NRI Trading Account with Zerodha

Posted on 22nd Oct 2015
by Admin

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NRI Trading Account with Zerodha

Zerodha opened its doors for NRIs to trade in India @ Brokerage of Rs 200 /executed order for both Equity & F&O. As of now, they are only servicing clients having PIS account with Axis or HDFC bank. Accounts in other banks will be served shortly. Intraday equity trading, currency trading 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, and hence this CP code is assigned by IL&FS. Once you have the CP code, all the funds for trading F&O will sit with the custodian, similar to how all your funds for trading stocks sit with your bank. A typical starting portfolio size for a custodial account is Rs 25 lacs.

How can NRI open an account with Zerodha?

  • First you have to open an NRE/NRO Saving Bank Account in India (with Axis or HDFC Bank) .
  • Then you need to get a PIS (Portfolio Investment Scheme) permission letter from RBI (Reserve Bank of India). The bank where you opened the NRE/NRO account will take care of this.
  • Now you can open a trading and demat account with Zerodha.
  • By mapping your NRE account, you can only trade in the Equity segment whereas through an NRO account, you could trade in both Equity & Derivative segment.
  • What are the documents required to open trading and Demat Account by NRI?

  • Copy of PIS permission letter
  • Copy of FEMA declaration
  • 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
  • Passport size photograph
  • In case of an Indian Passport: Copy of valid passport with place of birth as India, Copy of Valid Visa.
  • In 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 notarized by Indian Embassy

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


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    User Comments

    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?
    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.
    1. JIGNESH  Sep 4, 2018 10:33:44 PM IST Reply
    3.1. 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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