What Is The Process To Open A NRI Demat Account

Introduction

India is now one of the world’s most rapidly rising economies. As a result, it is considered favorable for investment, particularly for NRIs in the Indian stock markets. NRIs must have an NRI Demat Account to trade in the Indian stock markets. A Demat Account for NRIs allows them to trade in other assets such as –

  • Equities
  • Bonds
  • Mutual Funds
  • IPOs, and
  • Other Securities.

In this article, let’s have a look at a comprehensive guide to open free demat account for NRIs (Non-Resident Indians).

What is an NRI Demat Account?

NRIs (Non-Resident Indians) are the Indians who are now residing outside India or abroad. NRIs can register a Demat Account for NRIs with most of the Indian Broking Firms and invest in various assets by following the simple online account creation procedures –

FEMA (Foreign Exchange Management Act) provides the most correct definition of an NRI –

  • An NRI is an Indian citizen or a person of Indian origin who lives in a foreign country for a job, business, or other purposes.
  • An NRI is an Indian citizen who has spent less than 182 days in India during the previous fiscal year.

To open free Demat Account an NRI must declare his or her NRI status before selecting the proper NRI Demat Account subtype.

Process To Open A NRI Demat Account

You can register for an NRI Demat account on the internet. NRIs can now register an account with any of India’s leading brokers online along with their KYC documents. For the account opening process to be completed, the submission of necessary documents is required. 

You open free Demat account for NRIs online on the web portal or the mobile app of your broking company. You can open an NRI Demat Account quickly and easily by following a simple and easy procedure –

  • You can register for an NRI account with your broker online at their website.
  • You can also Sign Up using your smartphone by downloading their specialized mobile App (Android & iOS).
  • It is recommended that you download the app because joining up will require the upload of your most recent photos, which can be readily taken with your phone’s camera.
  • It will take you roughly 5 minutes to Sign Up if your documentation is ready and up-to-date.
  • After you’ve uploaded all of the required documents, they’ll be verified by the professionals of the broking company.
  • You will have successfully opened your NRI Demat Account online once your documents have been verified.

Required Documents Needed to Open an NRI Demat Account

The following is a list of all the documents required to open an NRI Demat Account:

  1. Recent Residential Address Proof
  1. For the Holders of India Passport
    1. Valid Passport 
    2. Valid Visa – Work/Employment/Student/Resident Permit
    3. Document Proof Showing India as Place of Birth
  1. For the Holders of Foreign Passport
    1. Valid Passport
    2. Their Foreign Passport must contain “India” as a place of birth

OR

  • PIO/OCI Card
  • Proof of Identity (POI) [Driving Licence, etc.]
  • Passport as the Proof of Address (POA)
  • International Address Proof
  • PAN Card
  • The RBI’s Permission Letter for PIS
  • Canceled Cheque as the Proof of Bank Account
  • Income Documentation (For trading in derivatives)

[ITR Acknowledgement Copy]

  • Bank Account and Depository Account
  • Photographs of the NRI Investors in Passport Size

Conclusion

The NRIs living abroad can also benefit from investing in the Indian Stock Markets. The online account opening process to open free NRI Demat Account is easy and straightforward. By following the few simple and quick steps you can easily open your NRI Demat Account and embark on your journey as an NRI investor in the Indian Equity Markets.

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