How to open an account as a NRI?
A Non-Resident Indian (NRI) may open a demat & trading account with Zerodha by linking his/her Non-Resident Ordinary (NRO) or Non-Resident External (NRE) savings bank account. NRIs aren’t allowed to trade the currency or commodity markets in India.
A Portfolio Investment Scheme (PIS) permission letter from Reserve Bank of India (RBI) is to be obtained before you can open a demat and trading account with a brokerage in India. The Bank where you have opened an NRI/NRO account will help you obtain a PIS permission letter, after providing certain documents.
As a non-resident, you could open an NRE & NRO account simultaneously. Only one account can be mapped to your demat & trading account. By mapping an NRE account, you can only trade in the Equity segment, whereas, through an NRO account, you could trade in both equity & derivative segment.
There are various documents which are required to be sent along with the printed & filled up account opening form while opening a demat & trading account with Zerodha, which are mentioned as below:
- Copy of PIS permission letter;
- Copy of FEMA declaration to Zerodha Broking Limited
- Copy of PAN card;
- 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;
- Indian address proof, if any;
- Passport size photograph;
- In case of an Indian Passport: Copy of valid passport with the place of birth as India and Copy of Valid Visa;
- In the case of Foreign Passport: Copy of Valid passport, Copy of PIO/OCI card.
- Proof of Bank account (a cancelled cheque leaf of your NRE or NRO savings bank account);
Note: Copy of PAN card, passport, and foreign address proof to be self-attested and notarized by Indian embassy or any other competent authority like Authorized officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside 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; and
- Foreign Account Tax Compliance Act (FATCA) Declaration Form