Types of accounts for NRIs
There are different types of accounts available for NRIs. The type of account that you’ll open as an NRI (Non-Resident Indian) depends on whether you want to route your earnings back to the country you reside in or keep your profits within India.
If you wish to repatriate your profits back out of India i.e. into a foreign currency, then you’ll have to open an NRE (Non-Resident External) account. A PIS (Portfolio Investment Scheme) account either with YES Bank or HDFC Bank is mandatory to open an NRE account with Upstox.
Once you open a PIS account with either of the two banks mentioned, RBI will issue a PIS letter to you. You can start investing and trading in the Indian stock markets with an Upstox account once you submit the PIS letter to our NRI Services team.
Now, if you are an NRI and wish to keep your earnings from the Indian stock markets within India, you need to open an NRO (Non-Resident Ordinary account). With an NRO account your profits will stay in India. You DO NOT require a PIS account in order to open an NRO account.
You can however use an NRO savings account with either of the two banks mentioned and use it to trade in the Indian derivatives market.
Thus, Upstox offers various types of accounts for NRIs, OCIs and PIOs.You can choose the one that suits your financial goals and citizenship status.
Feel free to chat with us at www.upstox.com or write to us at firstname.lastname@example.org or call us at 022-6130-9999.