What are the documents required for NRI Demat Account?

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Short Answer

An NRI requires a number of documents to open a Demat account in India. Continue reading to find out the list of documents.

Detailed Answer

Who is an NRI?

NRI, meaning Non-Resident Indian. To get the NRI status you must be an Indian citizen. You must have stayed abroad for 183 or more in a particular financial year or You must have stayed in India foe less than 365 days in the last 4 consecutive financial years and less than 60 years in the current financial year.

Such Non-resident Indians can open a Demat account and trade in Indian securities just like how an Indian resident does. Let’s find out what are the documents required for NRIs to open a Demat account in the first place.

What are the documents required to open an NRI Demat Account?

NRIs can open their Demat account online these days. The account opening process and rules and regulations may vary from service provider to service provider.

Documents for NRI Demat Account Opening

The following are the list of documents that are generally required for the NRIs to submit:

  • Copy of their passport and Visa.
  • Indian Identity proof such as Driver’s license, Passport, Aadhar card.
  • Proof of Indian address such as passport, Driver’s license, Aadhar Card.
  • Documents regarding your current status and overseas address proof preferably utility bills, bank statements that are duly sealed and signed.
  • Canceled Cheque of their NRO/NRE account, showing your Account number, bank name, name of the bank branch and IFSC code.
  • PAN Card for taxation purposes.
  • Minimum of 3 recent passport size photographs
  • Proof of income preferable bank statement or salary slip or a letter from the employer.
  • Account opening form
  • Letter from RBI – Investment portfolio letter
  • A Cheque for paying the account opening fee.

All the above-mentioned documents must be signed and sealed by an Indian Notary Public or a member of the Indian Embassy in the country where the NRI is residing currently.

NRI Demat Accounts

It can be inferred that whether you are a resident of India or not, you can easily trade in Indian securities, given you are a citizen of India. An NRI can trade in shares, ETFs, mutual funds or convertible debentures. Having said all the above, NRIs cannot own more than 5% of their paid-up capital in an Demat account.

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Categories: NRI Investment
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