Hi, Friends if you are looking for Best Demat Accounts For NRI then this article will help you to choose the best Demat account. Some of us are working or settled in abroad or some of us relatives may settle in abroad. They are looking for various investment options in India.
For investing in the Indian share market you need to open a Demat account which can help you to buy or sell your securities, bonds, ETFs, and shares. Let’s see how to open a Demat account for NRI and which is the best stockbroker to open a Demat account for NRI.
Is NRI Can Open a Demat Account In India
Yes, NRI can open a Demat Account in India for online trade and equity. For that they need an NRE (Non-residential External) or NRO (Non-residential Ordinary) account to transfer their money for trade. Whether NRIs are not allowed in intraday trading. Let’s understand the concept of NRE and NRO accounts.
What Is NRE Account?
NRE Account is a bank account that helps to transfer money from abroad to an Indian bank account without any restrictions. The interest gained in the NRE account reversed back to its origin account.
Using NRE Account you can able to invest & equity trade in the Indian Stock market. And more importantly, you need to submit your PIS (Portfolio Investment Scheme) certificate from a designated bank.
What Is NRO Account?
NRO (Non-Residential Ordinary) account is simply a savings account where you can deposit your money from investments or rentals from India. Using an NRO account you can do intraday trade, future, and option trading. And you don’t require to submit the PIS certificate to use the NRO account.
Documents Need To Open A Demat Account For NRI
The following Documents are necessary to Open a Demat Account for NRI in India.
- The Indian Passport or you have another country’s passport mentioned place of birth in India).
- Visa copy
- PAN Card
- Passport Size photo
- You need to have the canceled cheque from the NRE or NRO account
- Your Residential address proof
Also Read: What Is Demat Account & Brief Explanation
Best Demat Accounts For NRI
If you understood the basics to open a Demat Account then you can move on to the top stockbrokers who provide Demat Accounts for NRI.
Here are the top 5 stockbrokers for Open a Demat Account
- Zerodha NRI Demat Account
- Kotak Securities
- IIFL NRI Demat Account
- Sharekhan NRI Demat Account
- Prostocks NRI Demat Account
Zerodha NRI Demat Account
Zerodha is the best Brokerage to open a Demat account for NRI, Zerodha has more than 35 lakhs customer base. They provide top-class customer support to NRI accounts and normal demat accounts. In the Indian stock market, Zerodha is the leading company that provides various discounts to investors.
Zerodha charges INR 20 per trade and INR 200 per executed action for NRI accounts due to the formalities. Zerodha is the best brokerage for NRI accounts when compared to other stockbroker platforms like Anglebroking, and Sharekhan.
- Zerodha has a tie-up with HDFC, Axis Bank, and Yes Bank, so you can able to open an NRE account easily
- No restrictions for NRO accounts
- Delivery Free
Kotak Securities is the brokerage from Kotak Mahindra Bank. Using Kotak Securities Demat account you can easily transfer your money from your bank account to a trade account with the help of an online payment gateway. While Kotak Securities charges for trade execution and your equity delivery.
- Easy to transfer your money from your savings account to your trading account
- Offers 3 in 1 trading accounts with seamless performance.
- Support team with online charting options
- Detailed report and best recommendation.
IIFL Securities NRI Demat Account
IIFL ( Indian Infoline Financial Limited) is one of the biggest traditional brokerage service providers in India. They providing brokerage services for over 3 decades with a huge customer base. IIFL has a separate team that guides NRI accounts, and IIFL NRI Demat account is one of the best Demat account providers in India.
- Easy account opening procedure ( you can open a demat account via video calling)
- Detailed analysis report
- Wide range of investments products
Sharekhan NRI Demat Account
Sharekahn Demat account is the third leading brokerage in India with a higher number of active clients. Sharekhan provides various investment options like Mutual funds, bonds, and IPO. Sharekhan gives a great user experience in 3 in 1 account.
- Detailed Report and recommendations.
- Relationship manager with each NRI Demat account
- Offer a full range of financial service
- 3 in 1 account facility with HDC, IDBI, and Axis Bank.
Prostocks NRI Demat Account
Prostocks NRI Demat account is one of the best Demat Accounts for NRI in India. It charges for INR 100 flat fee per trade which is the cheapest by any stockbroker in Inda. In pro stocks Demat and Trading Account Maintain Charges are lifetime free.
- Zero Annual Maintenance Charges
- No minimum deposit or funds are needed
- Easy registration
How To Open A Demat Account For NRI
You can open a NRI Demat Account online or offline, with the help of stockbrokers or banks registered with NSDL and CSDL. To open an NRI Demat account you need to have the basics like necessary documents, and NRE or NRO accounts. And you can choose the repatriable or non-repatriable Demat account. Then follow the steps to open an NRI Demat Account
- Fill in the all necessary details in the Demat account opening form
- Submit the all required documents
- All documents should be attested with the Indian embassy or any other authority.
- Submit the forms with your concerned stockbroker.
Is not that complex to open a Demat account for NRI, using NRE or NRO accounts you can easily manage your trade in the Indian stock market. Hope, you will get the basics about the NRI Demat account in this article. Keep engaged with more information on sharespricetarget.com. If you have any questions comment below.
NRI can have multiple Demat Accounts?
Yes, NRIs can have multiple demat accounts at any cost.
What are the charges for NRI Demat Account?
Account opening charges, Account maintenance charges, brokerage charges, and clearance charges.
Best NRI Demat Account In India?
Zerodha is the best NRI Demat Account In India.