An NRE PIS account can be opened by any bank offering NRI services. All major banks like ICICI, SBI, HDFC, Axis and Yes Bank, etc., offers NRE PIS accounts.
Note: RBI has delegated powers to designated branches of the banks to issue permission for Portfolio Investment Scheme.
The PIS permission is taken on an existing NRE Bank account. The bank first opens an NRE bank account and then request for PIS permission on it.
NRE PIS Account is linked with NRI Trading Account and NRI Demat Account to establish a source of funding for trading and investments. The interest and dividend earnings are automatically transferred to the NRE PIS Account.