Features*
Contact numbers: 0484-2752298 & 0484-2752274, Email: pis@federalbank.co.in
Our Tie-Ups
We have tied up with various brokers for administering PIS. NRIs in the GCC have access to offices of these brokers. NRIs can issue orders for purchase/sale to corresponding Brokers who will execute the same. The Bank will make payments for the purchase and receive amounts for sale of investments in the NRE/NRO PIS accounts as per the contract notes issued by the Broker. The DP account will be operated by the Bank or Broker as per authorization given by NRIs. As such, NRIs need to issue the orders. The remaining procedures are done by Broker/ bank.
Geojit Investments Limited (Federal Bank – Geojit)
India Infoline limited (Federal Bank Ltd Summary | IIFL Capital)
Doha Brokerage & Financial Services limited Account Opening – DBFS
Philip Capital (India) Pvt Ltd
Pentad Securities Pvt Ltd
Acumen Capital Market (India) Limited
Rates and Charges
Portfolio Investment Scheme (PIS) for NRIs - Click Here
How to Apply
1) Online:
- Login to FedMobile->Go to ‘Other Services’ section ->More Features ->Select ‘PIS account opening for NRIs
- Login to FedNet ->Go to ‘Accounts’ section ->Services: ->Open PIS Account Online
Note: NRE Savings Bank account shall be KYC & FATCA/CRS complied.
2) Offline:
- Get in touch with the any of the Federal Bank Branch with the below documents. (Branch Locator)
- Copy of PAN (PAN shall be operative)
- Copy of Passport
- Copy of VISA/OCI
- Photograph (signed across)
- Self-attested Copies of documents should be attested by the Bank Manager or Indian Embassy / Notary Public (When applying from abroad)
A Trading Account with a recognized broker must be opened and DP account with the bank or broker shall be opened.
PIS is an RBI-regulated scheme that allows NRIs/OCIs to invest in Indian stock markets through a structured system. A Portfolio Investment Scheme (PIS) account is a designated bank account maintained by NRIs/OCIs with an authorized dealer bank, through which all eligible equity transactions in Indian stock exchanges are routed in accordance with RBI and SEBI regulations.
The Reserve Bank of India (RBI) regulates the scheme.
NRIs and Persons of Indian Origin (PIOs) who meet the RBI’s criteria can open a PIS account.
No, an NRI can have only one designated bank for PIS.
It is mandatory only for secondary market equity investments.
NRE PIS accounts can be opened in joint names; however, the PIS approved for the account are applicable only to the primary holder. If joint holder (NRI) wants to trade in the secondary market, they need to open a separate NRE PIS account.
Permissible Credits:
- Inward remittances in foreign exchange through normal banking channels.
- Transfer from applicant's other NRE or FCNR accounts maintained with an Authorized Dealer (AD Bank).
- Dividends or income generated from investments made through the PIS.
- Transfer of net sale proceeds (post deducting applicable taxes) for equity instruments purchased on a repatriation basis under the Portfolio Investment Scheme and subsequently sold through a registered broker on the stock exchange.
Permissible Debits:
- Amounts paid on the purchase of Equity on a repatriation basis on stock exchanges through a registered broker under PIS
- Any charges pertaining to the sale/purchase of Equity in accordance with the regulations
- Remittances outside India or transfer to NRE/Foreign Currency Non-Resident (FCNR) Accounts of the NRI/Overseas Citizen of India (OCI) or any other person eligible to maintain such Accounts.
To transfer fund from PIS account, customer shall send mail to pis@federal.bank.in mentioning the PIS and NRE account numbers and amount to be transferred, from the mail ID registered with the Bank.
An approval issued by the bank on behalf of RBI for purchase or sell equity instruments of a listed Indian company.
Equity investments of Listed Indian Companies.
No, intraday trading is prohibited.
No, mutual funds do not require PIS routing.
Yes, IPO applications do NOT require a PIS account.
Certain bonds may be allowed, but not all require PIS.
Through SEBI-registered brokers linked to the PIS account.
No, short selling is not permitted.
Generally restricted under PIS.
An individual NRI can invest up to 5% of the company’s paid-up equity capital
10%, extendable to 24% with company approval.
No, PIS covers only listed equity instruments.
Generally no, if within permitted limits and documentation.
Yes, TDS is applied on capital gains.
Short-term and long-term capital gains tax.
Relief may be available under DTAA agreements.
The designated bank deducts TDS on PIS transactions.
TDS is deducted at the time of sale of shares under the PIS.
Yes, after settling all transactions.