NRI Trading Account with Zerodha

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NRI Trading Account with Zerodha

Zerodha NRI Trading Account

Zerodha, the leading online Discount Broker, opened its doors for NRIs to trade in India. NRIs can trade in delivery based equities and equity futures and options in India. However, Intraday trading on equity/stocks and currency and commodity trading is not allowed to NRIs in India. Also, stock holding of an NRI can't exceed 10% in any Indian listed company.

For NRI trading with Zerodha, one need to have

  • NRE or NRO Saving Account with Axis, HDFC or Yes bank.
  • PIS (Portfolio Investment Scheme) approval letter from RBI (only for NRE Account).
  • Zerodha Trading and Demat Account linked with your NRE or NRO saving Account.

As a Non-Resident, both NRE & NRO account could be open simultaneously, however, 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.

NRI brokerage charges for equity delivery is Rs 200 or 0.1% whichever is lower. Equity F&O is charged at Rs 100 per order. As of now, they are only servicing clients having NRE / NRO account with Axis, Yes or HDFC bank.

If you want to trade F&O as an NRI, you have to get a custodial Participant (CP) code. Then you can trade F&O Intraday or positional. Zerodha has a tie-up with ORBIS for custodial business. All the funds for trading F&O sit with the custodian, like how all your funds for trading stocks sit with your bank.

If you don't have a valid Indian contact number. Please contact us via our contact us form and we will forward your request to Zerodha team.

Conclusion

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. You can also convert your existing resident account to an NRO trading account.

you need to get Custodial Participant (CP) code to trade in equity F&O. For a custodial account, the minimum portfolio size is Rs 50 lakh.

NRI trading with Zerodha or any other broker has the restrictions and conditions applied. NRE and NRO Accounts need to be open with all the paperwork and formalities. Also, there are restrictions of trade for NRIs. Not all segments are open for them to trade on. Also, one needs to understand the NRE and NRO account types and choose the one that suits your trading preference and repatriability.

Last updated on 30th Jul 2019

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FAQs

  1. How NRI can open an account with Zerodha?

    Steps to open Zerodha NRI account-

    1. Open an NRE/NRO Saving Bank Account in India with Axis,Yes or HDFC Bank.
    2. Get a PIS (Portfolio Investment Scheme) permission letter from RBI. The bank where you opened an NRE/NRO account will take care of this.
    3. Open trading and demat account with Zerodha linked with your NRE/NRO Account.

    Points to be noted-

    • Aadhar based account opening is not possible, you need to submit physical forms.
    • By mapping your NRE account, you can only trade in the Equity segment. Through an NRO account, you could trade in both Equity & Derivative segment.
    • As per the recent changes from RBI, you don't need a PIS letter for NRO-SB account. This is now rebranded as NRO Investment Account. Yet the process is still the same, the broker needs to submit complete trade reports to the bank. The banks still make the settlement of these trades and deduct the TDS.
    • It will take 3 to 5 working days to open NRI trading and demat account once Zerodha NRI team receive your complete documents.

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  2. What are the documents required to open Zerodha NRI trading and Demat Account?

      List of documents required to open Zerodha NRI account -

    • Copy of PIS permission letter
    • Copy of FEMA declaration
    • Notarized Copy of PAN card
    • Notarized 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
    • Passport size photograph
    • 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 NRE or NRO savings bank account)
    • Foreign Account Tax Compliance Act (FATCA) Declaration Form

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  3. What is the Zerodha NRI account opening charges?

    NRI account opening charges are same as for resident Indians. It is Rs 200 for Trading Account and Rs 100 for Demat Account. There is no trading account AMC. The Demat AMC is Rs 300 PA.

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  4. What are the Zerodha NRI brokerage charges?

    Zerodha NRI Brokerage Charges is Rs 200 or 0.1%, whichever is lower for Equity Delivery & Rs 100 per order for F&O.

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  5. Why Zerodha support only three banks for NRI Trading?

    There is daily reporting requirements from RBI on NRE/NRO trading account, so that is the reason why Zerodha has tie up with only specific banks. Currently, Zerodha is supporting NRE/NRO trading accounts linked with Axis Bank, Yes Bank, and HDFC Bank only. So if you have a NRE/NRO account with any of these banks, you can open NRE/NRO Trading/Demat account with Zerodha.

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  6. As an NRI-can I apply in IPO?

    NRIs can apply in IPO but not directly with Zerodha. This needs to be done via ASBA (net banking facility of bank), with Zerodha DP account information. But to answer your question, yes, NRIs can apply in IPO.

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  7. Can NRIs use Zerodha Coin for Mutual Fund investment?

    Currently, Zerodha Coin is not available for NRIs. The US/Canada based NRIs cannot buy MF via Zerodha Coin platform due to some compliance and regulation issues. The service is not active for other countries as well.

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  8. Can NRI open two separate trading account one for NRE and other for NRO?

    Yes, NRIs can open two separate accounts - NRE Trading Account and NRO Trading Account.

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  9. Can I move my existing resident trading account to NRI trading account?

    Yes, you can either convert or move your existing Trading & DEMAT account to an NRO trading & DEMAT account or close your resident account and open a new NRI account. You are not allowed to convert an individual resident account to an NRI-NRE account. Documents required to convert your resident trading account to NRO account are as follows-

    • Account Modification Form
    • Copy of FEMA declaration
    • FATCA Declaration Form
    • Resident Trading Account Closure form
    • Trading application form
    • Notarised Copy of PAN card, overseas address proof, Passport and Visa Notarised Copy.
    • NRO Bank account details - Cancelled Cheque (Should be with either Axis, Yes or HDFC Bank only)
    • Copy of PIS account/NRO-Investment account letter to map to the trading account. (Should be with either Axis, Yes or HDFC Bank only)

    In case you want to update your account to the NRI (NRE) account, you need to close your existing resident account and open a new NRI (NRE) trading account. Share transfer between resident account and NRI (NRE) account is not possible.

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User Comments

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3. Sripad  Dec 20, 2018 4:31:32 AM IST Reply
Hi
I have moved recently to US and I have NRI/NRO account.
Whether I can convert existing zerodha account to NRI account?
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3.1. Team TopShareBrokers  Dec 20, 2018 8:33:12 AM IST

Yes, you can convert your existing account to NRO Account. If you are planning to stay outside of India for more than 6 month your status convert to NRI.


1: You can transfer your existing residential account to NRO demat and trading account only.  NRE Trading account is not supported in such case.


2: Document and forms required to switch the account:



  • Account Modification Form

  • Copy of FEMA declaration

  • FATCA Declaration Form

  • Resident Trading Account Closure form

  • Trading application form

  • Notarised Copy of PAN card, overseas address proof, Passport and Visa Notarised Copy.

  • NRO Bank account details - Cancelled Cheque (Should be with either Axis, Yes or HDFC Bank only)

  • Copy of PIS account/NRO-Investment account letter to map to the trading account. (Should be with either Axis, Yes or HDFC Bank only)


3: As NRI – You cannot invest in Mutual Fund with Zerodha, So if you have existing MF with Zerodha coin, you need to redeem them or need to transfer to another account.


Download forms –Link.

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2. RC Shah  Sep 11, 2018 4:28:31 AM IST Reply
I am a US NRI. I already have NRO and NRE bank accounts, demat accounts, and PIS accounts with Axis Bank. Can you open an online trading account?
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2.1. admin  Sep 11, 2018 9:11:22 AM IST
Hello Sir, Opening an online account need your Aadhar OTP verification, which should be linked to your primary Indian Number. In Such case, it''s not possible, You can complete the documentation online and take a copy of it and submit a hard copy with Zerodha after signing.
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1. JIGNESH  Sep 4, 2018 10:33:44 PM IST Reply
HI I M HAVING PIS ACCOUNT WITH HDFC HOW I CAN LINK WITH ZERODA
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4.1. Shalini Rupranka  Sep 4, 2018 10:35:05 PM IST
Hello Sir -

Now you dont need PIS account, you can use your NRI account to open trading and demat account and trade like resident India.






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