RSA encrypted web config works in IIS express but not in Local IIS

Question

I used RSA container key encryption for encrypting my appSettings in web.config. The encrypted web config works fine in Visual Studio when running in IIS Express. But when I change it to Local IIS in project properties(in VS 2015), I am getting the error

"Failed to decrypt using provider 'MyEncryptionProvider'. Error message from the provider: The RSA key container could not be opened.". 

If the web config is decrypted, it works in Local IIS as well as IIS Express.

These are the commands I used:

aspnet_regiis.exe  -pc MyCustomKeys -exp
aspnet_regiis.exe  -pa MyCustomKeys "NT AUTHORITY\NETWORK SERVICE"
aspnet_regiis.exe  -pef appSettings "D:\Demo\Encrypting configuration" -prov MyEncryptionProvider

configProtectedData

 <configProtectedData>
<providers>
  <add keyContainerName="MyCustomKeys"
           useMachineContainer="true"
           name="MyEncryptionProvider"
           type="System.Configuration.RsaProtectedConfigurationProvider"/>
</providers>