A solid investment in NRE PIS and NRE non-PIS accounts can help your money grow and provide you with an alternate source of regular income. As we know, there is no investment scheme that offers a high rate of returns at low risk. Risk and returns in most financial schemes are inversely proportional. However, investments can bear good fruits if all factors are considered while investing. NRE PIS or Non-Resident External PIS accounts are the investment instruments that are growing in popularity for their ability to yield higher returns.Read more
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Also known as Portfolio Investment Scheme (PIS), the NRE PIS scheme is explicitly defined in the Foreign Exchange Management Act, 2000 under Schedule-3. Under this, Non-Resident Indians can trade in shares and convertible debentures of Indian companies listed in an Indian recognized stock exchange.
NRE PIS bank account is popular among current investors, primarily NRI retail investors. The NRE PIS Bank Account is a form of Saving Bank Account specially customized for Non-resident Indians.
This scheme has given the Non-resident Indians the special allowance of PIS from the Reserve Bank of India, which motivates them to invest in a resurgent economy like India. Moreover, it enables the NRIs to trade Indian stocks by routing completed purchase/sale transactions through their respective NRE PIS account with a referenced bank branch.
Several options can help ensure an alternative source of income like NRE PIS, NRE Non-PIS Account, PIS, Non-PIS Account, PIS Demat Account, and PIS for NRI to choose your options carefully.
For any Non-resident Indians, who would want to use their money earned abroad for trade or investing in Indian stocks, the Non-Resident External (NRE) PIS account becomes a reliable option.
A Non-Resident External bank account is fully compatible in the sense that the funds accumulated in the NRE account can be taken outside India without informing RBI. Non-resident Indians can invest their money depending on their capacity to absorb risk and short-term and long-term needs.
The best part of opting for an NRE PIS account is the flexibility to choose between equity and debt components in the various alternatives to get the best funds.
For the convenience of the Non-resident Indians, their funds can be converted into any foreign currency of their choice. Moreover, their money can also be transferred from an NRE account to their respective NRO account as and when required.
On the other hand, a Non-PIS account is just another run-of-the-mill Savings Bank Account opened by an NRI (can be NRE or NRO).
The Non-resident Indians have an option to choose a specific amount of payout with different sets of stocks and convertible debentures on BSE & NSE. It is mandatory to open the NRE Saving Bank Account first before proceeding with opening an NRE PIS Account.
Following this process, the respective bank would have to apply for a special PIS Certificate based on the PIS Application Form on behalf of the NRI.
Once all the formalities are completed and PIS permission is granted, it is digitally associated with the NRE bank account to formally be regarded as NRE PIS Account. Whenever the NRI carries out any transactions through their NRE Account, it is immediately reported to RBI. It is done to ensure the safety of NRE PIS accounts and avoid any misuse.
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