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 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. A 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
- Notarised 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: Notarised Copy of valid passport* with the place of birth as India, Copy of Valid Visa
- In case of Foreign Passport: Notarised Copy of Valid passport*, Copy of PIO/OCI card.
- Proof of Bank account ( a cancelled cheque leaf of your NRO savings bank account). (Either Axis or HDFC Bank)
- Copy of PIS account/NRO-Investment account letter to map to the trading account. ( Either Axis or HDFC Bank)
*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 open an NRO-PIS account/NRO-investment account, you will have to update the bank about your existing holdings and would be required to update them in the ledger maintained at the bank's end. The following details are to be mentioned on an annexure (purchase date, the name of the scrip, cost of acquisition, etc ) which is included in the PIS form and submitted to the bank.
We aren't supporting Mutual Fund investments for NRI's at present and this could take us a while to introduce. If you do have any Mutual funds in your holdings, you would have to redeem them or need to transfer the units to another 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.