Lifetime FREE Credit Card with 10X rewards
Most Searched
Top Products
Popular Searches
Bank Accounts
Populer FAQs
Signature is important and it is required to avail various products and services. To upload your signature
1. Go to More
2. Select Customer Service Dashboard
3. Select ‘Savings/Current Accounts’
4. Select ‘Upload Signature’ to upload your signature.
That's easy! Follow these steps to track your service requests:
1. From the home page of the app, tap on "Customer Service" section
2. Scroll down to "Track my service requests" to find all your requests
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account NowEnjoy Zero Mark-up on Forex Transactions on your FIRST WOW! Credit Card
Apply NowExperience Industry FIRST truly convenient PIS services anytime anywhere
IDFC FIRST Bank Portfolio Investment Scheme (PIS) services
Experience Industry FIRST truly convenient PIS services anytime anywhere
IDFC FIRST Bank Portfolio Investment Scheme (PIS) services
Paperless Process (Industry First)
Instant PIS permission (Industry First)
Online PIS Reports (Industry First to provide Capital gain/Holding statement on 1 click)
No Minimum Balance account
Paperless Process (Industry First)
Instant PIS permission (Industry First)
Online PIS Reports (Industry First to provide Capital gain/Holding statement on 1 click)
No Minimum Balance account
The Indian market is growing leaps and bounds, and overseas investments is a big part of it. Non-Resident Indians (NRIs) who want to invest in Indian stocks and bonds can do so through the Reserve Bank of India’s (RBI’s) Portfolio Investment Scheme (PIS).
IDFC FIRST Bank brings them the perfect way to partake in the Indian market and grow with it - Portfolio Investment Scheme (PIS) Account.
What is PIS account used for?
An NRI can invest in the Indian stock market on repatriation or non-repatriation basis. For investment on a repatriation basis, to carry out the transaction of buy and sell of securities a separate bank account is opened called as PIS account which is linked to the NRE (Non-Resident External) savings account. With every PIS bank account, a Permission letter is issued which is unique for every customer. Hence if a NRI customer wants to Invest in Indian Stock market they need to have:
With Bank:
NRE Savings Account
NRE PIS Bank account
With Broker:
NRE Demat Account
NRE Trading Account
We are happy to offer you an NRO settlement account so that you may easily invest your funds lying in your NRO account and avail the above services with us.
Yes, subject to the following conditions: NRIs or OCIs may purchase and sell Capital Instruments through a branch designated by an Authorised Dealer for the purpose.
The total holding by any individual NRI or OCI shall not exceed 5 percent of the total paid-up equity capital on a fully diluted basis or should not exceed 5 percent of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company and the total holdings of all NRIs and OCIs put together shall not exceed ten percent of the total paid-up equity capital on a fully diluted basis or shall not exceed ten percent of the paid-up value of each series of debentures or preference shares or share warrants - provided that the aggregate ceiling of 10 percent may be raised to 24 percent if a special resolution to that effect is passed by the General Body of the Indian company.
a. The amount of consideration shall be paid as inward remittance from abroad through banking channels or out of funds held in a Non-Resident External (NRE) account maintained in accordance with the Foreign Exchange Management (Deposit) Regulations, 2016.
b. An NRE (PIS) Account will be open, and the designated account shall be used exclusively for putting through transactions.
Yes, the sale proceeds (net of taxes) of the capital instruments may be remitted outside India or may be credited to NRE (PIS) account of the person concerned.
The Portfolio Investment Scheme (PIS) is a scheme of Reserve Bank of India defined in Schedule 3 of the Foreign Exchange Management Act 2000. As per the scheme, NRIs can purchase and sell shares and convertible debentures of Indian Companies on a recognised stock exchange by routing such purchase/sale transactions through their NRE PIS account with a Designated Bank Branch.
As per Reserve Bank of India (RBI) guidelines, NRI who wishes to invest in shares in India through a stock exchange need to approach the designated branch of any authorized dealer (bank) authorized by reserve bank to administer the PIS (Portfolio Investment Scheme) to open a NRE (Non Resident External) account under the scheme for routing Investments on repatriation basis.
No. We are offering account under Single holding pattern only.
Authorised Dealer banks would be required to provide the details of investment made by their respective NRI clients to the depositories in the format as provided by the depositories/ SEBI. In addition, the reporting to Reserve Bank in the existing system, viz., LEC (NRI)
Trading partner of customer needs to submit contract notes for both purchase and sale within the time(T+1) specified by the designated bank to enable designated banks to report it to NSDL, CDSL and Reserve Bank of India.
Reserve Bank of India, CDSL & NSDL monitors the investment position of NRIs in listed Indian companies, reported by designated banks, on a daily basis. The depositories and exchanges shall display the available investment headroom, in terms of available shares, for all companies for which the breach has been activated, on their respective websites as mentioned below
CDSL: https://www.cdslindia.com/publications/FIMonitoring.aspx
NSDL: https://www.fpi.nsdl.co.in/web/Reports/ForeignInvestmentLimitMonitoringListing.aspx
BSE: https://www.bseindia.com/static/markets/equity/EQReports/mfi_limits.aspx
NSE: https://www1.nseindia.com/products/content/derivatives/equities/fii_mi_position.htm
Yes, NRI Clients needs to ensure securities are not in RBI, NSDL and CDSL breach list before executing the purchase order.
NRI will have to off load such portion of the holding, which is in excess of the prescribed limit. Refer SEBI circular for details on Method of disinvestment : https://rbidocs.rbi.org.in/rdocs/content/pdfs/SEBI05042018.pdf
Shares purchased under PIS on stock exchange shall be sold on stock exchange only. Such Shares cannot be transferred by way of sale under private arrangement or by way of gift (except by NRIs to their relatives as defined in Section 6 of Companies Act, 1956 or to a charitable trust duly registered under the laws in India) to a person resident in India or outside India without prior approval of the Reserve Bank.
Yes, It is mandatory for a NRI to route all secondary market transactions through his PIS designated account i.e For all purchase / sell of stocks in secondary market only the PIS designated account should be debited / credited.
No, NRI Investor has to take delivery of shares purchased and give delivery of shares sold. Short Selling is not permitted.
You can send money in 14 currencies - USD, EUR, GBP, CAD, AUD, CHF, AED, SGD, HKD, NZD, JPY, ZAR, NOK, CNH.
Yes. It is the responsibility of the NRI to inform the change of status to the designated authorized dealer branch, through which the investor had made the investments in Portfolio Investment Scheme and the DP with whom he/she has opened the demat account. Subsequently, a new demat account in the resident status will have to be opened, securities should be transferred from the NRE/NRO demat account to resident account and then close the NRE/NRO demat account.
Yes. NRI need not obtain any PIS permission for applying in Primark market transactions like IPO. NRI Clients should provide the details to the designated bank regarding Quantity and date of allotment and cost of acquisition to calculate the taxes, if any.
Sell proceeds of shared acquired through Primary Market will get credited to respective NRE /NRO Savings Account of NRI.
No. NRIs cannot maintain NRE PIS with different banks. NRIs can assign only one Designated Bank for the purpose of routing the transactions under PIS for NRE.
The sales proceeds can be deposited after deduction of the applicable tax.
As per Indian tax laws, all the capital gains arising out of sale transactions are subject to tax. In the case of NRIs, the capital gain arising out of sale transaction is subject to deduction of tax at source (TDS) i.e. at the time of crediting the sale proceeds to the respective NRE/NRO account by the concerned bank branch. Accordingly, the concerned bank shall determine the tax liability and tax will be deducted at source. The concerned bank, which has deducted tax at source, shall issue a certificate in this regard
A new Section 112A is proposed to tax LTCG on gain on transfer of listed equity shares @ 10%, for gains in excess of Rs. 1 lakh. This provision is applicable from April 1, 2018. (surcharges will be applicable as per slabs)
Bank is required to deduct tax from the capital gains on sale of shares at specified rates of 15% (plus Health and Education Cess @ 4%) on short-term capital gains. (surcharges will be applicable as per Tax slabs)
FEMA provisions allow Indian companies to issue Rights / Bonus shares to existing non-resident shareholders, subject to adherence to sectoral cap as may be applicable.
Cost of acquisition of bonus shares is taken as zero hence the capital gain on selling a bonus share is equal to its selling price and the period of holding is computed from the date of allotment of such bonus shares.
Yes, as an NRI you can receive shares in inheritance. RBI permission is not required to be obtained and the shares will be held on non-repatriable basis in NRO Demat account.
Below is the list of documents required in case of transfer of NRE PIS account
1. No objection certificate from erstwhile PIS service provider
2. Holding Statement with rate, date, quantity and company Name with ISIN
3. Holding Statement to mentioned clearly the mode of acquisition is from NRE or NRO
Yes, we suggest you to update the details post account opening and periodically match the holding in your Demat account with bank details.
We suggest you to please provide the detail in Holding declaration format to Bank for IPO and corporate action. Bank needs to update the cost and date of acquisition against each share to follow FIFO method for Tax calculation.
Yes, through NRO account. Please approach you SEBI Registered Broker for more details.
No, currently we have empanelment with Zerodha Broking Limited for opening of NRI demat and trading account. We are looking forward to add more SEBI registered brokers. You can reach out to your NRI RM or nearest IDFC FIRST Bank branch for more details.
You can refer below link for more details on NRI offering from Zerodha Broking Limited