Portfolio Investment Scheme PIS is the scheme of RBI through which NRIs and PIOs can purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange in India by routing all their transactions through a designated bank branch on repatriation benefit basis.

There are few branches of some Banks that are designated by RBI that a NRI can have account with in order to invest in Indian Share Market on repatriation benefit basis. NRI investing through NRO Account are not required PIS Account. Any existing NRO PIS Account will be converted to NRO Saving Bank Account post amendment in FEMA in Feb 2016.