NRI Trading in India

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Are you an NRI and want to invest in Indian Stock Market but don't know how. Don't worry because in this article you will get all the information to begin your journey as NRI Trader. To know about NRI Trading in India, let's go step by step and learn. Who is an NRI? What is NRI trading? Types of Accounts NRI can open? A list of the brokers who offer NRI Trading services in India? What is NRO account? What is NRE Account?

Contact us to open NRI Trading Account with your Name, International Number, Email ID, City and County.

Latest Update for NRI Trading in India

With the recent amendment in FEMA regulation, NRIs with NRO Bank Account can now invest in the equity market like resident individuals. Earlier NRIs were allowed to invest in the equity market through a PIS account only. Now PIS account is required only if you have NRE Bank Account by which you can repatriate (take out the funds out of the country).

NRI with NRO Account can trade in Equity Delivery as a normal resident Indian. You need to open a normal trading and demat account and link it to your NRO Saving Account.

NRI is no longer required to open PIS Bank Account for investment in Indian stock market without repatriation benefits.

NRIs allow to trade in Currency Derivatives

Yes, With RBI Circular on 2nd Feb 2017, NRIs access to the exchange traded currency derivatives(ETCD) market to hedge currency risk arising out of their investments in India. With this change NRIs may take positions in the currency futures/exchange traded options market.

For More detail please contact your broker.

RBI Notification

Who is an NRI?

NRI or Non Resident Indian is a person residing outside India who is an Indian citizen and holding Indian passport. The purpose of staying outside India for an uncertain time period can be employment, business, education, training etc.

List of Brokers providing 3-in-1 NRI Service Account in India

  1. Kotak Securities NRI Account >>More

    Kotak securities offer all three accounts for NRIs i.e. Saving bank Account, Demat Account and Trading Account named as Trinity Account. Kotak Mahindra bank is a designated bank for issuing PIS.

    Kotak Securities NRI Brokerage and other charges:

    • Account Opening Charges : Rs 3750
    • Brokerage : 1% per volume or 10 paisa per share whichever is higher
    • Average Quarterly Balance in saving account : Rs 10,000
    • Security Transaction Cost( STT) : .1%
    • Account Maintenance Fee ( AMC) for PIS account : Rs 1000 per year
    • AMC for Demat account : Rs 75 per month.
  2. ICICI NRI Trading Services >>More

    ICICI's 3-in-1 integrated account enables you to tie in your savings bank, demat and brokerage accounts electronically and seamlessly. You can invest in equities, derivatives (F&O), mutual funds, IPOs, ETFs through your ICICI NRI account.

    ICICI NRI Charges:

    • Account Opening charges : Rs 4000
    • Demat Account AMC for NRIs: Rs 1200 (for foreign address) or Rs 500 (for Indian address)
    ICICI NRI Equity Delivery Brokerage
    ICICI Total Turnover (per month) ICICI NRI Brokerage
    Above Rs 50 lakhs 0.50%
    Rs 25 lakhs to Rs 50 lakhs 0.75%
    Rs 10 lakhs to Rs 25 lakhs 0.90%
    Rs 5 lakhs to Rs 10 lakhs 1.00%
    Up to Rs 5 lakhs 1.25%
    ICICI NRI Equity Future Brokerage
    Total Turnover (per month) ICICI NRI Brokerage
    Above Rs 20 Crores 0.03%
    Rs 10 Crores to Rs 20 Crores 0.035%
    Rs 5 Crores to Rs 10 Crores 0.04%
    Up to Rs 5 Crores 0.05%
    ICICI NRI Equity Options Brokerage
    Total Turnover (per month) Per Lot Brokerage
    Above Rs 20 Lakhs Rs 70
    Rs 10 Lakhs to Rs 20 Lakhs Rs 75
    Rs 5 Lakhs to Rs 10 Lakhs Rs 85
    Less than 5 lakhs Rs 95
  3. HDFC NRI Trading Services >>More

    HDFC offers 3-in-1 account for NRIs to invest in India. This account combines banking, broking and demat account which makes your equity trading seamless and hassle-free.

    HDFC Securities NRI Brokerage Charges

    • Equity Delivery: 0.75% or min Rs 25 or ceiling of 2.5% on transaction value (Both Buy & Sell)
    • Equity Future (carry forward trade) : 0.05% or min Rs.25/- or ceiling of 2.5% of transaction value (Both Buy & Sell)
    • Equity Future (square off trade) : 0.025% or min Rs.25/- or ceiling of 2.5% of transaction value (Both Buy & Sell)
    • Equity Options : Higher of 1% of the premium amount or Rs 100 per lot (Both Buy & Sell)
  4. AXISDirect NRI Trading Services >>More

    AxisDirect, the online trading portal of Axis Securities Limited, a 100% subsidiary of Axis Bank offers3-in-1 account integrating bank, demat and trading account seamlessly enabling hassle free transactions.

    Invest in Equities, Initial Public Offerings, ETFs, Mutual Funds and Futures & Options with AxisDirect NRI trading account.

    AxisDirect NRI Brokerage Charges

    • Equity Delivery : .75%
    • Equity Future ( Buy and sell ) : .05%
    • Equity Future Intraday on each leg : .05%
    • Equity Options : Rs 100 per lot ( both buy and sell)
    • 2-in-1 NRI Service Providers in India

      This means the Broker offers Trading and Demat Account and you have to link the NRE or NRO Account open externally through Bank to your trading Account.

List of discount brokers providing NRI Trading

The list of brokers who provides NRI Trading and Demat Account with discount/flat fee brokerage.

  1. ProStocks NRI Account >>More
    • Trading and Demat Account Opening charges: Free
    • AMC for Trading Account : Nil (Zero)
    • Demat account AMC : Free with Rs 1000 refundable one time deposit.
    • Custody account ( for F&O trading) opening charges: Free but franking charges of Rs 1200.
    • Custody Account (for F&O Trading) with IL&FS : No AMC
    • Brokerage Charges :Rs 100 per trade (all segments).
    • Online EKYC, fill your form online

    How to open NRI Account with ProStocks:

    Simply leave your contact information with us and ProStocks representatives will call you.

  2. Zerodha NRI Account >>More
    • Zerodha, a leading Indian Discount Broker provided NRI trading services for trading in Equity and Equity Derivative segment.
    • Zerodha NRI Brokerage: Rs 200 per executed order for both Equity and F&O.

    How to open NRI Account with Zerodha:

    Simply leave your contact information with us and Zerodha representatives will call you.

  3. TradePlusOnline NRI Account >>More

    TradePlus NRI Account enables you to invest and Trade in Equities and Derivatives listed on NSE and BSE. You can also invest online in Mutual Funds and IPOs using this Account. They have tied up with HDFC Bank, Axis Bank and Yes Bank.

    TradePlus Online NRI Brokerage:

    • Equity Delivery : .30%
    • Equity Future and Options : .03%

List of broker who is providing 2-in-1 NRI account

  1. ShareKhan NRI Trading Services >>More

    Sharekhan provides NRI Investment Services having tie up with HDFC Bank for RBI approved NRE or NRO Bank Account.

    How to open NRI Account with Sharekhan:

    1. Fill Contact Sharekhan form and Sharekhan executive will contact you.
    2. Fill the HDFC bank account forms and ekyc to Sharekhan. Sharekhan will send documents to Bank for account opening.
    3. Bank gives a/c numbers to Sharekhan. They will then process Demat and Trading Account.

List of documents require to open a NRE Trading Account?

This the list of general documents required by any broker. The list may vary depending upon your broker.

  • Self-certified copy of PIS permission letter issued by the Banker.
  • FATCA Annexure duly filled and signed.
  • Attested copy of PAN card.
  • Attested copy of 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/ Sale Deed.
  • Self-certified copy of Indian address proof, if any.
  • Passport size photograph.
  • In case of an Indian Passport: Attested copy of valid passport with copy of Valid Visa
  • In case of Foreign Passport: Attested copy of valid passport, Copy of PIO/OCI card.
  • Proof of Bank account (a cancelled cheque leaf of your NRE savings bank account)
  • 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
  • Declaration of P.O. Box in your residing country.

List of documents require to open a NRO Trading Account?

  • Self-certified copy of NRO Saving Bank Statement
  • Declaration from Bank that they will deduct TDS / withholding tax as may be applicable. PIS account is no more applicable for NRO Trading Account .
  • FATCA Annexure duly filled and signed
  • Attested copy of PAN card
  • Attested copy of 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/ Sale Deed
  • Self-certified copy of Indian address proof. Indian address proof is mandatory for NRO Account. Your Indian Address on NRO Bank Statement ( if existing ) is accepted as Indian address proof.
  • Passport size photograph
  • In case of an Indian Passport: Attested copy of valid passport with copy of Valid Visa
  • In case of Foreign Passport: Attested copy of valid passport, Copy of PIO/OCI card.
  • Proof of Bank account (a cancelled cheque leaf of your NRO savings bank account)
  • 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
  • Declaration of P.O. Box in your residing country

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We can help you to open your NRI Trading Account, You can Contact us with required informatio like Name, International Number, Email ID, City and County.

Last updated on 30th Jul 2019



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  1. 1. What is the NRE Account?

    The NRE Bank Account is Non Resident External Account. Since it is an external account, any money lying in NRE account can remitted outside the country which means the money is repatriable. The money can transfer from NRE to NRO Account. It can be a saving or current account. With this account, NRI has to go through the PIS route to trade in Indian Stock Market.

    Discuss this question

  2. 2. What is the NRO Account?

    The NRO Bank Account is Non Resident ordinary Account. With the NRO Account you have restricted repatriation of 1 million USD per annum. The money cannot be transferred from the NRO Account to NRE Account. An NRI with NRO saving account is no longer required to open PIS Bank Account for investment in Indian stock market.

    Discuss this question

  3. 3. What are the differences between NRE Account and NRO Account?

    Similarities and Differences between NRE and NRO Account

    NRE Saving Account NRO Saving Account
    Account Type NRE account can be a Saving Account or Current Account NRO Account can be a Saving or Current Account
    Average Monthly Balance in Account Rs 10,000 Rs 10,000
    Repatriation Principal and Interest earn is fully repatriable Restricted or partially repatriable (upto $ 1 million in a financial year)
    Taxation NRE Account is tax free Interest earn and credit balance has tax liability
    Earnings in India Any type of earning in India cannot be deposited in NRE Account Earnings in India can be deposited in NRO Account
    Joint Account NRE Account can only be jointly open with NRE only Can be open jointly with NRI or close relative in India

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  4. 4. What are the steps NRI has to take for trading in India?

    • Open a NRE or NRO Account with designated Bank in India.
    • Take PIS (Portfolio Investment Scheme) approval letter from RBI (only for NRE Account).
    • Open Trading and Demat account with registered Broker.
    • If you like to open NRI Trading Account, Please leave your information here and we will help you to open account ASAP.

    Discuss this question

  5. 5. What are the regulations for NRI Trading in India?

    • Intraday trade is not allowed to NRIs.
    • All contract notes of buy and sell transaction have to be reported to the PIS banker by your Broker.
    • Every sell transaction will be credited to the client's bank account net of Tax. Hence, for every sell transaction capital gains will be calculated by the CA.
    • Long term capital gain tax and short term capital gain tax to be taken care by the investor.

    Discuss this question

  6. 6. What is Portfolio Investment Scheme-PIS?

    Portfolio Investment Scheme PIS is the scheme of RBI through which an NRIs and PIOs can buy and sell shares and convertible debentures of Indian companies on a recognized stock exchange in India by routing all their transactions through a designated bank branch on repatriation benefit basis.

    There are few branches of some Banks that are designated by RBI that an NRI can have accounts with to invest in Indian Share Market.

    Discuss this question

  7. 7. What is PIS Bank Account?

    Non Resident Portfolio Investment Scheme Account is called NRI PIS Bank Account. Any NRI or PIO holder wish to invest in Indian Share Market via NRE account must have a PIS Account with one designated Bank in India. Now with the new RBI circular, you only need PIS letter if you want to map NRE account with trading account. However, for NRO account you are not required to get PIS letter and you can map your NRO Account to Trading account with any Broker.

    Discuss this question

  8. 8. What are the segments a NRE Trading Account holder can trade in?

    NRI-NRE Account holder can trade in Equity Delivery and Equity F&O Delivery.

    An Intraday Trading is not allowed fro NRIs.

    Stock holding of an NRI can't exceed 10% in any Indian listed company subject to overall limit for listed equity shares of each company on repatriation benefit basis. Here is the list and limit on stock holding by NRI.

    Discuss this question

  9. 9. What are the segments a NRO Trading Account holder can trade in?

    • Equity Segment: Delivery based trade only
    • Equity Derivative Segment : Futures and Options trade for carry forward.
    • Currency Derivative Segment : Currency Futures trade for carry forward.
    • Note: Intraday Trading is not allowed to NRO Account.
    • NRI investment in equity shares of listed company without repatriation benefit is treated at par with resident Indian and there is no upper limit. Please refer the recent amendment in FEMA on RBI website at following link1 and link2

    Discuss this question

  10. 10. How NRI can trade in Equity Futures and Options in India?

    If you intent to trade in Equity Derivatives Segment, you have to come through the custodial route. You will need to open NRO Custody Account. Brokers like Zerodha and ProStocks offer NRO Custody account from ISSL, which is IL&FS Group Company. Your settlement obligation for trades in Equity Derivatives Segment will be done by ISSL from your custody account. ISSL charges custody account management charges and you need to do KYC with ISSL also. Your Broker will assist you in opening your custody account with ISSL. ISSL will permit custody account with assets not less than USD 5000.

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  11. 11. How to get CP-Custodial Participant code?

    • Contact a Clearing Member (CM) like IL&FS and submit the application for custodial participant (CP) code.
    • The Clearing Member request the National Securities Clearing Corporation Ltd. (NSCCL) to allot a CP code in respect of client for which the member would be carrying out clearing and settlement.
    • Clearing Member share the custodial participant (CP) code with you.
    • Open the NRI trading account with your choice of broker and provide them the CP code.
    • The broker will use the CP code for all your trade settlements.

    Discuss this question

  12. 12. What all documents are required for Custody Account with ILnFS?

    To open a Custody Account you need to complete certain documents:

    • A Custody Account Opening Form including net-worth certificate, application for applying CP code etc.
    • A Custody Agreement.
    • A Power of Attorney granted in favor of ISSL.
    • All other standard documents related to Proof of Address, Identity etc.
    • If the documents are executed outside India then the consularisation / notorisation is required on all the documents.

    Discuss this question

  13. 13. I have NRO Account and PIS through Axis Bank-how to close my PIS Account?

    You can request your Bank to close your PIS Account and move to non-PIS way. In such case you need to contact your bank and send broker a revocation letter and closure of PIS acknowledgement copy.

    Discuss this question

  14. 14. How is tax calculated on NRO Account based Trading?

    The NRO Trading Account is subject to applicable withholding tax. This withholding tax is known as Tax Deducted at Source. Your broker need to deduct withholding tax and deposit to Tax Department, for that brokers need to take external service of Chartered Accountant.

    Discuss this question

  15. 15. What is the status of NRO/NRE accounts on the return of the account holder to India?

    Banks have authority to redesignate such accounts as resident accounts on return of the account holder to India. When you convert your account in resident account, you will get interest till last date.

    Discuss this question

  16. 16. I am currently in UAE-how can I open NRI trading account in India?

    As per the latest RBI circular, if you have a NRO (non-repatriable) bank account, you can map that to the trading account and it will be like a normal resident account.

    Discuss this question

  17. 17. Who will compute and apply TDS for short term capital gain in case of a NRI trading?

    Your Broker will calculate the tax with the help of a CA and deduction will be done by the Bank where you are holding the NRI Account.

    Discuss this question

  18. 18. Which banks in India provide PIS account?

    Axis Bank, HDFC Bank, Yes bank, SBI Bank, ICICI Bank, Indusind Bank, Kotak Bank.

    Discuss this question

  19. 19. Why is the brokerage charges high for NRIs with Discount Brokers?

    Unlike resident accounts, there is a huge manual process supporting NRI clients. There is incremental efforts involved in all NRI trades including updating balances, reporting contract notes, reconciling receipt/transfer of funds etc and hence the higher charge.

    Discuss this question

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User Comments

6. Vijay J  1/5/2020 5:36:06 AM Reply
Hi, I''m an NRI living in USA. Recently, I heard I can invest in Indian equity through Non-PIS route. I have a NRO savings account with Yes bank. Which brokers/banks support equity investment for NRIs through non-PIS route? Please suggest. And also, please advise the steps
5. Premkumar  3/25/2019 10:12:05 AM Reply

I am an NRI living in the USA. I like to open a demat account to trade in stocks, FDs and MFs in Indian markets.
I have NRE and NRO accounts with ICICI and HDFC. Can you help me on this?
5.1. Kunal  3/27/2019 11:46:10 AM
Yes, for NRO account with HDFC and ICICI, its very easy to open trading and demat account. Please follow the above steps and complete the process.
4. Shoyeb  3/25/2019 10:14:07 AM Reply
Dear Sir,
I want to open an NRI trading account for trading in equity. What is the process for the same?

4.1. Sachin D  3/27/2019 11:44:27 AM
Opening NRI or NRO trading account is bit complex process. This process is not online so you need to do all paperwork offline and submit the document to the broker. Please read complete article which clearly informs the steps you need to follow.
3. S. Venkat  3/27/2019 9:51:58 AM Reply
Looking to open demat and stock trading account, jointly with my wife. We are both Singapore citizens with OCI, PAN cards and a joint NRE account with HDFC.

Please help advise process to get enrolled with your Upstox. Please also advise if brokerage charges and AMC for trading and demat accounts are same as for a local Indian.
3.1. Vijay Jain  3/27/2019 11:38:41 AM
Hello Sir,
Upstox has stopped opening new NRI account for now, they are still serving existing NRI customers. Other options for you are Zerodha, Prostocks, TradePlus.
2. Bipin shah  12/13/2018 5:57:17 AM Reply
I am born and educated in India but have been out of country since 1961. I am holding Canadian passport and recently obtained PAN CARD with Canadian address.
I have 10000 shares in a company trading on BSE. Shares were purchased from the promoter. I wish to sell shares. To do so, I have to demate shares as mandated by Indian govt. I seek you advice in selection of a bank who can handle all the process up to and including transfer of fund. Any other information, advice relevant to my case will most certainly will be appreciated.
Thank you for help.
2.1. Ankush Singh  12/20/2018 11:52:04 AM

This can’t be done before opening your NRE Bank account, as you want to move fund back to Canada. So in your case –

Step1: To open an NRE bank account with any of the Indian banks in Canada.

Step2:  Open and NRE Trading and Demat account. You can follow a list of documents and forms on our NRI Articles.

Step3: Submit dematerialization request for your physical shares.

Step4: Once you have Shares in your demat account, you can exit and get your money in NRE bank account.

Step5: You need to take care of taxation in India and Canada for such income.

1. Ashok  6/21/2017 6:39:56 PM Reply
Dear Sir,

I am an Non Residence Indian and I am using NRO SB account for share investment ( Equity Delivery basis) but DP and trading account is not NRI Category and I have given normal Residence PAN CARD only.

But I just came to know that For NRI Separate Pan Card to be applied.

Kindly advice me.


7.1. CA Sachin jain  12/20/2018 11:51:46 AM
As you have NRO SB account, please contact your broker to move your resident trading account to NRI trading account. You just need to submit the required documentation to move your account.
There is no requirement for new PAN card which you have mentioned as NRI PAN Card, You bank account status and Trading Account status must have to be NRI (NRE or NRO account).