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What is a PIS Letter and how do I get this PIS Letter?

Portfolio Investment Scheme (PIS) is a scheme of the Reserve Bank of India under which NRIs can purchase or sell shares of Indian companies on Stock Exchanges.

You can get the PIS letter with the help of the bank where you have opened your NRI/NRO account. To get the PIS permission letter, the NRI has to apply for it at a bank that the RBI has authorised to administer the PIS.

All PIS route stock transactions are routed through a designated branch of the bank. The NRI/PIO has to apply to a designated branch of a bank, which deals in Portfolio Investments.


  1. Only clients who have their PIS account with IDFC FIRST, Yes bank, Axis, HDFC or IndusInd bank can open an NRI trading and demat account at Zerodha.
  2. If you don’t have a PIS Letter, you can open the NRO non-PIS account, click here to know more.