NRI Demat Account Opening Process

Published on: June 14, 2023

Just like Indian residents, Non-Resident Indians (NRIs) can actively participate in the Indian stock market and explore trading and investment opportunities. However, the process of opening a Demat account for NRIs differs from that for Indian residents. In this article, we will guide you through the seamless process of opening an NRI Demat account with Definedge Securities.

Demat Account Opening Process:

Existing KRA – currently overseas

This process is for those NRIs who are already traders and residing overseas during the process of account opening.

To open your Demat account, you will have to download and duly fill the Individual KYC form. 

This form after being promptly filled must be sent to us with the copies of the required documents as mentioned.

1. Work VISA – A copy of Work Visa verifying your country of residence and occupation.

2. Identity Proof – A copy of any identity proof like PAN card, Driving license, Voter card, Overseas Citizen of India card

3. FATCA declaration – A copy of your FATCA (Foreign Account Tax Compliance Act) declaration to verify your compliance to the tax laws of your respective resident country

4. PIS Letter/SSA: Portfolio Investment Scheme letter (PIS) or Special Securities Account (SSA) is an authorization from the RBI allowing NRIs to trade in Indian Stock Market with a designated broker

5. CP Code: Custodian Participant (CP) code is issued by the exchange to customers who wish to activate derivative segment for their Demat account

6. Any Indian Address Proof (Optional for OCI/PIO): This would include your Aadhar card, voter ID, Indian driving license, the statement of your bank account in India or any utility bill with your address mentioned on it

7. Overseas Address Proof: This can include your overseas driving license, bank statement, lease/rent agreement or utility bill with your overseas address mentioned on it

8. Bank Details:  
Below is the list of documents accepted as a valid proof for bank details –  

1. Specimen copy of cheque/cancelled cheque 
2. Copy of Bank Statement
3. Copy of Bank Passbook
4. Letter from Bank
   
   Please note –
   – In case you wish to open account only in cash segment, you need to submit documents of NRE/NRO account.
   – In case you wish to activate derivative segment, you need to submit documents of NRO account.
   

The above-mentioned documents must contain the following information to be acceptable as proof for bank details:  

• Bank Name
• Bank Branch Address
• IFSC/MICR code
• Account holder’s name
• Account Number

9. Active Mobile Number  

10. Passport size photographs

After filling the form, you can send complete scanned copy of the form along with the documents for final verification at care@definedge.com.  

Once the verification is completed, our team will contact you regarding further steps.

New to Industry Individuals – currently in India

This process is for those NRIs who are new to trading and in India during the process of account opening.

To open your demat account, you will have to download and duly fill the Individual KYC form. This form after being promptly filled must be sent to us with the copies of the required documents (self-attested) as mentioned.

List of Documents Required –

1. Work VISA – A copy of Work Visa verifying your country of residence and occupation.

2. Immigration copy: A copy of your visa with arrival stamp in order to confirm that you were in India during the account opening process.

3. Identity Proof – A copy of any identity proof like PAN card, Driving license, Voter card, Overseas Citizen of India card

4. Passport – A copy of your passport with an arrival stamp clearly visible to verify your arrival in India at the time of in-person verification

5. FATCA declaration – A copy of your FATCA (Foreign Account Tax Compliance Act) declaration to verify your compliance to the tax laws of your respective resident country

6. PIS Letter/SSA: Portfolio Investment Scheme letter (PIS) or Special Securities Account (SSA) is an authorization from the RBI allowing NRIs to trade in Indian Stock Market with a designated broker

7. CP Code: Custodian Participant (CP) code is issued by the exchange to customers who wish to activate derivative segment for their Demat account

8. Any Indian Address Proof (Optional for OCI/PIO): This would include your Aadhar card, voter ID, Indian driving license, the statement of your bank account in India or any utility bill with your address mentioned on it

9. Overseas Address Proof: This can include your overseas driving license, bank statement, lease/rent agreement or utility bill with your overseas address mentioned on it

10. Bank Details:
Below is the list of documents accepted as a valid proof for bank details –

1. Specimen copy of cheque/cancelled cheque
2. Copy of Bank Statement
3. Copy of Bank Passbook
4. Letter from Bank
   
   Please note –
   – In case you wish to open account only in cash segment, you need to submit documents of NRE/NRO account.
   – In case you wish to activate derivative segment, you need to submit documents of NRO account.
   

11. The above-mentioned documents must contain the following information to be acceptable as proof for bank details:

• Bank Name
• Bank Branch Address
• IFSC / MICR Code
• Account holder’s name
• Account Number

12. Active Mobile Number

13. Passport size photographs

New to Industry Individuals – currently overseas

This process is for those NRIs who are new to trading and overseas during the process of account opening.

To open your Demat account, you will have to download and duly fill the Individual KYC form.

This form after being promptly filled must be sent to us with the copies of the required documents as mentioned.

Please note – For NRIs residing overseas during the process of account opening, the documents will require self-attestation along with attestation from authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge or Indian Embassy /Consulate General in the country where they reside.

1. Work VISA – A copy of Work Visa verifying your country of residence and occupation.

2. Identity Proof – A copy of any identity proof like PAN card, Driving license, Voter card, Overseas Citizen of India card

3. FATCA declaration – A copy of your FATCA (Foreign Account Tax Compliance Act) declaration to verify your compliance to the tax laws of your respective resident country

4. PIS Letter/SSA: Portfolio Investment Scheme letter (PIS) or Special Securities Account (SSA) is an authorization from the RBI allowing NRIs to trade in Indian Stock Market with a designated broker

5. CP Code: Custodian Participant (CP) code is issued by the exchange to customers who wish to activate derivative segment for their Demat account

6. Any Indian Address Proof (Optional for OCI/PIO): This would include your Aadhar card, voter ID, Indian driving license, the statement of your bank account in India or any utility bill with your address mentioned on it

7. Overseas Address Proof: This can include your overseas driving license, bank statement, lease/rent agreement or utility bill with your overseas address mentioned on it

8. Bank Details:
Below is the list of documents accepted as a valid proof for bank details –

1. Specimen copy of cheque/cancelled cheque
2. Copy of Bank Statement
3. Copy of Bank Passbook
4. Letter from Bank
   
   Please note –
   – In case you wish to open account only in cash segment, you need to submit documents of NRE/NRO account.
   – In case you wish to activate derivative segment, you need to submit documents of NRO account.
   

9. The above-mentioned documents must contain the following information to be acceptable as proof for bank details:

• Bank Name
• Bank Branch Address
• IFSC / MICR Code
• Account holder’s name
• Account Number

10. Active Mobile Number

11. Passport size photographs

After filling the form, you can send complete scanned copy of the form along with the documents for final verification at care@definedge.com.

Once the verification is completed, our team will contact you regarding further steps.

Charges

For NRI account opening charges, please visit: https://www.definedgesecurities.com/pricing

Duration

The entire process takes around 3-5 working days after the form along with all the required documents is received by Definedge Securities.

Once the process is completed, you will receive your UCC on your registered email ID, followed by a link to set password.

If you have any queries regarding this process or wish to know more, kindly write to us at care@definedge.com or call us at 020-61923200.