Can an NRI have two PIS accounts?

No, an NRI can have only one PIS approval from the RBI designated bank branches. NRI can opt for only one authorized bank to invest in India under PIS route.

NRI can open either NRE or NRO bank account in the designated bank, get a PIS permission letter, and link it to their NRI trading and demat account for investing in Indian equities.

PIS is not mandatory, if an NRI wishes to trade on a non-repatriation basis by routing transactions through an NRO account.