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Account Opening

What documents are required to convert a resident Zerodha account to an NRI account and an NRI account to a resident Indian Zerodha account?

  • A citizen of India or a person of Indian origin who resides outside India for more than 182 days is known as a Non-Resident Indian (NRI). If a resident individual account is held after becoming an NRI, the account must be converted to an NRI-NRO account.
  • NRIs and Persons of Indian Origin (PIO) must ensure their residential status is marked as Non resident on the ITD website before opening an account. To learn how to update the status, see How to update the resident status of PAN for an NRI & PIO account?
  • If the KYC status is Non resident, there is no need to notarise the documents. If not, the documents must be notarised by the Indian embassy, authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrates, judges, or the Indian embassy or consulate general in the country where the NRI resides. The attesting authority should affix a verified with original stamp, name, designation, authority or employee code, signature and date on the said documents. To check the KYC status, create a ticket and mention the PAN and date of birth.
  • Equity F&O trading is not available by default with NRI accounts. F&O trading requires a Custodial Participant (CP) code with Zerodha partner, Orbis Financial Services for custodial services. See What are the trading restrictions for NRIs?

Table of contents

Resident account to NRI account

Resident individual accounts can be converted into NRO NON-PIS accounts and not NRI-NRE accounts. Clients with an IL&FS demat account must first open a demat account with Zerodha. Transfer their holdings to the Zerodha demat account and convert it to the NRI account. See, How to switch demat account from IL&FS to Zerodha?

The table below shows the documents required to convert a resident Indian Zerodha account to an NRI account:

Type of document Requirements
Application form
  • Equity application form (PDF).
    Sample equity form (PDF).
  • Refer to the signature guidelines (PDF) to learn how to sign all the forms.
  • Account closure form (PDF).
    Sample copy (PDF).
  • Account modification form (PDF).
    Sample copy (PDF).
  • Ensure that the signature on the account closure and modification forms matches the signature in the existing account. The signature in the existing account can be found by visiting console.zerodha.com/account/documents, selecting Signature proof in the drop-down menu, and clicking on E-mail to me.
Foreign Account Tax Compliance Act (FATCA) declaration
Foreign Exchange Management Act (FEMA) declaration
NRI client details form
Passport
  • Indian passport
    • Self-attested and notarised valid passport copy with the place of birth as India and a valid visa.
  • Foreign passport
    • Self-attested and notarised valid passport, visa and the PIO, OCI or resident card.
PAN
  • Self-attested and notarised PAN copy.
Address proof
  • Self-attested and notarised copy of the Indian address proof if available.
  • Self-attested and notarised copy of the overseas address proof. The address proof can be any of the following:
    • Driving licence
    • Foreign passport
    • Utility bills
    • Bank statement
    • Banker letter attested by the bank (on the bank's letterhead) (PDF)
    • Rental agreement or lease or sale deed
    • Mariner’s declaration or certified copy of Continuous Discharge Certificate (CDC) in case of Merchant Navy NRIs.
Marriage certificate
  • Notarised hard copy of marriage certificate if the name has changed due to marriage.
Annexure B
  • Annexure B (PDF) to update the name in the demat account as per the latest documents.
    Sample copy (PDF).
Immigration copy
  • If the client is in India and submitting the documents to the Zerodha branch or if the notary is being done in India, the latest immigration copy should be provided.
Self-declaration
  • A self-declaration (PDF) if there is a minor mismatch in the name between the supporting documents.
Banker letter
  • Banker letter (PDF) if the client's signature has changed. It must have the client's new signature and the seal and signature from the bank.
    Sample copy (PDF).
Bank proof
  • Self-attested personalised cheque or bank statement from the NRO bank account.
Income proof
  • NRIs must submit self-attested income proof while opening an account due to their classification as Clients of Special Category (CSC). To learn more, see Who are Clients of Special Category (CSC), and when must they provide income proof? Income proof can be any of the following:
    • Bank statement or passbook for the last six months.
    • The latest salary slip.
    • Form 16 or Income Tax Return (ITR) acknowledgement.
    • Net worth certificate.
    • Statement of demat holdings.

NRI account to Resident account

Closing the NRI account and opening an individual resident account online is recommended. See How to close the Zerodha account? and How to open a Zerodha account online?

If there is an NRE and an NRO account, only one can be converted to a resident account. Multiple resident trading accounts cannot be opened with the same PAN. Hence Zerodha will do a closure cum transfer for the non-convertible account.

The table below shows the documents required to convert an NRI account to a resident account:

Type of document Requirements
Application form
  • Equity application form (PDF).
    Sample equity form (PDF).
  • Refer to the signature guidelines (PDF) to learn how to sign all the forms.
  • Account closure form (PDF).
    Sample copy (PDF).
  • Account modification form (PDF).
    Sample copy (PDF).
  • Ensure that the signature on the account closure and modification forms matches the signature in the existing account. The signature in the existing account can be found by visiting console.zerodha.com/account/documents, selecting Signature proof in the drop-down menu, and clicking on E-mail to me.
Annexure B
  • Annexure B (PDF) to update the name in the demat account as per the latest documents.
    Sample copy (PDF).
PAN
  • Self-attested PAN copy.
Address proof
  • Self-attested copy of the Indian address proof if available.The address proof can be any of the following:
    • Driving licence
    • Voter ID
    • Passport
    • Aadhaar card. If an Aadhaar is being submitted as proof, ensure that a masked Aadhaar is submitted. To learn how to get the masked Aadhaar, see How to download masked Aadhaar?
Self-declaration
  • A self-declaration (PDF) if there is a minor mismatch in the name between the supporting documents.
Bank account proof
  • A bank account proof for linking with Zerodha. The proof can be any one of the following:
    • Self-attested personalised cancelled cheque with the name printed on it.
    • A bank statement or bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.
Income proof
  • NRIs must submit self-attested income proof while opening an account due to their classification as Clients of Special Category (CSC). To learn more, see Who are Clients of Special Category (CSC), and when must they provide income proof? Income proof can be any of the following:
    • Bank statement for the last six months with an average balance of more than ₹10,000.
    • The latest salary slip with gross monthly income exceeding ₹15,000.
    • ITR acknowledgement with gross annual income exceeding ₹1,20,000.
    • Form 16 with gross annual income exceeding ₹1,20,000.
    • Certificate of net worth more than ₹10,00,000.
    • Statement of demat holdings with current holdings value exceeding ₹10,000.

Once the resident account is opened, the commodity segment can be activated online. To learn how to enable the segment, see How to open a commodity account?

In-Person Verification (IPV)

In-Person verification (IPV) is the process of verifying that the person opening the account and the documents submitted are of the same person. As part of the mandatory IPV requirement for all brokers, the account holder must complete the verification.

To complete the IPV online, visit signup.zerodha.com/ipv. A 4-digit OTP is generated and shown on the screen. Clients are required to enable the camera and show the OTP while being clearly visible. To learn how to enable the camera. See, How can the camera be enabled for an in person verification (IPV)?

To complete the IPV offline, the account holder must visit a Zerodha branch office or a representative of Zerodha would be required to visit the offices or residences of the client to complete the IPV procedure.

Clients opening joint accounts must ensure that each account holder uses the mobile number mentioned in the KYC forms to complete the IPV.

An account opening charge of ₹500 for equity trading and demat accounts is applicable for converting resident accounts to NRI accounts. Once all documents are prepared, email soft copies of the forms to [email protected]. The forms will undergo review for any necessary corrections. Upon completing the review process, courier the documents and a cheque of ₹500 in favour of Zerodha Broking Limited to:

Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078

It can take upto 7 working days to open the account. To learn about the applicable charges, see What are the charges for NRI accounts at Zerodha? and What are the brokerage charges for resident individual accounts at Zerodha? For further assistance, call 080 4680 5727 or create a ticket.

During the conversion period, clients will not be able to trade or check holdings. However, the holdings can be viewed on CDSL Easi. See What is CDSL Easi and how to register for it? For faster conversion, ensure the trading account balance is zero and there are no dues.

  • Did you know?
    As per the Financial Action Task Force (FATF), NRI clients living in blacklisted countries cannot open a Zerodha account, and those living in greylisted countries can open an account only after Zerodha's compliance team approval. To learn more about the FATF list, visit fatf-gafi.org/en/countries/black-and-grey-lists.html
  • Clients can continue using their existing TPIN.

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