Can I convert my existing account at Zerodha to an NRI account?
You will be allowed to convert your existing account into an NRI-NRO trading & DEMAT account.
Note: A conversion of an individual resident account to an NRI-NRE account is not possible. An alternative is to transfer your holdings to another residential account and close your resident account and open a new NRI(NRE) account. (Share transfer from a resident account to an NRI(NRE) account is not allowed).
An NRE account is a bank account where both the principal and the interest earned can be repatriated. An NRO has restricted repatriation. For trading in futures and options, an NRO account is required to be linked to your trading account.
Documents required to convert the existing resident account to NRI account -
- Account Modification Form - To update the Bank details and Overseas address in the CDSL.
- Copy of FEMA declaration
- FATCA Declaration Form
- Declaration of P.O. Box - This is only for those who reside in the UAE countries.
- Trading Closure form for closing the resident trading account
- Trading application form
- Notarized Copy of PAN card*
- Notarised 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
- In case of an Indian Passport: Notarized Copy of valid passport* with the place of birth as India, Copy of Valid Visa
- In case of Foreign Passport: Notarized Copy of Valid passport*, Copy of PIO/OCI card.
- Proof of Bank account ( a canceled cheque leaf of your NRO savings bank account).
*Note: Copy of PAN card, Passport, 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.
When you convert your existing account your mutual fund investments with Zerodha will be transferred to the NRO-non PIS account.
The charges for NRI accounts are mentioned here. Once we receive all the requisite forms and documents, the conversion will be completed in 3 working days.