Know the details about the Documents Required To Open NRI Demat Account Online Process, NRI Demat Account Opening Procedure Details Cost

A Comprehensive Guide to Opening an NRI Demat Account

Investing in Indian equities is a viable option for Non-Residential Indians (NRIs). To do this, NRIs need a demat account. This guide will walk you through the process of opening an NRI demat account, including the necessary documents, steps, and other critical points.

Documents Required To Open NRI Demat Account Online Process

Documents Required

To open an NRI demat account, you’ll need the following documents:

1. Passport: A copy of your passport with all important pages including name, address, date of birth, date and place of issue, expiry date, photograph, signature and address.
2. Visa/OCI/PIO Card: A copy of the foreign residence proof or visa or Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) card.
3. PAN Card: It’s mandatory for every investor.
4. Photographs: Recent passport-sized photographs.
5. Proof of Foreign Address and Indian Address: This could be your driving license, bank statement, utility bill, or rent agreement.
6. Proof of Bank Account: A cancelled cheque leaf or bank statement of NRE/NRO account.

Documents To Open A Demat Account In Kotak Mahindra Bank List

Step-by-Step Procedure

Follow these steps to open an NRI demat account:

1. Choose a Depository Participant (DP): Select a DP registered with SEBI and who offers NRI demat account services.
2. Fill the Application Form: Complete the application form providing all the necessary details.
3. Submit Documents: Submit copies of your documents. Some DPs may require you to get your documents attested at the Indian Embassy in your country of residence.
4. In-Person Verification: This can be done at the local branch of the DP in your country of residence, or via a video call.
5. Account Activation: Once your application is approved, you will receive your demat account details.

Points to Note

• Ensure all documents are valid and up-to-date.
• The name on all documents should match the one provided in the application form.
• Ensure that your DP offers the services you need, such as online trading, access to different types of securities, etc.

Things to Know

• NRIs can open two types of demat accounts: repatriable (NRE) and non-repatriable (NRO).
• NRIs cannot hold a joint account with a resident Indian.
• There might be account opening fees and annual maintenance charges.

FAQs

Q: Can I open an NRI demat account without a PAN card? A: No, a PAN card is mandatory for opening a demat account in India.

Q: How long does it take to open an NRI demat account? A: Once all required documents are submitted, the account is usually activated within 7-15 working days.

Q: Can I convert my existing resident demat account to NRI status? A: No, as per RBI guidelines, an NRI should not continue with the resident demat account. They need to close the existing resident account and open a new NRI Demat account.

In conclusion, opening an NRI demat account is a straightforward process that provides NRIs with access to the Indian equity market. It’s important to have all necessary documents ready for a smooth and hassle-free experience.