The process to map your Portfolio Investment Scheme (PIS) account with Zerodha varies by bank. Each bank requires specific documents and follows different procedures for broker mapping. As per the Master circular on foreign investment in India, NRIs are allowed to hold only one Portfolio Investment Scheme (PIS) permission with a single bank at any given time.
Additionally, only one broker can be mapped to each PIS account. This means if you already have a PIS account mapped to another broker, you cannot directly map the same account to Zerodha. However, if you want to trade with multiple brokers, you can use a PIS extension account with select banks that offer this facility.
What is a PIS extension account?
A PIS extension account is a solution for NRIs who want to trade with multiple brokers. Banks create a second PIS account under your name using the same PIS permission. This extension account functions as a separate PIS account, allowing you to map it to a different broker while keeping your original PIS account with your existing broker.
Banks that offer PIS extension accounts:
- HDFC Bank
- Axis Bank
- IndusInd Bank
- ICICI Bank
Banks that do not offer PIS extension accounts:
- IDFC Bank
- Yes Bank
With IDFC and Yes Bank, you can only trade with one broker at a time and must switch completely if you want to change brokers.
How to map PIS accounts by bank?
HDFC Bank
HDFC Bank requires the Debit authorisation (PDF) and Sweep-in declaration (PDF) to map Zerodha as a broker. These forms are part of the PIS account opening application form and HDFC requires the hard copy of the same.
- Debit authorisation: Updates the bank's records with your registered broker.
- Sweep-in declaration: Allows the bank to debit your NRE/NRO account if your PIS account lacks sufficient funds.
If you specified Zerodha during the account opening process, your account will automatically map to Zerodha.
For multiple brokers, contact your HDFC Bank PIS relationship manager to request a PIS extension, then submit the extension letter to Zerodha when opening your account.
You must also provide an e-Net/CBX form (PDF) to enable Zerodha to view your HDFC PIS account balance and update margin on Kite.
Axis Bank
Create a ticket and upload a signed copy of the Letter of Authority (LOA) (PDF). Zerodha will coordinate with the bank to complete the process
- If switching from another broker: Provide a Revocation Letter (PDF) along with LOA (PDF) to remove your existing broker before mapping to Zerodha.
- If you want multiple brokers: Contact your Axis Bank Relationship Manager (RM) to request a PIS extension account.
IndusInd Bank
- If you mentioned Zerodha during PIS account opening: Your account automatically maps to Zerodha once your Zerodha account activates. Your balance will reflect in Kite after 2 working days.
- If switching from another broker: Send a scanned copy of the broker change form (PDF) to map your PIS account with Zerodha.
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For multiple brokers:
Contact your IndusInd PIS Relationship Manager (RM) to open a PIS extension account, then submit the new account details to Zerodha during account opening.
ICICI bank
- If you mentioned Zerodha during the PIS account opening: Your account automatically maps to Zerodha once your Zerodha account activates. Your balance will reflect in Kite after 2 working days.
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For multiple brokers:
Contact your ICICI Bank Relationship Manager (RM) to request a PIS extension account, then submit the new account details to Zerodha during account opening.
IDFC Bank
- Your PIS account automatically maps to Zerodha after opening your Zerodha account. Funds will reflect in Kite after 2 working days.
- If switching from another broker: Update the broker via IDFC First Bank Internet banking: Investment Tab → Portfolio Investment Scheme → Broker Update → Broker Addition
- Multiple brokers: Not supported. You can only trade with one broker at a time.
Yes Bank
- If you mentioned Zerodha during PIS account opening: Your account automatically maps to Zerodha.
- If switching brokers or didn't specify Zerodha: Provide a debit instruction (PDF) from your registered email at Yes Bank. Zerodha will coordinate with the bank to complete mapping.
- Multiple brokers: Not supported. You can only trade with one broker at a time.
How can I change the PIS account after opening a Zerodha account?
If the PIS account you provided is already linked to another broker, you'll need an PIS extension account to trade. To update this extension account, please submit a hard copy or e-signed copy of the modification form (PDF), along with a self-attested copy of the PIS extension letter.
Courier all the documents to the following address:
Zerodha Customer Support Centre
192A 4th Floor,
Kalyani Vista, 3rd Main Road,
JP Nagar 4th Phase,
Bengaluru, 560076
For further assistance, contact the bank.