NRI Trading Account with Zerodha

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NRI Trading Account with Zerodha

Zerodha NRI Trading Account

Zerodha opened its doors for NRIs to trade in India. The NRI Brokerage Charges for Equity Delivery is of Rs 200 or 0.1% whichever is lower. For F&O Delivery Trades Charges are Rs 100 per order. As of now, they are only servicing clients having an NRE / NRO account with Axis, Yes or HDFC bank. Equity and F&O Intraday, Currency and Commodity trading is not allowed for NRI's. The stock holding of an NRI can't exceed 10% in an Indian listed company.

If you want to trade F&O as an NRI you have to come through the custodial route. Then you can trade F&O for Intraday or positional. For that, you have to get a Custodial Participant (CP) code. Zerodha has tied up with IL&FS for custodial business. IL&FS assign CP for Zerodha NRI clients. All the funds for trading F&O will sit with the custodian, like how all your funds for trading stocks sit with your bank.

Zerodha NRI Account FAQ

  • How NRI can open an account with Zerodha?

        Steps to open Zerodha NRI account -

      • Step1. You have to open an NRE/NRO Saving Bank Account in India (with Axis, Yes or HDFC Bank).
      • Step2. You need to get a PIS (Portfolio Investment Scheme) permission letter from RBI. The bank where you opened an NRE/NRO account will take care of this.
        • The recent change from RBI, for NRO-SB account you don’t have to get the PIS letter. 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.
      • Step3. Now you can open a NER/NRO trading and demat account with Zerodha.

        Note:

      • 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.
      • It will take 3 to 5 working days once Zerodha NRI team receive your complete documents.
  • What are the documents required to open Zerodha NRI trading and Demat Account?h3>

        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

  • What is the Zerodha NRI account opening charges?

      NRI account opening charges are same as Resident India. Rs 200 for Trading Account + Rs 100 for Demat account. The Demat AMC is Rs 300 PA.

  • What are the Zerodha NRI brokerage charges?

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

  • What are the banks supported for NRI Trading with Zerodha?

      There is daily reporting requirement from RBI on NRI (NRE/NRO) Trading account, so that’s the restriction with brokers to tie up with specific banks. Currently, Zerodha supporting Axis Bank, Yes Bank, and HDFC Bank. So if you have a NRE/NRO account with any of these banks, you can open NRE/NRO Trading/Demat account.

  • As NRI, Can I apply in an IPO?

      Yes, NRI can apply in an IPO. Zerodha is not providing an online platform for IPO investment. This needs to be done via ASBA (Net banking facility of your Bank), with Zerodha DP account information. But to answer your question, Yes, NRI's can apply in an IPO.

  • Can NRIs use Zerodha Coin for Mutual Fund investment?

      Currently, Zerodha Coin is not available for NRIs. The US/Canada based NRI’s cannot buy MF via Zerodha Coin Platform. The USA/Canada has some compliance and regulation issues. In other countries also this service is not active.

  • Can NRI open two separate trading account one for NRE and second for NRO?

      Yes, NRI can open 2 separate accounts - NRE Trading Account and NRO Trading Account.

  • Can I move my existing resident trading account to NRO trading account?

      Yes, you can move your existing resident trading account to NRO trading account. You need to do the paperwork to close your existing resident trading account. Submit an account modification to convert to NRO 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.

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

To do NRI trading in India Stock Market, you can open NRO bank account and opt for NRO Investment account. You can convert your existing resident account to an NRO trading account.

NRI can trade in Equity Delivery and Equity F&O segment. If you wish to trade in F&O (Delivery only), you need to get Custodial Participant (CP) code. For a custodial account starting portfolio size is Rs 50 lakh.

In summary, doing equity delivery trading is an easy process, to do F&O delivery trading is a bit complex process.

Last updated on 5th Jun 2019

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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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