ProStocks Star NRI Account Review 2024

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Are you an NRI and struggling to find the lowest brokerage NRI trading brokers in India? The wait is finally over with ProStocks, India's fastest-growing discount broker, offering flat fee trading and investment services to non-resident Indians. NRI trading and demat accounts at ProStocks allow NRI clients to trade and invest in stocks, equity derivatives, ETFs, and mutual funds.

Not sure how to open ProStocks NRI account? Here are all the details about NRI trading review with ProStocks, including the opening process and fees for NRI accounts, account types such as NRE or NRO, PIS or Non-PIS, what documents NRI does need to trade on the BSE and NSE, brokerage fees for NRI trading, and pros and cons.

NRI NRE or NRO Bank Account

Any person in India who resides overseas for any reason be it employment or other is known as NRI. SEBI allows NRIs to trade on the Indian stock exchange BSE and NSE but to do so; they have to open an NRI trading account in India.

Before opening a trading account with any broker, NRIs have to open a bank account in India. Here, there are two types of NRI bank savings accounts in India – NRE and NRO. An NRI can open an NRE or NRO or both, but the NRI trading account can be linked with only one.

• Non-Resident External (NRE) account: An NRE account offers NRIs the flexibility to deposit money in any foreign currency and get it converted into an Indian rupee. NRI can deposit his foreign earnings, and use it to invest in the Indian market, and money again can be withdrawn into INR. Thus, all the money in the NRE account that NRI has either deposited or received in the form of interest, etc. can be repatriated.
• Non-Resident Ordinary (NRO) account: An NRI should open an NRO account to manage all the income earned in India within the country. Only the interest received is repatriable but the principal cannot be repatriated.

On the brokerage front, ProStocks NRI charges look competitive and the same as charges levied by India’s top brokerage house, Zerodha. NRI full-service brokers like HDFC Sec, ICICI Direct, Sharekhan, etc. charge a fixed percentage brokerage fee from NRIs, The ProStocks flat fee model helps NRIs to save a lot on brokerage cost.

However, it still does not have the cheapest NRI account as Fyers NRI brokerage is Rs 50 per traded order.

ProStocks NRI Account Opening Process

ProStocks allow non-residents to register eKYC online and print and courier the duly signed NRI account opening form along with supported documents to the broker. The digital KYC enabled process is highly convenient, time savvy as it will take no more than 20 minutes, and requires minimal paperwork formalities.

Want to open an NRI Demat account in Prostocks but don’t know how? Check out the process;

Steps to open ProStocks no-PIS NRO NRI trading and demat account;

1. Go to Prostocks digital KYC portal.
2. Sign-up as NRI: Enter your name, mobile number PAN, DOB, email, and select status as Non Resident.
3. Enter the OTP sent to your email address to successfully register with Prostocks.
4. Once OTP validation gets done, you will get a login ID and password on your email.
5. Now fill up basic details including PAN card, name as per PAN, DOB, country of birth, and the account type.
6. NRIs eKYC process requires details – basic information, preference details, additional details, select and pay, and document submission.
7. Once NRI has entered all the details, you have to enclose all the documents required to open NRI trading account. (Check the list of documents in next section)
8. A pdf will be generated, download the PDF, take its printout, sign the form physically, and attach supporting attested NRI documents to send it to the ProStocks office.
9. KRA and IPV compliant NRIs can digitally sign the NRI account opening form while the nomination form and POA must be signed physically and to be couriered to the ProStocks’s Mumbai office.
10. Once the ProStocks team receives the document, you will be intimated for account activation and your NRI trading account user ID and password will be sent to you.

Once account setup process is done, NRI can invest in shares and trade in F&O using ProStocks Star desktop, ProStocks Star mobile app, and Star Web.

ProStocks NRI Account Opening Documents

Whether you want to open a PIS or no-PIS NRI account, you have to provide several sets of documents to ProStocks. Here is a complete list;

• A passport size photograph
• Self-certified copy of NRI’s PAN card
• Self-certified copy of foreign/overseas address proof: It should not be older than 2 months and NRI can provide driving license, foreign passport, bank statement, etc. as an overseas address proof
• Self-certified copy of Indian address proof (optional)
• For Indian passport; self-certified copy of valid passport along with a copy of valid visa.
• For Foreign Passport: Self-certified copy of valid passport and Copy of PIO/OCI card.
• Bank account proof: Cancelled cheque leaf or bank account statement
• For Non-PIS account, a self-certified copy of NRO Saving Bank Statement.
• To open NRI PIS account, a self-certified copy of PIS certificate issued by the bank is also required.

Keep in mind;

• All of the above documents must be attested by the Indian Embassy or Consulate General or Overseas Banker or Indian or any other competent authority.
• NRIs who are already KYC and IPV compliant need no attestation of documents.
• NRI can check KRA KYC status online on https://www.cvlkra.com/ by just entering PAN number.

Why ProStocks for NRI Trading?

Before you decide to open an NRI account with any broker, you must be confident enough about selecting the right broker for NRI trading.

Opening an NRI account with ProStocks brings the following benefits;

• Start NRI trading through PIS or non-PIS bank account.
• Invest in equity (PIS or no-PIS account) and trade in equity futures & options on BSE and NSE.
• Lifetime zero AMC on NRI Demat and Trading account.
• No Minimum balance commitments on NRI account.
• Pay just Rs 100 flat brokerage on NRI trading irrespective of the segment or order size.
• Access to great technology platforms; mobile app, website, and installable desktop trading terminal.
• Access to Prostocks Trading API
• Advanced orders like Good Till Cancelled (GTC) and After market order (AMO) are available.

ProStocks NRI Trading Platforms

Most of the discount brokers only have a mobile app and browser-compatible websites while ProStocks has all the platforms be it a mobile app, web trading platform, and installable desktop trading software. NRIs can access all of the ProStocks trading platforms for free.

• ProStocks Star Mobile Trading App: ProStocks Star App
• ProStocks Web Trading Platform: ProStocks Star Web
• ProStocks Desktop Trade Terminal: ProStocks Star Desktop Trade Terminal

In addition to the above, ProStocks offers third-party trading platform, FoxTrader. It is revolutionary, ultra-fast AI trading software that can be downloaded on any desktop or laptop devices. Residents as well as NRIs can purchase its subscriptions to trade using FoxTrader.

ProStocks NRI mutual funds

Both the NRE or NRO NRI Demat account holders can invest in mutual funds and keep the holdings in the ProStocks NRI Demat account. Opening a PIS account is not mandatory for NRIs to transact (buy and sell) in mutual funds.

NRI mutual fund investment in India is not tax-free. Click to know more.

ProStocks NRI Trading Cons

• NRI cannot open a 3-in-1 account with ProStocks.
• ProStocks does not offer trading tips, research, and investment recommendations.
• Fyers charges comparatively lower NRI brokerage of Rs 50 per traded more. Know more