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Getting Started

What is the difference between a PIS and a non-PIS account?

NRIs can invest in India through two primary routes: Portfolio Investment Scheme (PIS) accounts and Non-PIS accounts. Here’s a comparison between the two:

Feature

PIS Account

Non-PIS Account (Recommended)

Supported Bank Accounts

Investments can be made from both NRE and NRO accounts.

Only NRO accounts are supported.

Bank Requirement

The NRE or NRO account must be with Firstock’s partnered banks (HDFC Bank).

The NRO account can be with any bank.

RBI Permission

A PIS permission letter from RBI is required via the partner bank.

No RBI permission letter is needed.

Fund Transfers

Funds must be transferred to the PIS account first, and the bank updates Firstock before the funds become available. This process may take up to one working day.

Funds are transferred instantly from the NRO account to ORBIS.

Brokerage Charges

0.5% or ₹200, whichever is lower per executed order.

0.5% or ₹100, whichever is lower per executed order.

Contract Note Charges

Banks charge up to ₹300 per contract note (per trading day).

No contract note charges.

Annual Maintenance Charges (AMC)

No AMC

No AMC

Investment Restrictions

Subject to RBI foreign shareholding limits in Indian companies. If a stock hits the foreign investment cap, NRIs cannot buy it.

Clients cannot trade in the BSE Futures and Options (BFO) segment.

Intraday trading in equity is not allowed.

Sovereign Gold Bonds (SGBs) cannot be bought

ClientsClient's cannot trade in the BSE Futures and Options (BFO) segment.

Sovereign Gold Bonds (SGBs) cannot be bought

Intraday trading in equity is not allowed.

Intraday trading in F&O is allowed.

NRIs can invest in equity delivery and trade in F&O via NRO NON-PIS accounts.

BTST (Buy Today, Sell Tomorrow)

Not available.

Available.

Choosing the Right Account

NRIs can open an NRO-Non-PIS account, an NRO-PIS account, or an NRE-PIS account. To trade in both equity and F&O, NRIs must have NRO-Non-PIS and NRE-PIS accounts.

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