NRI Trading

For NRIs we made online investing and trading so easy, inexpensive & awfully convenient. NRIs can buy stocks and trade in equity futures & options from anywhere around the world. We assure you a truly wonderful experience.

About NRI

Non-Resident Indian (NRI) means a 'person resident outside India' who is a citizen of India or is a person of Indian origin.

NRI Investment Options in Indian Stock Market

NRIs can purchase shares or convertible debenture of an Indian Company, Invest in Exchange Traded Funds (ETFs) and trade in futures & options segment.

NRI can't do Intra-day transactions in cash segment and currency derivative segment.

  • ₹100 per executed order (Lowest NRI Trading Fees).
  • No minimum commitment. No deposites.
  • Zero AMC for demat & trading account.

Why trade with ProStocks?

  • We are SEBI registered stock broker and depository participant.
  • Trade on Equities, Futures, and Options on the NSE and BSE.
  • We offer cheapest brokerage for NRI trading. You pay ₹100 per executed order, irrespective to segment or size of the order.
  • Our powerful trading platform include free mobile trading app, website and installable trading terminal.

NRI Trading Account Enquiry

Getting started with ProStocks

You're one step closer to open NRI Trading Account, and we're here to guide you through this process to make sure clearly understand the steps of the process.

Just send us an email at sales@prostocks.com with your contact information. We'll get back to you within a day time.

You can also call at +91 22 38 110 110 number between 9:00 am to 8:00 pm IST on week days.

FAQs

You will need following documents:

  • Self certified copy of PIS permission letter issued by the Banker
  • FATCA Annexure duly filled and signed
  • Attested copy of PAN card
  • Attested copy of 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
  • Self certified copy of Indian address proof, if any
  • Passport size photograph
  • In case of an Indian Passport: Attested copy of valid passport with copy of Valid Visa
  • In case of Foreign Passport: Attested copy of valid passport, Copy of PIO/OCI card.
  • Proof of Bank account (a cancelled cheque leaf of your NRE savings bank account)
  • Declaration of P.O. Box in your residing country
  • Note: Copy of PAN card, Passport, Power of Attorney and Foreign address proof to be notarized by Indian Embassy or any other competent authority like Consulate General / Notary Public / Any Court / Magistrate / Judge / Local Banker 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

Trading and Demat Account Opening is free at ProStocks. For Equity F&O Trading you have to open an additional Custody Account (to manage the settlements of all security transactions undertaken by the clients) with IL&FS. The custody account opening is free except the franking charges of Rs 1200.

Annual Maintenance Charges (AMC) for a trading account with ProStocks is Nil (Zero).

The Demat Account for NRIs is lifetime free (no AMC) with Rs 1000 refundable one time deposit.

The Custody Account (for F&O Trading) with IL&FS also does not have any AMC.

To open a Custody Account you need to complete certain documents.

  1. A Custody Account Opening Form including net-worth certificate, application for applying CP code etc.
  2. A Custody Agreement.
  3. A Power of Attorney granted in favor of ISSL.
  4. All other standard documents related to Proof of Address, Identity etc.
  5. If the documents are executed outside India then the consularisation / notorisation is required on all the documents.

ProStocks allows  Axis Bank, HDFC Bank , ICICI Bank, Indusind Bank and Yes Bank. ProStocks may permit you any other Bank where you have good banking relation with their NRI DESK.

Non Resident Indian (NRI) Trading Account with repatriation benefit is called Non Resident External (NRE) Trading Account.

Non Resident Indian (NRI) Trading Account without repatriation benefit is called Non Resident ordinary NRO Trading Account.

You can open NRE Trading Account or NRO Trading Account or both NRE as well as NRO Trading Account.

You will need to open NRE PIS Bank Account besides NRE Saving Bank Account with your Bank and ProStocks will map both the Bank Account with your NRE Trading Account.

You will need to open NRO Saving Bank Account with your Bank and ProStocks will map your NRO Bank Account with your NRO Trading Account.

Your trading account is funded directly based on the balance available in your PIS bank account. We receive the PIS balance from your bank and update the same in our Risk Management system (RMS).

Please note that we receive only one file from your banker in the morning session. Hence any transfers you make to your PIS account during the day may not be captured in your bankers file sent to us and hence may not be updated in our RMS for margins. So kindly ensure that your PIS account is sufficiently funded the previous day itself.

As per RBI regulations, NRI's are required to settle their purchase and sale transactions in exact rupee amount. Hence no leverage can be provided for trading to NRI's in equity cash. 

Portfolio Investment Scheme PIS is the scheme of RBI through which NRIs and PIOs can purchase and sell shares and convertible debentures of Indian companies on a recognized stock exchange in India by routing all their transactions through a designated bank branch on repatriation benefit basis.

There are few branches of some Banks that are designated by RBI that a NRI can have account with in order to invest in Indian Share Market on repatriation benefit basis. NRI investing through NRO Account are not required PIS Account. Any existing NRO PIS Account will be converted to NRO Saving Bank Account post amendment in FEMA in Feb 2016.

PIS stand for Portfolio Investment Scheme. Any NRI or PIO holder wishing to invest in Indian Share Market on repatriation benefit basis must have PIS Bank Account with one designated Bank in India and PIS Trading Account with SEBI registered Stock Broker in India. It is meant for investing in Indian Share Market for delivery based buy and sell transaction.

Trading Account:

Non Resident Indian (NRI) Trading Account with repatriation benefit is called Non Resident External (NRE) Trading Account.

Non Resident Indian (NRI) Trading Account without repatriation benefit is called Non Resident ordinary (NRO) Trading Account.

 
Bank Account:

Non Resident (External) Rupee as well as Foreign Currency Account is called NRE Bank Account .

Non Resident Portfolio Investment Scheme Account is called NRI PIS Bank Account

NRO stands for Ordinary Non Resident. NRO Bank Account is Indian Rupee Account and called NRO Bank Account.

Each NRI  can purchase  maximum of 5 % equity shares of listed company subject to overall limit for listed equity shares of each company on repatriation benefit basis. NRI investment in equity shares of listed company without repatriation benefit is treated at par with resident Indian and there is no upper limit. Please refer the recent amendment in FEMA on RBI website at following link Foreign Exchange Management Act Notification and Foreign Exchange Management Act Notification in PDF

Please register yourself on http://ekyc.ProStocks.com/ on left hand side. Please fill your name, email id and International Area Code and Mobile Number, You don’t have to include + Sign in ISD field, select status as Non Resident and press Generate OTP. For NRI's, OTP will be generated and sent to email id with subject “ProStocks Registration OTP”.

Insert your OTP and validate, after validation you will be taken to next page. On this page your need to submit your PAN Number, Name as PAN Card, Date Of Birth, Country of Birth and Type of account you wish to open, Aadhar Card is an optional field.

As soon as your OTP get validated you will receive email stating that your login id and your password and whenever you login again, you need to use right hand side login as you are already registered.

You can open NRO Trading Account with ProStocks.
NRI is no longer required to open PIS Bank Account for investment in Indian stock market without repatriation benefits. NRI are on par with resident Indian for all investment in listed equity shares on Indian stocks exchanges without repatriation benefits. Please refer the recent amendment in FEMA on RBI website at following link Foreign Exchange Management Act Notification and Foreign Exchange Management Act Notification in PDF

NRO Trading Account is subject to applicable withholding tax. This withholding tax normally known as Tax Deducted at Source and were hitherto deducted and deposited by your PIS Bank. Since Feb, 2016 requirement of PIS Bank Account is done away with for investment without repatriation benefits however requirement of withholding tax is retained for NRO Trading Account ( please refer above notification, schedule IV ).

For NRO - We offer NON PIS account based trading. NRO account status holders can trade as resident Indian except broker need to deduct withholding tax and deposit to Tax Department, We will take service of Chartered accountant to compute your withholding taxes, which will be nominal charges (but significantly lower then what PIS Bank account cost). In this case you are trading like other resident Indian, your account status will be NON resident and you will have choice of 28 banks.

Alternatively, You can give us undertaking / declaration from your Banker that they will compute and deposit withholding tax on your NRO trading and investment. Generally your banker will manage your NRO Bank Account also like NRI PIS Bank Account if you want your banker to deduct and deposit withholding tax.

NRI is no longer required to open PIS Bank Account for investment in Indian stock market without repatriation benefits. NRI are on par with resident Indian for all investment in listed equity shares on Indian stocks exchanges without repatriation benefits except (company engaged in agricultural/plantation activities or real estate business or construction of farm houses or dealing in Transfer of Development Rights). In fact, all existing NRO PIS Bank Account has automatically become NRO Saving Bank Account.

FEMA has been amended however Section 195 of Income Tax Act has not been amended and it requires deduction and deposit of withholding tax. Traditionally, banks through NRO PIS Bank Account were computing, deducting and depositing withholding tax liability.

Majority of the PIS Banker does not want to lose PIS Account Charges revenue and also as solution to above problem of deduction and deposit of withholding tax, has agreed to continue to provide the same service at same cost in NRO Saving Account.

Your banker will generate Internal Reference Number (similar to erstwhile PIS number received from RBI) and insert in the software so your NRO Saving Bank Account will behave as if this is NRO PIS Account.

All Equity Investment held for more than 365 days are treated as long term when sold on the recognized stock exchanges, such long term capital gains are exempt; hence there will no withholding tax.

All Equity Investment held for more than 365 days are treated as long term when sold on the recognized stock exchanges, such long term capital gains are exempt; hence there will no withholding tax.

Long term Investment in India by NRIs without repatriation benefit does not require help of PIS Banker as there is no tax liability in that case. You only need a NRO Saving Bank Account with your bank. All your investment out of fresh purchases should have to be long term and you can transfer funds to your broker (ProStocks) before placing buy order and we will disable your account for selling investment before they become long term ( refer investment which are long term and tax free ). You can only sell securities after one year that way you will have no withholding tax and thus you don’t have to take PIS Banker services. You will not be able to repatriate funds from your NRO Saving Bank Account.

Your banker will not link more than one stock broker to your bank account as balance is required to be reported to your stock broker. However you can open more than one NRO saving bank account and can invest through more than one stock broker. There is no restriction on number of bank or number of accounts with same bank. 

You are neither required to sell your holdings when your status changes from non- resident to resident nor when resident to non-resident. You just need to change the status of your Trading and Demat Account. Since depository software do not permit change, you merely require to open new demat account with new status and transfer the shares from old demat account. Transfer of shares from resident demat account of same person (due to status change) to NRO demat account is permitted. Similarly NRO demat to resident demat is permitted. NRE demat to NRO demat as well as to Resident Demat account is permitted. Resident or NRO Demat to NRE Demat Account is not permitted.

Where can I find more information about NRI Trading Account?