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Introducing NRI Demat Accounts With Minimum Paperwork!

Feature

Sounder Rajan

2 Dec, 2022
9 mins read

We are delighted to announce the online portal for NRI trading & investing services at FYERS with minimal paperwork! The NRI services was launched earlier this year. However, there were challenges as the offline procedure was cumbersome and time-taking. To overcome this, we have launched an online portal for NRI account opening to operational challenges for NRIs around the world.

The Indian stock market has been on a tear in recent times. The Nifty delivered 60% returns in the last five years, and many stocks have become multi-baggers. As so much potential is yet to be unearthed, many NRIs residing abroad are coming to Invest in India. To help NRIs invest in India, we have a dedicated NRI desk to cater to Non-Resident Indians to trade and invest through FYERS.

Who is an NRI?

An NRI is an Indian Citizen or a Person of Indian Origin (PIO) who has resided outside India for more than 182 days. However, there are multiple pointers when it comes to determining whether a person is an NRI. To know more about the NRI definition as per the Income tax act, visit here.

How can I open an NRI bank account?

You can open an NRI bank account in ANY bank with the facility authorized by RBI. However, if you wish to open a PIS account (refer to this article), you're required to open an account in either of the banks listed below:

  1. HDFC Bank
  2. Axis Bank
  3. Yes Bank

For Non-PIS accounts, an NRI can link any NRO Bank account with FYERS.

What are the documents required to open an NRI Demat account?

The documents you're required to submit to open an NRI Demat account are a copy of your passport, employment visa, or work permit (as applicable) and address proof (both India and residing country's address proof). In addition, a Portfolio Investment Scheme letter (as applicable), PAN card, photographs, and bank accounts are to be submitted along with the account opening form. These requirements are subject to change with regulations. 

For the latest details, refer to this article.

How much time will it take to open an NRI Demat Account?

Once the documents are received, it might take up to 3 working days for both PIS and Non-PIS, provided the documents submitted are accurate. 

Note: In the case of a PIS account, if the NRI does not have the PIS letter, it will take an additional 15 Days to get the PIS letter.

What are the charges for opening the NRI account?

You can open your NRI Demat account for free at FYERS. The Demat Account Maintenance Charges (AMC) are also Zero. 

To learn more about the brokerage & other charges, click here.

Can an NRI trade in the F&O segment?

You can trade in the F&O segment if you link your NRO Bank account with us. Along with the NRO bank account, the Custodial Participant (CP) code is mandatory as per regulatory guidelines. A custodian is an entity that clears and settles the F&O trades on behalf of NRI traders. We've tied up with "Orbis Financial Corporation Limited" for custodial services. So, NRI traders/investors must get a CP code with Orbis to trade in the F&O segment at FYERS. You can invest in Equity and trade in the F&O segment using your NRO bank account. For more details, kindly refer to this article.

What is Repatriation?

Repatriation is the ability to move funds from a foreign country to India or vice-versa. In simple words, if you've linked the repatriable bank account with your Demat account, you'll be able to withdraw the funds in foreign currency. However, if you've linked the non-repatriable bank account, you won't be able to withdraw the funds in foreign currency.

Can I open an NRI account online?

We are amongst the very few brokerages where the procedure to open an NRO Non-PIS Demat account is online to a large extent. Most of the process is 'Do It Yourself (DIY)’, however, after completing the process online, you're required to take a printout, duly sign the application, and courier it to our registered address.

To open a PIS account, the procedure is still offline. 

What is the procedure to open an NRI Demat account?

As mentioned above, the account opening procedure is fairly straightforward similar to a resident Demat account opening. The only difference is that instead of e-signing using Aadhaar linked mobile number, an NRI is required to physically sign the hard copy of the application. The procedure to open an FYERS NRI Demat account is as follows:

1. Login to the FYERS NRI portal with your e-mail ID, and mobile number, and verify using One Time Password (OTP).

2. Upon entering the OTP, you will be redirected to the ‘Identity details’ page. You must upload the PAN card Image and select other basic information such as Marital status, Gender, etc.

3. Now, you must provide the details such as Address (both Indian and Foreign), Bank, Segment, and Nomination.

4. The last step includes In-Person Verification (IPV) wherein you are required to capture and upload a live video of yourself.

Once the above-mentioned steps are completed, click on, ‘Download as PDF’, take a printout, duly sign the document, and courier it to our registered office address.

Note: The OTP will be sent to your registered email ID. 

For the FAQs on the NRI Demat Account, click here.

Conclusion:

Over the years, we've received increasing interest from the NRI trading & investing community. Now, we're very excited to have finally launched an online account opening portal for NRIs and offer our platforms to all Indian citizens residing abroad who are looking for a reliable way to invest in the Indian stock markets. We're committed to serving your trading & investing needs for years to come!

To initiate the NRI Demat Opening, click here.

Open Your Demat Account in Under 5 Minutes

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