PIS account. The PIS account must be pre-funded before a buy order is placed. Intraday trading and leverage are not allowed. Every trade requires 100% upfront funding and delivery <a href=\"https:\/\/groww.in\/blog\/pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Order placement.<\/strong> The NRI places the order through a registered stock broker. The broker executes the trade on the exchange.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reporting.<\/strong> On every trade day, the broker sends an electronic contract note to the AD bank. The bank then reports the transaction to the RBI through the Online Report Filing System. The NSDL and CDSL also publish daily caution lists to monitor the aggregate NRI holding in each company <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.rbi.org.in\/scripts\/NotificationUser.aspx?Id=8325&amp;amp;Mode=0\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Settlement.<\/strong> The shares are credited to or debited from the linked demat account. The funds move between the PIS account and the demat account automatically.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This reporting is the main difference from a non-PIS route. The PIS keeps the RBI informed of every NRI equity transaction, which is how the regulatory limits are enforced.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_investment_limits\"><\/span><strong>the investment limits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI caps how much NRIs can hold in any single Indian company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A single NRI can hold up to <strong>5%<\/strong> of the paid-up capital of a listed company <a href=\"https:\/\/www.nseindia.com\/static\/trade\/members-faqs-nri-trading-account#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.5paisa.com\/news\/how-nri-can-invest-in-indian-stocks-and-mutual-funds-the-main-rules-explained\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All NRIs together can hold up to <strong>10%<\/strong> of the paid-up capital. This can be raised to 24% by a resolution of the company&#8217;s board and general body <a href=\"https:\/\/www.rbi.org.in\/fiilist\/index.html\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.pocketful.in\/blog\/personal-finance\/pis-vs-non-pis-account\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI monitors these limits daily. When aggregate NRI holding reaches 8% (two percentage points below the 10% limit), the company enters the &#8220;caution list.&#8221; At 10%, it is banned from further NRI purchases until the holding falls <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.rbi.org.in\/fiilist\/index.html\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_the_PIS_does_not_cover\"><\/span><strong>what the PIS does not cover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The PIS is only required for secondary-market equity trading on a repatriation basis. Several other investments do not need it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mutual funds.<\/strong> NRIs can invest in Indian mutual funds through their NRE or NRO accounts without PIS permission. The KYC process is separate <a href=\"https:\/\/www.5paisa.com\/news\/how-nri-can-invest-in-indian-stocks-and-mutual-funds-the-main-rules-explained\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/pis-vs-non-pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>IPOs.<\/strong> NRI applications for IPOs are made through ASBA or UPI, using an NRE or NRO account. No PIS letter is required <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Non-repatriable equity trading.<\/strong> Since the FEMA amendment of 2016, NRO-based secondary market equity purchases on a non-repatriation basis do not require PIS permission. They are treated at par with resident investments <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Derivatives and intraday.<\/strong> F&amp;O and intraday trading are not permitted through a PIS account. They are only available through an NRO non-PIS account, subject to SEBI rules. The July 2025 SEBI circular abolished the mandatory Custodial Participant (CP) code for NRIs trading derivatives, simplifying access <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/pis-vs-non-pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"the_tax_treatment\"><\/span><strong>the tax treatment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tax rates for capital gains are the same whether the investment is routed through PIS or non-PIS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Short-term capital gains.<\/strong> For listed equity held for 12 months or less, the gain is taxed at <strong>20%<\/strong> (plus surcharge and cess) <a href=\"https:\/\/hdfcsky.com\/sky-learn\/tax\/how-nris-are-taxed-on-indian-stock-market-gains#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.kotak.bank.in\/en\/stories-in-focus\/nri\/how-do-nris-trade-in-the-indian-stock-market.html\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Long-term capital gains.<\/strong> For listed equity held for more than 12 months, gains above \u20b91.25 lakh are taxed at <strong>12.5%<\/strong> without indexation <a href=\"https:\/\/hdfcsky.com\/sky-learn\/tax\/how-nris-are-taxed-on-indian-stock-market-gains#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.kotak.bank.in\/en\/stories-in-focus\/nri\/how-do-nris-trade-in-the-indian-stock-market.html\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>TDS.<\/strong> Tax is deducted at source on capital gains and dividends. The TDS is not the final tax. If the actual liability is lower, the excess can be claimed as a refund by filing an ITR <a href=\"https:\/\/hdfcsky.com\/sky-learn\/tax\/how-nris-are-taxed-on-indian-stock-market-gains#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.motilaloswal.com\/learning-centre\/2025\/9\/pis-essentials-for-nris-trading-access-limits-and-tax-implications#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DTAA relief.<\/strong> NRIs can claim relief under a Double Taxation Avoidance Agreement if their country of residence has a treaty with India. This requires a Tax Residency Certificate and other documentation. The relief is not automatic <a href=\"https:\/\/hdfcsky.com\/sky-learn\/tax\/how-nris-are-taxed-on-indian-stock-market-gains#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/iventures.in\/feeds\/blog\/nri-invest-indian-stock-market\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what_retail_investors_should_take_from_this\"><\/span><strong>what retail investors should take from this<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The PIS account is a compliance layer, not an investment product. It exists to keep the RBI informed of NRI equity transactions and to enforce the holding limits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For an NRI who wants to invest in Indian shares with the option to repatriate the proceeds, the PIS route is the only way. For mutual funds, IPOs, or non-repatriable investments, it is not required.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reporting adds cost and paperwork. The bank charges a fee for administering the PIS, and the transaction reporting is mandatory. For an NRI with a small equity portfolio, the cost may outweigh the benefit. For someone with a substantial repatriable portfolio, the PIS is the structure that makes the repatriation possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Is a PIS account mandatory for all NRI stock investments?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. It is mandatory only for secondary-market equity trading on a repatriation basis. Mutual funds, IPOs, and non-repatriable NRO-based equity investments do not require PIS permission <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/pis-vs-non-pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Can an NRI hold more than one PIS account?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. The RBI permits only one designated PIS bank account per NRI, linked to one authorised dealer bank. The bank reports all transactions to the RBI from that single account <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. What is the difference between an NRE-PIS and an NRO-PIS account?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An NRE-PIS account is funded from foreign remittances or NRE balances, and the investments are fully repatriable. An NRO-PIS account is funded from Indian-source income, and the investments are non-repatriable beyond the USD 1 million annual limit <a href=\"https:\/\/www.smctradeonline.com\/blog\/demat-account\/nre-vs-nro-demat-account\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.pocketful.in\/blog\/personal-finance\/pis-vs-non-pis-account\/#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. What are the investment limits for NRIs under PIS?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A single NRI can hold up to 5% of a company&#8217;s paid-up capital. The aggregate holding of all NRIs is capped at 10%, which can be raised to 24% by a company resolution. The RBI monitors these limits daily <a href=\"https:\/\/www.nseindia.com\/static\/trade\/members-faqs-nri-trading-account#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/www.rbi.org.in\/fiilist\/index.html\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Can an NRI do intraday trading or F&amp;O through a PIS account?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. PIS accounts permit only delivery-based equity trading. Intraday trading, margin leverage, and short selling are prohibited. F&amp;O trading is available only through an NRO non-PIS account, subject to SEBI rules <a href=\"https:\/\/groww.in\/blog\/pis-vs-non-pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a><a href=\"https:\/\/groww.in\/blog\/pis-account#1\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An NRI cannot use a regular resident savings account to trade Indian shares. The account has to be converted, or a new one opened, and for investments meant to be repatriated, the RBI requires a specific structure: the Portfolio Investment Scheme. The PIS is not a product. It is a regulatory framework. It sits between [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/nri-pis-account-explained-how-it-works-for-investing-in-indian-stocks\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":41,"featured_media":42676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[144],"tags":[],"class_list":["post-43602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-resident"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"An NRI cannot use a regular resident savings account to trade Indian shares. 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