PIS account is a scheme of Reserve Bank of India ( RBI ) which enables NRIs ( Non – Resident Indians ) and OCBs( Overseas Citizens of India ) to purchase and sell shares and convertible debentures of Indian companies on a recognized Indian stock exchange by routing such purchase/sale transactions through their NRI Savings account with a designated bank branch. There can only be one PIS account that an NRI investor can open with any bank – In fact there is an undertaking that has to be given by NRI stating that the NRI has no other PIS account(s). All popular banks today have PIS options for their customers – like HDFC bank, ICICI bank HSBC, Standard Chartered, Kotak, SBI, etc. There are certain restrictions with PIS like on intraday trades, short selling of shares, etc are not allowed. PIS is used to purchase only listed shares and debentures.