NRI Trading Account Opening Documents

NRI Trading Account Opening Documents are necessary for you to arrange when you look to open a trading account in India if you are an NRI i.e. a non-resident Indian. While the opening of an NRI Demat Account is easier than never before, there are still certain requirements that need to be fulfilled.

Once you have these documents, your NRI trading account will be up and running and there is nothing else you would require.

NRI Trading Account Opening Documents List

The following are the NRI Trading account opening documents that you would require when you wish to open a trading account in India. These documents are mostly needed in the form of photocopies. The number of copies that are needed can vary based on the institution in which you are opening the account.

Having said that, the executive may ask to produce the original document in case of any inconsistency or verification requirement. Here is a quick look at the different documents needed:

1. Photocopies of the PAN card.
2. Passport size photographs (usually between 2 to 4 photographs are required).
3. Passport copies: The photocopies should include the VISA page and the address page. The VISA of the person should not be expiring within 6 months.
4. If the place of birth is outside of India and the person holds a foreign passport, they need a photocopy of the OCI or PIO card.
5. Copies of the proof of foreign address. This can include photocopies of driving licenses, passport, bills, bank statements, rent agreements, sales agreements, etc. In the case of utility bills or bank statements, the record should not be older than two months. In the case of rent agreements, the photocopies should be notarized.
6. Copies of the proof of Indian address.
7. One Cheque (cancelled) of the savings account of the NRI. This account can be an NRE or NRO savings account.
8. Portfolio Investment Scheme letter from the Bank.

For more information, you can check this detailed review on NRI Demat Account Checklist.

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Attestation for NRI Trading Account Opening Documents

All the documents you submit need to be attested. Primarily, you will have to self attest the documents.

The photocopies of the documents should be on an A4 sized sheet.

Further, the documents also need to be attested from an authorized person.

This can be the consulate of the Indian Agency, Court, Magistrate, Judge, or any Local Banker.

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NRI Trading Account Opening Documents Formalities

It is not just about submitting the NRI trading account opening documents, you also need to execute them properly.

To start with, only an NRI himself can execute these documents.

Any other person cannot execute them even if they have the power of attorney of the NRI. Further, in-person verification of the NRI is also needed.

Only NRI trading account opening documents alone cannot complete the account opening process.

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Additional Needs for NRI Trading Account Opening Documents

In addition to the documents mentioned above, an NRI might also need to submit certain declarations as are required by the trading platform.

For example, they are often required to sign a declaration stating that they understand the FEMA rules and comply with them, and they will also continue to comply with them in the future.

For more information, check this detailed review on NRI Demat Account Rules.

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Conclusion

The NRO trading account opening documents aren’t too many. The account opening process is pretty straight-forward. Since RBI has facilitates the NRI Securities investment in India, NRIs should make full use of the same.

If you have any queries in regards to NRI trading account opening documents, we will be happy to assist you 24×7.

Furthermore, if you are looking to open an NRI account for stock market trading, let us assist you in taking the next steps ahead. Just fill in a few basic details to get started:

 

Also Read:

If you wish to learn more about NRI Trading, here are a few references: