Zerodha is a leading stock broker and offers online discount broking services to both residents and Non-Resident Indians (NRIs). NRIs can open 2-in-1 accounts with Zerodha that include a trading and a Demat account linked to each other. You can open a Zerodha NRI trading account by linking your NRE or NRO savings bank account.
Zerodha NRI trading account
An NRI trading account allows NRIs (Non-Resident Indians) to buy and sell stocks, bonds, mutual funds, etc. across NSE and BSE. One of the stock leading brokers in India, Zerodha offers two types of accounts for NRIs:
- Zerodha NRI trading account
- Zerodha NRI Demat account
In India, the securities like equity shares, mutual funds, ETFs, NCDs, etc. are held in the Demat account in electronic format. Similar to the bank account where an account holder keeps his money, Demat accounts offer a secure repository of securities. These trading accounts are opened and managed by government mandated central depositories CSDL and NSDL. A broker like Zerodha acts as an intermediary between the customer and the central depository.
Zerodha has partnered with banks and government mandated central depositories to offer stock trading and investment services to NRIs.
- NRI Bank Account: Axis Bank, HDFC Bank, IDFC First Bank and IndusInd Bank
- Custodial Account: Orbis Financial Corporation Limited
- Demat Account: Central Depository Services Limited (CDSL)
Note: NRIs need the custodial account for trading in the equity derivatives (F&O) segment.
Zerodha NRI Demat account
To trade in the Indian market, NRIs need to open a Demat account in India. Zerodha is registered with CDSL and offers an NRI Demat account for Indians residing and working overseas. Here are the key features of Zerodha Demat account for NRIs;
- The Zerodha Demat account for NRIs is the same as for resident Indians.
- At the time of Demat account opening, NRI customers need to select account type as NRI and subtype as Repatriable or Non-Repatriable.
- The Demat account should be linked with an NRE or NRO account.
Zerodha NRI trading and Demat account opening
Before opening a trading and Demat account with Zerodha, an NRI customer should obtain a Portfolio Investment Scheme (PIS) permission from the Reserve Bank of India (RBI) and open an NRE or NRO savings bank account and Custodial account.
Zerodha NRI account opening process is simple. The account opening form is the same for NRIs as for residents. You need to download an account opening form in PDF format, fill it, sign it and send it to Zerodha’s head office in Bangalore (India) along with the required documents.
Here are the steps you need to follow to download the Zerodha NRI trading account opening form:
- Visit the official website of Zerodha.
- Click on the ‘Download & resources’ link at the bottom of the page.
- Go to the ‘Application Form’ section.
- Download PDF.
Zerodha account opening form PDF includes forms for both Demat and trading account opening.
- Only clients who have NRI bank accounts with Axis Bank, HDFC Bank, IDFC First Bank and IndusInd Bank can open an NRI account with Zerodha.
- You can open an NRO non-PIS enabled account, if you are looking for trading only in F&O. No PIS permission is required for the same.
- Zerodha doesn’t allow customers to trade in equity markets without PIS.
- You can open an NRE and NRO account simultaneously, but you are allowed to map only one bank account to your trading and Demat account.
Documents required to open account with Zerodha
You need to submit the following documents along with the account opening form to open Zerodha NRI trading and Demat account:
- Copy of PIS permission letter provided by the bank where you have an NRI bank account.
- Copy of FEMA declaration
- PAN card copy
- Overseas address proof (a copy of driving license/ foreign passport/ utility bills/ bank statement/ Notarized copy of rent agreement/ sale deed/ leave & license agreement/ utility bills or bank statement (not more than two months old)
- Indian address proof, if any
- Passport size photograph
- In case of an Indian passport: a copy of the valid passport that includes details like name, date and place of birth, issue and expiry date and a copy of the valid visa
- In the case of a foreign passport: A copy of the valid passport and a copy of the PIO/ OCI card
- Bank account proof: A canceled cheque of your NRI account (NRE or NRO savings bank account)
- Declaration of P.O. Box in country of your residence
- Foreign Account Tax Compliance Act (FATCA) Declaration Form
Note: Copy of passport, PAN card and address proof to be self-attested and notarized by any of the following authorities: official of the overseas branch of a scheduled commercial bank registered with RBI, court magistrate/ judge or Indian embassy/ consulate general in the country of your residence.
The attesting authority should affix a ‘Verified with Original’ stamp, name, designation, signature and date on the documents.
Steps to open NRI account in Zerodha
- Open an NRI Bank account with any of the following banks: Axis Bank/ HDFC Bank/ IDFC Bank/ IndusInd Bank.
- Get PIS permission from the Reserve Bank of India (RBI) with the help of your bank.
- Open a custodial account with Orbis Financial Corporation Limited and get CP code.
- Arrange copies of supporting documents.
- Get all supporting documents attested by any competent authorities.
- Download the account opening form in PDF format.
- Fill the application form.
- Scan the filled forms along with supporting documents.
- Send them to the Zerodha NRI desk through email for verification.
- Courier these documents to Zerodha’s Bangalore office in India.
Zerodha NRI account is opened between 3 to 5 working days of application and documents receipt.
NRI trading account charges
|NRI account opening charges||Rs. 500|
|Equity delivery brokerage||0.1% (subject to max Rs. 200/ trade)|
|NRI account AMC||Nil|
|Equity future brokerage||Rs. 100/ trade|
|Equity options brokerage||Rs. 100/ trade|
|Other charges||Zerodha Demat account AMC: Rs. 300 yearly|
Zerodha NRI mutual fund
Resident customers can invest in Mutual Funds through ‘Coin’, an online platform. However, NRI customers can’t invest through this platform. NRI customers can invest in mutual funds through an AMC using the Zerodha Demat account.
Open Zerodha NRI trading account through SBNRI
SBNRI is a corporate partner of Zerodha Broking Limited. Indian citizens living away from their homes can open an NRI trading account with Zerodha through SBNRI and start investing in securities in India. SBNRI helps Non-Resident Indians to open a Demat and trading account with a seamless process and NRI customers can also get expert advice to make informed investment decisions.
You can download SBNRI App to connect with our experts and get end-to-end assistance related to an NRI investment and trade account opening.