How to open a demat account for NRIs: Process and documents required

Who is considered an NRI?

According to India’s FEMA (Foreign Exchange Management Act) 1999, an NRI is defined as an Indian or a person of Indian origin, residing in a foreign country for employment, business, or other circumstances. An Indian or a person of Indian origin who spends less than 182 days in India in the preceding financial year will be considered an NRI.

How to open a demat account for NRIs?

Follow the steps below to open your demat account as an NRI

Step 1. Choose a depository participant to open your demat account with. It could be a bank or a brokerage firm like Upstox authorized by SEBI.

Step 2. Fill out an NRI demat account opening form and submit it. You can check out Upstox’s Demat account for NRIs and open your Demat account as an NRI.

Step 3. Fill the demat account opening form and attach the scanned copies of your documents. The list of documents required is given below.

Step 4. After filling the form, you’re expected to sign an agreement with your broker, clearly stating your respective responsibilities as trader/investor and broker.

Step 5. Once all documentation and formalities are done, you will receive your demat account number.

Documents Required for NRI Demat Accounts

To open a demat account for NRIs, the following documents are required:

• A copy of your passport.
• A copy of your valid visa.
• Overseas address proof and address proof of your workplace.
• A PINS permission letter from an authorised dealer
• A copy of your PAN card.
• Passport sized photographs.
• Proof of bank accounts.
• PIS approval letter from the Bank
• Cancelled cheque copy of PINS bank account

You are required to submit these documents along with the demat account application form.