This is the recent email I received from Zerodha. For NRO Non-PIS, they used to charge flat Rs. 100 per order. Now it’s revised to 100 or 0.5%, whichever is lower.
"The brokerage for equity delivery trades for NRI accounts in the non-PIS mode has been changed from Rs. 100 per order to 0.5% or Rs. 100, whichever is lesser, per order. We’ve made this change after receiving feedback from customers like yourself that the flat Rs. 100 brokerage charged earlier was not feasible for smaller trades.
For example: In the earlier pricing structure, if you bought stocks worth Rs. 5000 with your non-PIS account, the brokerage would have been Rs. 100. However, in the new brokerage structure, the brokerage would come down to Rs. 25."
I almost followed on daily basis with Zerodha with data points like in the world no one charging 2.5%…
Finally it seems they realized……0.5 introduced but still it is higher side
0.1% is what in this digital era they can keep it…
Hi, I have moved to the UK around 6 months back.
I have been an active investor in India and have been using an Upstox account.
I have a few queries regarding this transition to an NRI.
I need help in two broad areas!
Managing the shares purchased as a resident Indian (RI).
How to buy-sell shares from UK.
—- 1. Managing the shares purchased as a resident Indian (RI).
Apparently upstox doesn’t have NRI services currently. This account is linked to my indusind savings account.
I have another icici resident savings account which I have converted to NRE/NRO.
From what I read above can I solve this by linking it with my icici NRO Account and then removing the indusind resident account linked to it.
Later I may transfer shares to a Non-PIS Demat account which I ll open soon hopefully.
2. How to buy-sell shares from UK.
Although some have mentioned in the thread that by just linking ur existing RI demat account with an NRO we are good to go.
Am a bit unsure about this. Does anyone have any clarity on this?
I plan to open a zerodha or icici direct account for the same .
This will be linked to an nro account.
Zerodha offers a non pis account but requires notarisation.
Can anyone guide regarding the same especially if in uk?
Does anyone have experience with icici direct account for nri’s?
Hi Tarun, Yes i think you already answered your concerns. You can open another demat, using your NRO account and ready to go for new purchases. On the transfer of resident demat holding to non-resident (NRO -non-PINS demat), i am not sure, but the broker will guide you how can you go about it. Otherwise, you can sell the holding and transfer the fund though it will cost you on the brokerage and other transaction costs. Basically, they allow from one Demat to another, if its of the same residential status.
To open a new account, as far as i know, you can open using your existing KYC document (If its already updated with your current address, contacts etc.). If the existing e-KYC data needs to be udpated, you need to have this notarized through a Bank or indian embassy or other recognized entities. Approach the broker and they will guide you on how to go about it. Some of the brokers now do e-KYC using video conference, you got to enquire and choose. For Zerodha, yes they will need the notarized document posted via offline, and the same for ICICI too. Not sure of others. Thanks.
is there any other broker in india apart from tradeplus onlin which can provide equity intraday and FandO in NRO account? I have recently opened account with them
HI Tarun, I have gone thru this process with ICICIBank for Savings & ICICI Direct for Shares and Mutual Funds. I used to trade when I was in India. Now I am in UK and converted all my savings and Dmat account to NRO. As an NRI, I cannot have more than one Trading account. My RI savings accounts have been converted to NRO account. My RI DMat account has been converted to Non-PINS account. A new DMAT account (called PINS account) has been opened. All my shares bought which I have bought when I was in India, are in my Non-PINS account. All the shares I bought/buy when I am in UK are credited to my PINS account. Both PINS and Non-PINS accounts are linked to one Trading account.
Hey all, I am a new member here,
had a few Qs regarding NRI trading and Demat accounts.
suppose current setup is :
1- Resident demat and trading account linked to NRO bank account - is this combination valid and OK to continue ? if intention is to buy, sell , hold on non repatriable basis.
2-if not, can resident demat be converted to NRO demat or a new NRO demat is to be opened and holdings transferred ?
3-any one has experience with kotak securities or sharekhan to convert demats and trading account. any tips on the same.
4-when we say NRO NON PIS/PINS - this PIS or PINS is an account opened by a BANK right not by the trading firm ?
5-what happens to the dividend if thats supposed to be coming to bank account while demat is being converted to NRO.
Answers :
Answer Q1: It is ‘technically’ not OK to continue. You should convert ‘Resident Demat’ to ‘NRI DMat account’ what ever is your intention.
Answer Q2: Resident DMat account will remain untouched. You will need to open another ‘NRO DMat account’ So at the end of the process - you will have two DMat ccounts 1. Non-PINS account and 2.PINS Account. All the shares you buy after you become NRI will be credited to PINS account. You can sell shares which are in both accounts.
Answer Q3: No sorry,
Answer Q4: These PINS/Non-PINS account are opened by trading firm. E.g: ICICI Securities, HDFC Securities etc.
Answer Q5:During the period of conversion of RI account to NRO account, any dividend will be credited to RI account. After the conversion, account number remains same, cheque books will be replaced with new cheque book with proper account type. Hope all questions are answered.
