NRI Demat Account Checklist

Indian residents living outside India may crave to invest in the Indian stockbroking space. The Indian economy is on a boom and it certainly makes sense to have your feet in the Indian financial corridor in one way or another. However, you need to take care of the NRI Demat Account Checklist if you are looking to invest in the Indian stock market.

This NRI Demat Account Checklist basically requires you to take care of a few initial considerations apart from the documentation formalities.

In this review, we will have a look at all these requirements so that it becomes fairly easier for you to understand what is needed and what is not for you to get started with your investments in India.

NRI Demat Account Checklist Basics

If you are looking to open an NRI Demat account, here are a few considerations you must know of as part of the NRI Demat Account Checklist:

• If you are looking to open a zero balance demat account, then you need to provide the original bank statement after self-attestation. This is a mandatory document.
• Your name and signature must be the same on the account opening form as those are on your passport. If there has been any change in either name or signature or both, you need to provide the corresponding proof of declaration.
• If you hold a foreign passport that does not have your Indian address mentioned, then PIO or OCI card needs to be submitted as a mandatory document.
• If you are opening a sole account, then there is a nomination form or DA1 which needs to be submitted along with the rest of the documentation.

NRI Demat Account Checklist Documentation

As far as the documentation part is concerned under the NRI Demat Account Checklist, it is a fairly standard procedure across the stockbrokers in India that you need to follow.

Here is the list of NRI Trading Account documents that you need to provide the copies of:

• PAN Card with photo
• ID Proof
  • Aadhaar Card
  • Driving License
  • Voter ID
• Valid Passport
• Foreign Address Proof (not more than 3 months old)
  • Electricity bill
  • Telephone bill
  • Overseas Bank Statement
  • Bank Passbook
  • Credit Card Bill
  • Rent Agreement or lease contract
  • Address proof issue by a local governing body
  • Address proof of your sponsor along with a proof of the relationship between the sponsor and the applicant.
• Indian Address Proof (not more than 3 months old)
  • Electricity bill
  • Driving license
  • Telephone bill
  • Postpaid mobile bill
  • Ration card
  • Bank Passbook
  • Credit Card Bill
  • Rent Agreement or lease contract
  • Address proof issue by a local governing body
• Visa or Work/Student permit with valid timelines
• PIS (Portfolio Investment Scheme) letter from the RBI
• FEMA declaration
• If you are a foreign national of Indian origin, then you need to provide OCI (Overseas Citizenship of India) or PIO (Persons of Indian Origin) Card.

All the document copies are required to be attested from the Indian embassy officials/bank officials/notary in the country you are residing in.

You will also need to fill in the account opening form, although, most of the stockbrokers have built online demat account opening set-ups on their portals providing utmost convenience to their clients.

There might be few more documentation needed depending on one stockbroker to another since a few times, different brokers may put in different sets of compliances at the business level. Nonetheless, the majority of the documentation you’d need have been discussed in this NRI Demat Account Checklist review and there will not much of a fuss left outside this list for you.

Do you have any other specific questions or you are looking to open an NRI Demat or trading account, let us assist you in taking the next steps further for you:

 

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