Under PIS, how many types of accounts are normally maintained?
While different banks/ depository participants may designate the following accounts by different names, broadly the following are maintained in under PIS: Normal NRE bank account: This account can be utilized for making investment in Mutual Funds, new issues of companies as well as for meeting daily routine expenses such as rent, telephone bills, etc. Credits from remittances from abroad, sale proceeds of shares acquired under public issue with foreign funds can also be deposited in this account. NRE PIS account: This account can be utilized only for making secondary market investments in Indian stock markets on repatriation basis and for depositing the sale proceeds of shares purchased from this account. No other expenses can be paid from this account. All investments made in this account are subject to investment limits as specified by RBI. Normal NRO Account: This account can be utilized for making investment in Mutual Funds, new issues of companies as well as for meeting daily rout
