NRE SB will be opened with any of the SBI branch and NRE PIS account can only be opened with NRI Nariman Point, Mumbai branch. Both Demat and Trading accounts will be opened with SBI Cap Securities Ltd. (SBI CAPSEC). However, you have to get in touch with your SBI home branch only, as they will take care of opening of all these different accounts.
The PIS account at our NRI Mumbai branch will be mapped with your NRE SB account, which can be with any of our branches. PIS account will also be mapped to the Demat account and Trading account with SBI CAPSEC, to enable you to execute trades online. The underlying linkage of these four accounts enables you to carry out sale/purchase transaction and funds settlement seamlessly without any manual intervention by using our INB facility and trading platform of SBI CAPSEC. SBI will calculate and deduct capital gain tax liability arising out of sale / purchase transaction from your PIS account and will issue tax deduction certificate.
You can open PIS account, if you have an existing NRE SB account with any of the SBI Branch. However, your existing NRE SB account should have been opened in preceding two years or fresh KYC documents have been submitted to your branch in last two years for the re-KYC of it.
Transfer your funds from SB account to PIS account through our Internet Banking and then mark a lien on your funds in PIS account for investing in stock market.