Can the PIS account be opened with a joint holder?

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The RBI guidelines require NRI to open a 'single designated' account (NRE/NRO account) under the PIS for routing investments in the Indian stock market.

Based on these guidelines, some banks like Axis Bank, HDFC Bank do not allow NRIs to open PIS as a joint account.

Few other banks like ICICI and SBI offer to open a PIS account with a joint holder, however, the monitoring of transactions is done only for the main applicant.

Topic: Portfolio Investment Scheme (PIS) Defenition

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