DEPOSITORY SERVICES

Demat Account for NRIs:

NRI/PIO  Customers of any of the Bank of India Branches can open a Demat Account and avail the Portfolio Investment Scheme (PIS)  Services.   NRI Customers  can make Investments in Stock Market  only through the PIS SB Account opened for the purpose.   Customers who do not have a SB/Demat Account with Bank of India can open the account and avail the above facility. As per the extant guidelines,  the transactions of an NRI are routed through a specific SB NRE Account (repatriable)  which is known as PIS Account . All the secondary market transactions are routed through this account and no other transactions are allowed in this PIS Account. For charges and other transactions NRIs may use their existing account.  In case the customers do not have any account with Bank of India then two NRE Accounts have to be opened for this purpose.

All NRIs have to obtain approval for Portfolio Investment Scheme from the Designated Branch of Bank of India. The approval is valid for a period of five years and has to be renewed further.
All Branches of Bank of India facilitate opening of NRI PIS Account. However, only 3 Branches are authorized to obtain necessary approvals. Other Branches would forward the documents to these 3 branches for opening of PIS Account, Demat Account and a Trading Account.  These three designated Branches are  Mumbai NRI Branch, Ahmedabad NRI Branch and New Delhi NRI Branch.

NRIs who wish to open a Demat / Trading Account may contact any of the BOI domestic / overseas Branches and submit the Account Opening Form (AOF) and other KYC documents for onward submission.  The Domestic/Overseas Branches to forward AOF and other documents to one of the three   Designated Branches for further processing. For list of documents to be submitted please refer to the list appended below.   

1. Click here for NRI Account opening form

2. Click here for SB Account opening form

Customer will have to send to the nearest Branch all payment instruments (cheque/DD etc.) received from a stock broker  on account of sale of securities for crediting in appropriate PIS saving account. The sale made will be adjusted on First In First Out (FIFO) basis for the purpose of calculating capital gains in the transaction.