Top 10 NRI Discount Brokers in India
NRI — Non-Residents Indians is a term used for the Indians citizens who stay in a foreign country for more than 183 days or live in India for less than 365 days in the last four years during the assessment year (01 April to 31 March). The income earned by an NRI outside India is not attracting any taxes, but the income they earned thru investment or any sort of income in India is taxable.
NRI’s are permitted by RBI to trade and invest in India in various forms — debts funds, IPO, stock exchange, mutual funds, equity share, and many more. Therefore, the Indians living abroad can enjoy the advantages of investing in the stock market for high returns in the future in their home country.
Leveraging advanced technology, a discount stockbroker offers trading assistance with various market options at reduces rates. In addition, the discount brokers offer friendly mobile applications allowing investors to buy and sell the stocks. Unlike the traditional broker, the discount broker is available 24/7 online to solve queries via integrated machine learnings and artificial intelligence (AI) chatbots.
NRI Trading and Demat Account
NRI Trading and Demat account allow Indian Citizens who live overseas to trade or invest in stocks, mutual funds, bonds, IPOs listed in BSE (Bombay Stock exchange) and NSE (National Stock Exchange). However, NRIs cannot buy commodity derivatives such as oil, agriculture, metal, etc.
Like the Trading and Demat account for Indians who live in India, NRI Demat and trading account offer NRI services but with some additional features and different fees.
Types of NRI Trading and Demat accounts
There are two types of NRI Trading and Demat accounts in India:
- 3-in-1 NRI account: NRI saving account + Trading + Demat account.: This type of account is generally for investors who choose full-service NRI brokers, but some discounted brokers offer a 3-in-in NRI Demat account. According to the NRI investment nature, some brokers open two accounts — PIS (Portfolio Investment Scheme) and Non-PIS account for NRIs, and it is known as a 4-in-1 NRI account.
- 2-in-1 NRI account: NRI Trading + Demat account: This type of account is generally offered by discounted, and some full-service NRI brokers and the investor needs to own NRE, NRO, or PIS saving accounts before opting for a 2-in-1 NRI account.
With numerous discounted stock brokerage firms available in India have multiple features, it is tricky to choose the best one that investors should choose. Thus we have listed the top ten NRI discount stock brokers in India:
Top 10 Discount Brokers for NRI Trading in India
| Rank | NRI Discount Broker | A/c Op. Charges | Brokerage | AMC |
|---|---|---|---|---|
| 1 | Zerodha | ₹500 | 0.1% or ₹200 (whichever is lower) per executed orders | ₹300 |
| 2 | ProStocks | Free | ₹100 per executed orders | ₹3000 |
| 3 | Tradeplus | ₹2500 | ₹49 per executed orders | NRE Account: INR 2500 + 18% GST (for 10 years)- NRO Account: NIL |
| 4 | Tradejini | ₹2000 | 2.5% or ₹200 (whichever is lower) per executed orders | ₹1999 (lifetime) |
| 5 | TradingBells | ₹750 | ₹100 per executed orders | Free |
| 6 | Stoxkart | ₹590 | ₹200 per executed orders | ₹590 |
NRI Discount Stock Brokers features:
- Zerodha: Zerodha is one of the most prominent discounted stock brokers in India provides 2-in-1 NRI account services that include Trading + Demat account. Zerodha has one of the most mobile app-friendly platforms for residents and NRIs. The NRI investor can only trade in delivery-based derivatives and stocks.
- ProStocks: ProStocks is the cheapest NRI discount broker available in India that offers zero charges of account opening and annual maintenance fees as well INR 100 per executed order irrespective of size. ProStocks provides a 2-in-1 NRI account that has a Trading + Demat account.
- TradePlus: Tradeplus is one of India's most leading discounted broker platforms that offers excellent features that no one is yet offering. Tradeplus provides a 4-in-1 NRI account — Bank + Trading + Demat + PAN. Tradeplus also offers trading without a PIS account. There are numerous NRI globally from the USA, the UK, Canada, Australia, Singapore, and many more who are benefitted from the Tradeplus account.
- Tradejini: A Bangalore-based company, Tradejini, provides a 2-in-1 NRI account thru Yes bank, allowing NRIs to trade across mutual funds, equity derivatives, IPOs, and equity delivery.
- TradingBells: TradingBells provides a 2-in1 NRI account merging Trading + Demat account allows NRI to invest in IPO, mutual funds, equity F&O, and the stock market.
- Stoxkart: A Delhi-based discounted broker offers an NRI 2-in-1 account — Trading + Demat. Stoxkart allows the NRI investor to add other Indian residents or NRI individuals as nominees. Stoxkart allows NRI to trade in equity F&O and delivery and currency F&O. However, Stoxkart doesn’t allow NRI to invest in commodity F&O and intraday.
Conclusion
The discounted stockbrokers are one of the most comfortable brokers for NRIs who wish to invest in the Indian stock market with minimal documentations submissions — passport copy, pan card, bank account, Indian and overseas address proof, PIS permission letter, and FATCA Declaration Form. However, one needs to check with the discounter broker company for the final documentations.
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