Investing in the Indian stock market has become easier and more transparent for NRIs over the years. But one question still causes confusion for many: Should you invest through a PIS (Portfolio Investment Scheme) account or through a Non-PIS route?

If you’re an NRI planning to invest in Indian equities, understanding these two paths can help you choose the one that best fits your goals. Let’s break it down in a simple, human way.

What is PIS (Portfolio Investment Scheme)?

PIS is a scheme regulated by the Reserve Bank of India (RBI) that allows NRIs to invest in the Indian stock market on a repatriation or non-repatriation basis.

Under PIS, all your buying and selling transactions are directly reported to RBI through your designated bank.

Key Features of PIS

• Mandatory for direct equity trading on a repatriable basis
• Separate NRE-PIS and NRO-PIS accounts
• RBI tracks and monitors all transactions
• Broker cannot execute trades unless PIS bank approves the funds
• Useful for investors who want strict regulatory compliance

What is Non-PIS Route?

The Non-PIS route allows NRIs to invest specifically using an NRO account, without the need for RBI reporting.
This route is generally used for:

• Intraday trading
• F&O trading
• Equity delivery using NRO (non-repatriable basis)
• Mutual funds

Key Features of Non-PIS Route

• No RBI approval needed
• Faster execution and simpler documentation
• Ideal for active traders and small-to-medium NRI investors
• Lower costs compared to PIS

PIS vs. Non-PIS — A Quick Comparison :-

Feature	PIS Account	Non-PIS Account
Regulated by RBI	Yes	No
Used for Equity Delivery?	Yes	Yes
Used for F&O?	No	Yes
Repatriation Allowed?	Yes	No (NRO route only)
Compliance & Reporting	Mandatory	Not required
Cost	Higher	Lower
Ideal For	Long-term NRI equity investors	Active traders, F&O, intraday

Which Option Should NRIs Choose?

Here’s the simplest way to decide:

✔ Choose PIS if…

• You want to invest in stocks on a repatriable basis
• You prefer full RBI oversight and compliance
• You are primarily a long-term equity investor

✔ Choose Non-PIS if…

• You want lower charges and simpler processes
• You're using NRO funds
• You want to trade F&O or intraday
• You don’t need repatriation

Most NRIs today prefer a Non-PIS account due to its ease and cost-effectiveness—unless repatriation is a priority.

How JM Financial Services Helps NRIs

JM Financial Services offers a seamless, NRI-friendly investment ecosystem with:

• Assistance in opening NRE/NRO + PIS/Non-PIS accounts
• Dedicated relationship managers
• Expert guidance for NRI taxation, compliance, and investment planning
• Access to equity, mutual funds, bonds, PMS, and wealth solutions
• Easy-to-use digital platforms tailored for NRI investors

If you’re unsure whether PIS or Non-PIS is right for you, the JM Financial team helps evaluate your residency status, taxation needs, and financial objectives—making the decision simple and personalized.

Final Thoughts

Choosing between PIS and Non-PIS depends on your investment style, fund source, and repatriation needs.

• Want compliance + repatriation? → Go for PIS
• Want convenience + lower costs + F&O access? → Go for Non-PIS

Whichever option you choose, the Indian stock market offers plenty of opportunities—and with the right support from experts like JM Financial Services, your NRI investment journey can be smooth and rewarding.

FAQs

1. Do NRIs need a PIS account to invest in Indian stocks?

Only if you want to invest in equity on a repatriable basis. For NRO-based investments, a Non-PIS route works fine.

2. Can NRIs trade intraday or F&O using PIS?

No. Intraday and F&O are not allowed under PIS. You must use the Non-PIS (NRO) route.

3. Which is cheaper — PIS or Non-PIS?

Non-PIS is generally cheaper because it avoids RBI reporting charges.

4. Can I repatriate funds from a Non-PIS account?

No. Investments made through NRO (Non-PIS) are non-repatriable, except within limited allowed thresholds.

5. Can JM Financial Services help NRIs with account opening?

Yes. JM Financial Services provides full assistance for opening NRE/NRO + PIS/Non-PIS accounts with expert guidance.