How to open an account as a NRI?: A Non-Resident Indian can open a Demat & Trading account with Zerodha by linking his / her Non-Resident Ordinary (NRO) or Non Resident External (NRE) savings bank account. NRIs are not allowed to trade or currency markets in India
As a Non-Resident, you could open an NRE & NRO account Only one account can be mapped to your Demat & Trading account. By mapping an NRE account, you can only trade in the Equity segment, through an NRO account, you could trade in both Equity & Derivative segment.
if you want to open NRI Demat account with zerodha,there are various documents which are required to be opened while a Demat & Trading account with Zerodha, which are mentioned as below:
- Copy of PIS permission letter:(A Portfolio Investment Scheme (PIS) permission letter from the Reserve Bank of India (RBI) is to be acquired before you can open a demat and trading account with a brokerage in India. The bank where you have opened an NRI / NRO account will help you get a PIS permission letter, after providing certain documents.
- Copy of FEMA declaration (1) for Zerodha and FEMA declaration (2) for Zerodha Securities.
- copy of pan card.
- Overseas address proof – Copy of Driving License / Foreign Passport / Utility Bills / Bank Statement (not more than 2 months) / Notarized copy of rent agreement / leave & license agreement .
- Indian address proof, if any.
- Passport size photograph
- In case of an Indian Passport: Copy of valid passport with the place of birth as India and Copy of Valid Visa
- In case of Foreign Passport: Copy of Valid passport, Copy of PIO / OCI card
- Proof of Bank account [a cancelled check leaf of your NRE or NRO savings bank account]
- Declaration of P.O. Box in your residing country and
- Foreign Account Tax Compliance Act (FATCA) Declaration Form
Note: Copy of PAN card, Passport, Power of Attorney and Foreign address proof to be notarized by Indian Embassy or any other competent authority like Consulate General / Notary Public / Any Court / Magistrate / Judge / Local Banker in the country where the NRI resides . The attesting authority should affix a “verified with original” stamp, name, designation, signature and date on the said documents;
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(i) Rs. 100 per order for F & O; and
(ii) 0.1% OR Rs. 200 per executed order for equity (whichever is lower).
Are there any trading restrictions for NRIs?
Ans-NRIs can trade only on delivery based equity and options .Intraday trading on equity / stocks is not allowed Currency or commodity trading is not allowed either
Frequently Asked Questions:
- Can NRIs open a joint DEMAT account?
Ans-Yes, NRIs can open a joint account.
The PIS account and the trading account will be in the first account holders name. The second holder should also be an NRI and should submit the KYC documents along with FEMA declarations and the FATCA.
- Can a NRI do Intraday trades or commodity trading?
Ans-No, NRIs are not allowed to make intraday trades or trade in MCX commodity futures
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