Introducing NRI account opening using the non-PIS route

November 27, 2020
Open an Account

NRIs can now buy and hold, on a non-repatriation basis: equity shares, convertible preference shares, convertible debenture, warrants, or units that will be considered domestic investments at par with investments made by residents using their NRO accounts. This eliminates the need for a PIS permission letter, thus opening up a whole lot of new options to NRIs. The key benefits of this framework are:

  • No requirement of PIS to trade through this route, thereby saving reporting & other costs levied by banks. Trading experience will be similar to that of a standard resident account.
  • NRIs investing via the NRO-non PIS route can invest without any limits. 
  • No restriction on the NRO bank account that can be linked (not only those accounts Zerodha has partnered but any bank can be mapped).
  • Brokerage of 0.5% or Rs 100 per executed order (whichever is lower).  
  • Investing in mutual funds can be made across all asset management companies (AMCs) and all funds. (Except for NRIs who are tax residents of the US and Canada)

When equity sell trades are done, on the trade day (T-day) we will block 17.94% of the sale proceeds. On the next day (T+1 day), the amount blocked on T-day will be unblocked and the debit of actual TDS on capital gain is passed. On mutual fund redemption requests, the TDS is deducted by the AMC (asset management company).

To open an account, proceed to create a ticket here.

Restrictions: 

  • NRI can trade only delivery based. No intraday/BTST trading on equity/stocks allowed.
  • No currency or commodity trading allowed.
  • Equity F&O through a CP (custodial participant) code.

PS: If you already have an NRO account with us, using the PIS mode and wish to convert it to NRO non-PIS account you can write to us on [email protected]

114 comments

  1. Tejas says:

    Hi Lindo,

    I already have a resident demat account with Zerodha linked with a resident bank account.

    Couple of questions:

    1. When I change my status to NRI, and change my resident bank account to NRO, can I still use the same bank account and demat account by just notifying Zerodha of the changes?

    2. Do I need to open a new NRO account and demat account?

    If i need to open a new demat account, how do I manage the existing shares, smallcase and mutual funds in the resident account?

    3. You mentioned the fees are 100 Rs per trade. How is it going to be handled for smallcases? Is it going to be 100 Rs per smallcase or per individual stock within the smallcase?

    Looking forward to your reply!

    • Lindo says:

      1. When I change my status to NRI, and change my resident bank account to NRO, can I still use the same bank account and demat account by just notifying Zerodha of the changes?
      -You will have to convert the account from a resident account to an NRO account to continue using the account. There is some paperwork involved since the existing KYC in your account will have you identified as a resident and this has to be changed to NRI status. Best to write to nridesk[at]zerodha.com.

      2- No need of opening a fresh account the same existing account has to be converted.

      3. Small case charges will be over and above the brokerage charges. You are charged a one-time flat fee of ₹ 100 + GST when you invest in a smallcase (no additional fees for further orders in the same smallcase).All Weather Investing and Smart Beta smallcases are free to invest & sell; there is a fee of Rs. 50 + GST for all other orders. Standard brokerage charges apply

      • Tejas says:

        Thanks a lot!

        As a follow-up clarification, for NRO (non-PIS) account, in case of a smallcase order (existing smallcase), lets say I already have a custom smallcase with 30 stocks.
        On a new smallcase order, the brokerage would be 100 INR or 100×30=3000 INR? Wanted to clarify since I wonder if each stock within the smallcase is considered an order or the entire smallcase is considered an order.

        • Lindo says:

          The brokerage is at Rs.100 per executed order( with an upper cap at 2.5%) , each scrip that is part of the small case executed is an executed order. If the basket value is smaller you may be charged lesser than 100*30.

  2. Ram says:

    Will you please elaborate on the mutual fund restrictions for NRIs who are tax residents of the USA?

    – Do such NRIs have no access to any AMCs / funds via Zerodha or do they have access to some funds?
    – Can they buy funds with additional paperwork for some AMCs?
    – Also, does Zerodha have plans to lift these restrictions within a few months?

    It will be extremely useful to have a single-stop solution for stocks, ETFs and MFs for US NRIs! This non-PIS route is already a welcome feature.

    • Lindo says:

      – Do such NRIs have no access to any AMCs / funds via Zerodha or do they have access to some funds?
      Currently, we will not allow access to Coin, our mutual funds’ platform for clients who are tax residents of US and Canada. As mutual fund investments for such clients are not supported by all AMCs.

      – Can they buy funds with additional paperwork for some AMCs?
      Not currently

      – Also, does Zerodha have plans to lift these restrictions within a few months?-
      We will work to allowing this and will notify you about the same once available.

      • Vineet says:

        Do such NRIs have no access to any AMCs / funds via Zerodha (Coin) or do they have access to some funds who are resident of European country? I mean are mutual fund investments allowed for clients who are NRIs residing in Europe? Thanks

  3. Sam says:

    This amazing and congrats to Zerodha for making this happen with little paperwork and integrating with the awesome tools already part of the Zerodha family – Coin, Smallcase, etc

    1) “the debit of actual TDS on capital gain” – Could you please explain this?
    2) Tax residents of US will be unable to invest through mutual funds? Is this a temporary restriction to be lifted down the line?
    3) Will the account maintenance charges be the same as that of a resident account?
    4) What will happen to current resident zerodha accounts, when the linked bank accounts is converted to an NRO account and the account number, etc stays the same and the zerodha account is not converted?
    5) Assuming conversion of resident zerodha accounts to NRI zerodha account, and the account holder returns back to India a few years later and the reverse conversion back to a resident account possible (assuming bank account is also converted to resident account)? If its possible, will there be any difference in TDS for Capital Gains, holding structure or any other info to be aware of for the reverse conversion?
    6) What is the TDS structure for Mutual funds, does it vary across AMCs or it is a fixed rate. If fixed, what is the prevailing rate?

  4. Ravi Kumar Meegada says:

    1. What are the documents required for NRO account.
    2. Can I apply through online.
    3. What is procedure to open account through zerodha.

  5. Rakesh says:

    Hi,

    Can US NRI apply for IPO through this account? Also, does this account eliminate the need of a NRO PIS account? Can US NRI purchase shares without the requirement of a NRO PIS account?

  6. EagleEye says:

    Good one Team !!

    Can you advise whether “Brokerage of Rs 100 per executed order” is for Delivery basis or F&O Trading ?

    • Lindo says:

      You will be able to trade only in Equity if you open the account via this route. If you wish to trade F&O , then you will need to do this via a custodian and you will not be able to trade Equity using the account then.

      • EagleEye says:

        Thank You Bro 🙂

      • HRP says:

        In case of NRO trading account, do we need to deposit upfront payment for purchsae? Or payment within T+2 will do?

        Further, Will it be a bill to bill pay In / pay out ? Or adjustments can be done? i.e will sale proceed be adjusted against buy proceed and vice a versa

        • Lindo says:

          The money has to be added to the trading account before you place the trades.

          Once the sales proceeds are credited to the trading account you can continue to use the same funds to make fresh purchases.

  7. Sam says:

    This amazing and congrats to Zerodha for making this happen with little paperwork and integrating with the awesome tools already part of the Zerodha family – Coin, Smallcase, etc

    1) “the debit of actual TDS on capital gain” – Could you please explain this?
    2) Tax residents of US will be unable to invest through mutual funds? Is this a temporary restriction to be lifted down the line?
    3) Will the account maintenance charges be the same as that of a resident account?
    4) What will happen to current resident zerodha accounts, when the linked bank accounts is converted to an NRO account and the account number, etc stays the same and the zerodha account is not converted?
    5) Assuming conversion of resident zerodha accounts to NRI zerodha account, and the account holder returns back to India a few years later and the reverse conversion back to a resident account possible (assuming bank account is also converted to resident account)? If its possible, will there be any difference in TDS for Capital Gains, holding structure or any other info to be aware of for the reverse conversion?
    6) What is the TDS structure for Mutual funds, does it vary across AMCs or it is a fixed rate. If fixed, what is the prevailing rate?

    • Lindo says:

      1)For equity:
      Long-term capital gain – If the period of holding is more than 1 year i.e. the difference between the date of purchase and sell is more than 1 year, then the TDS rate applicable is 0 %.

      Short-term capital gain – If the period of holding is less than 1 year i.e. the difference between the date of purchase and sell is less than 1 year, then the TDS rate applicable is 15.45%. on capital gain

      2)Currently, we will not allow access to Coin, our mutual funds’ platform for clients who are tax residents of the US and Canada. As mutual fund investments for such clients are not supported by all AMCs. We’ll update here once we enable this for US NRIs.

      3)AMC will be the same as the resident account .

      4)The liability of informing the broker lies with the account holder.

      5)Reverse conversion will be done for such cases, the taxation rules that are applicable to residents shall apply.

      6)TDS on mutual funds, this is handled by the AMC when you place the redemption requests
      Equity funds
      ST – 15% Less than 1 year
      LT – 10%

      Debt funds
      ST – 30% – Less that 3 year
      LT – 20%

  8. Rekha says:

    This is indeed good news!!! Well Done….

    Could you please explain more about brokerage charge per order – “Brokerage of Rs 100 per executed order. ”
    For NRI-PIS account it is – “0.1% OR Rs. 200 per executed order for equity (whichever is lower)”
    So for a non-PIS account – is it 100 Rs for any trade amount (e.g. you trade for 100 Rs or you trade for 10000 Rs? in one buy or sell)?

    Second — MF for NRI – As you mention it is not allowed for US and Canada tax resident. How can NRI from other tax resident countries (not from the US for Canada) access MF?

    Regards.

    • Lindo says:

      The brokerage is at Rs.100 per executed order( with an upper cap at 2.5%) this means if you order to buy shares worth say Rs.1000(Rs.10x 100 qty) your brokerage will be 2.5% of 1000 i.e. Rs.25. If the order value is more than Rs.4000, the brokerage is capped at Rs.100. The brokerage will be applicable to both the buy and sell-side.

      If you open the account using this route and are in a country outside of the US and Canada, you will have access to login and place MF orders on our platform Coin.

      • Rekha says:

        Thank You.
        I already have Demat account with PIS. I have dropped a mail to request to convert to non-PIS account. Also raised query for the coin as currently, I cannot access it.
        Do you know – how much time it will take to convert to Demat account from PIS to non-PIS?

        Regards.

        • Lindo says:

          This conversion if the documents (account modification form etc) is submitted shouldn’t take more than 3 working days.

          • Rekha says:

            Hi,
            Has anyone created an NRO NON-PIS mode account??
            I have applied to change from PIS to NON-PIS mode in December first week. However, It is still in process. They said it is in progress and should reflect now.
            However, the last email they replied me with Zerodha Doc — How to trade in PIS mode.
            I am quite confused.

            Please advice.

  9. Vinothkumar Pughendran says:

    Hi,
    I am a tax resident of germany. I think i am allowed to invest in Mutual funds through NRI non pis.
    does zerodha charge for investing in Mutual funds or is it completely free ? I want to know whether there is a hidden charge.

    • Lindo says:

      You will be able to invest in mutual funds using our platform i.e. coin.zerodha.com. There is no charge for investing in mutual funds using Coin.

    • Daya says:

      Hello Vinoth,
      I also live in Germany. I was wondering where you could get your documents attested for a cheap price.

  10. Saurabh says:

    Hi,

    I am an NRI residing in Australia. Please could you clarify more on the f&o part:

    1. Is there a minimum deposit with cp
    2. I am assuming zerodha will be the cp – is that correct?
    3. Can I repatriate the money out of India?
    4. What about Zerodhas brokerage charges? Is that also INR 100 per order irrespective of the lot size?

  11. Sanjeev says:

    Dear Sir
    I am NRI based in Qatar.
    I already have PIS account with icicidirect.Now I want to open non PIS zerodha demat account linked to NRO account of axis bank.Can I do that online?

  12. Manu says:

    Hi,

    – Could you please elaborate on restriction “Equity F&O through a CP (custodial participant) code” ?
    I’ve no idea on CP, What do I need to do extra to trade Equity F&O?

    – Is Fee rate 100 rupees flat for F&O?

    • Lindo says:

      If you wish to invest in Equity and trade in F&O as well. You will have to open accounts as below:
      1) NRE demat and trading account with Zerodha+PIS with the supported banks( currently, IDFC FIRST,HDFC, Axis, and Indusind bank)-For investing in equity
      and
      2) NRO trading account with Zerodha+CP with Orbis+NRO Bank account(with any bank) -For trading F&O only.

      The brokerage for F&O trades is Rs.100 per executed order, irrespective of the number of lots in the order.

  13. Ramesh says:

    Brokerage charges with Regular PIS account are 0.1% OR Rs. 200 per executed order for equity (whichever is lower). You are charging Rs 200, because you have to work with banks day to day basis.

    For NRO Non PIS account you are charging Rs 100 per trade. But here the clause “0.1% OR Rs. 100 per executed order for equity (whichever is lower)” applies or not. If the clause 0.1% does not apply what is the benefit of having the Non PIS account.

    I want to accumulate 1000 shares of a stock between Rs110 and Rs100, over a period of 15 days. 100 shares in each trade. So i have to do 10 trades. Each trade 100 shares X Rs100 = Rs10,000.

    I will end up with 10X100 = Rs1000 brokerage with Non PIS account.
    Whereas with regular PIS account (Each trade 100 shares X Rs100 = Rs10,000) I will end up with paying 10XRs10 = Rs 100.

    Can you guys clarify whether the 0.1% clause applies for Non PIS account?

    • Lindo says:

      The brokerage is at Rs.100 per executed order( with an upper cap at 2.5%) this means if you order to buy shares worth say Rs.1000(Rs.10x 100 qty) your brokerage will be 2.5% of 1000 i.e. Rs.25. If the order value is more than Rs.4000, the brokerage is capped at Rs.100.

      You haven’t considered the PIS reporting charges per contract note in the PIS route for the example that you have mentioned.

      • Manhar says:

        Hi Lindo,

        I have been reading the comments here and i am confused. You must mean “the brokerage is at 2.5% per executed order( with an upper cap of 100) ” right?? (note the interchange of 2.5 and 100)

        In the example you gave, the brokerage is usually 2.5%, but in higher orders, it is capped at 100.
        Please clarify if this is correct

  14. Tejas says:

    Hi

    I am NRI based in UK. Can only NRO Non-PIS account be opened with Zerodha? I do not wish to open NRE-PIS. Is it allowed?

  15. JAIMIN says:

    Will you give one example on how CN will look like for NON-PIS NRO account?

    Like i buy 100 qty x 100price
    Sold at 100 qtyx200 price in less than year.

    because i have NRI PIS account with Indus bank and broker is share khan and i m paying a lot on brokerage so, i would like to change that.

    I do have HDFC NRO account.

    kindly let me know what is the best way out on this.

    • Lindo says:

      You can open the account in non-PIS mode using the NRO account of any bank( including Indusind).
      Brokerage for the example you have mentioned will be Rs.100 on the buy and Rs.100 on the sell, all other charges would be the same as they are standard across brokers.
      Also no charges for TDS calculations with us.

      • JAIMIN says:

        I don’t get that TDS PART.

        Will you elobrate?

      • Rakesh says:

        With the PIS accounts, if a NRI makes a profit of Rs 20000 in one transaction (in each transaction buying and selling the same stock, same qty and making some profit), there is a TDS of 15% (in this case Rs 3000) debited out of the profit straight away and the rest of the profit (17000 in this case) will be credited to the account.
        You mentioned “no charges for TDS calculations with us”. So the NON PIS Account operates like every other resident Indian account?

  16. vinothkumar pughendran says:

    Hi,

    I want to know the possibility of opening 3 in 1 Account with IDFC ( Nro account with IDFC, Trading and Demat with Zerodha using Non PIS Route.

  17. Jacob K says:

    Hi
    You have stated that
    “NRIs investing via the NRO-non PIS route can invest without any limits.”

    Does that mean that an NRI can invest in say Abbot india which is under RBI limits of 10% for NRI investment under NRO- Non PIS Account?

    • Amit Samantaray says:

      Yes, you can invest in all companies without any restrictions because NRO Non-PIS account transaction details are not reported to RBI.

  18. Suraj says:

    Hi,
    Is the TDS deducted on a trade-wise basis?
    Do you offset profit against losses before deducting TDS? If so, what will be the case if I made profit in earlier trade and you deducted TDS, and then I made a loss in a later trade?

  19. Ramesh K says:

    Hi,
    I am a US-based NRI. Currently I have a trading/demat account with Karvy and wish to transfer them to Zerodha. In this regard I would appreciate if you could answer the following 3 questions:
    1. As a US NRI, can I open a trading and demat account with Zerodha?
    2. Can I transfer my mutual fund and stock holdings to Zerodha?
    3. Can I buy and sell stocks and mutual funds through Zerodha?
    Thanks.
    Ramesh

    • Lindo says:

      1. As a US NRI, can I open a trading and demat account with Zerodha?-Yes, you can. The process is
      2. Can I transfer my mutual fund and stock holdings to Zerodha?-We allow MF purchases only in the non-PIS route (for non-US based NRIs) as explained in the blog above.
      3. Can I buy and sell stocks and mutual funds through Zerodha?-As you are based out of the US, Equity you can do, but MFs not currently, there are certain funds in which the US and Canada based NRIs are not permitted to invest in. Since we just launched the non-PIS mode recently, we do not permit US-based NRIs to invest in MFs currently, but would be allowed in the future in the non-PIS route.

      • Ramesh K says:

        Dear Mr. Lindo,
        Thank you very much for your reply to my questions # 1 & 3.
        Regarding your answer to question #2 (Can I transfer my mutual fund and stock holdings to Zerodha?):
        I bought the MFs through the non-PIS route when I was NOT a US NRI. Therefore, can you please clarify if I can transfer such MFs from Karvy to Zerodha? Thanks!
        Ramesh

  20. Abdul Wahab says:

    Hi,
    I am holding an NRI PIS account with a full service broker. I would like to open an NRO Non PIS account with Zerodha. My NRO account with federal Bank. Please clarify the following:
    (1) What will be the brokerage for daily buying and selling. For example, One day Buy of ₹50k (Say stocks from 5 different companies). Another day Buy of ₹40k + Sell of ₹25k ( Say stocks from different companies both Buy and Sell). Is the brokerage is ₹100 only on each day of transaction?
    (2) What will be the tax for capital gains? Who will deduct, Bank? Or Zerodha?
    (3) Is tax return should file our own like residents?

    Appreciate detailed reply

  21. Rakesh says:

    Hi Lindo,

    I wish to open NRO Non PIS trading and demat account with Zerodha
    As per info on zerodha web page, attestation is not required for those varied as NRI. I am holding HDFC sec demat also. Can I send documents physically with self attestation? How to make the payment.

    Rakesh

  22. Thajuddin says:

    Hi,

    I have a trading+demat account with zerodha when i was in India, now I came to Kuwait. please clarify below

    1- Can I still use my resident account to do trading?
    2- If no, Do I need to change the account to NRO non PIS scheme?
    3- If yes, Can I trade in Derivatives?
    4- Changing residency status from Resident to NRI, what are the documents required? I t can be done online or not? What will be the AMC and Brokerage charges? And what will be the TDS on derivative trading profits?

  23. Ashish says:

    Hello Lindo,

    I see that with PIS account there are charges apart from AMC such as transaction charges which are levied per day for IDFC it is 100Rs, separately for both buy and sell. So if I buy a share 10 days a month and selling 10 days a month then as per my understanding I will be paying 10*100 + 10*100 = 2000 Rs for this.

    Now if I go via non-PIS route these charges will vanish away.

    So my question now is if it is allowed to transfer money from from foreign to my NRE account and then from this NRE to my NRO account and then invest this money via non-PIS trading account with Zerodha?

    • Lindo says:

      You can transfer the funds from your overseas account to the NRO bank directly too. The only issue will be in case you want to take the money out to your overseas account, there will be a limit of USD 1 million a year.

  24. Gaurav says:

    Hello Zerodha team, Can you please help to share more update on following –
    ” he brokerage is at Rs.100 per executed order( with an upper cap at 2.5%)”

    A. If I buy 10*3000 (Qty*Price) = 30000 INR, what will be Brokerage?
    B. If I buy 1*3000 (Qty*Price) = 3000 INR, what will be Brokerage?
    C. If I buy same company share twice a day, will that be consider as separate brokerage?
    Like: HDFC Bank buy morning 10am : 10*1500 (Qty*Price) = 15000
    HDFC Bank buy afternoon 02pm : 2*1500 (Qty*Price) = 3000
    What will be brokerage for HDFC Bank buy?

  25. srini says:

    Hi Lindo,

    I am in US, I would like to open demat account with Zerodha
    whom should I contact, How to contact can you send email.

  26. VipinKumar says:

    Hi Lindo,

    If I open a non PIS NRI account. Can I invest in zerodha or any other smallcase.

  27. Rajiv says:

    Hi Lindo,
    Few Questions:
    -I am US based NRI. Currently I have NRO Non PIS account with proStocks and looking to transfer to Zerodha. What will be the process for the same?
    -Can I have Non PIS account with proStocks and Zerodha both?
    -Also, As part of Non PIS account, what trading platform we get?
    -For Non PIS Account, Can I place target and stoploss orders together?
    -Does OCO or One Cancels Other and Bracket is supported for Non PIS Account
    -Is trailing stop is supported?

    • Lindo says:

      -I am US based NRI. Currently I have NRO Non PIS account with proStocks and looking to transfer to Zerodha. What will be the process for the same?
      You can proceed to open an account with us, once the Zerodha account is open you will get a copy of your client master list, which you can send to proStocks for transfer of holdings from that account to Zerodha.
      -Can I have Non PIS account with proStocks and Zerodha both?
      You can continue to use both the accounts.
      -Also, As part of Non PIS account, what trading platform we get?
      We offer our in-house platform, Kite.User manual here:https://kite.trade/docs/kite/ .
      -For Non PIS Account, Can I place target and stoploss orders together?
      You can look at using the GTT feature that we offer for this. Explained
      here:https://kite.trade/docs/kite/orders/#good-till-triggered-gtt .
      -Does OCO or One Cancels Other and Bracket is supported for Non PIS Account-No intraday trades.
      No intraday trades allowed, for delivery trades you can use GTT as mentioned in the link.
      -Is trailing stop is supported?
      No.

    • Vani says:

      Hi Rajiv,
      Is there any specific reason that you have with Prostocks and want to switch.
      I am currently considering Prostocks due to bad experience with NRI account opening Zerodha support.

  28. Mukund says:

    Hi Lindo, I want to open a NRO non PIS account with Zerodha. I want to use this account to trade in Equity and F&O. Please confirm if I am able to use non PIS account for both equity and F&O trading.

  29. Srinivas says:

    I am US based NRI. I have NRE and NRO accounts with HDFC. planning to open non PIS tradign account with Zerodha. My questions are
    1) I read in zerodha site, NRI can operate Non pis account using NRO account. If i go with option can i transfer my funds in future (say after 15 yrs) back to USD.
    2) I read in your blog there will be a restriction of 1M USD. Is that the only restriction or any other like paying additional taxes or any other.
    3) With non-PIS account, TDS calculation will be done by Zerodha right ?
    4) If the answer for my qn # is “yes”, TDS already deducted on the profit. Will there be any additional charges to convert INR to USD.

  30. Raj says:

    Hi
    I am presently a resident of India and have registered with zerodha. I was about to start a SIP when I came across a statement which said tax residents of US/Canada cannot apply in mutual funds through Coin App.
    I have following queries.
    1. Suppose I start a SIP now ( while being a resident of India) and after a year or two I become a resident of Canada. What would happen to my investments in the SIP which is still running ?
    2. I heard there are few Mutual funds like ICICI etc. which allow investments from US/Canada residents. If it is true then why can’t I invest in those specific funds through Zerodha Coin app.

  31. HK says:

    Helo Lindo,

    1. In Non-PIS route, “non-repatriation basis” means the profit/sales proceeds cant be repatriated ? Can capital be repatriated?
    2. PIS brokerage is max Rs 200/Order and Non-PIS, its Rs 100/- order. What are the other charges associated wth both (Say in terms of percentage of turnover) ? Also, for F&O, options index typically, for one lot also, brokerage is Rs 100/- ?
    3. Any additional documentation for Non-PIS route required other than informing Zerodha ?
    4. Are there any leverage in trading in Non-PIS route, Intraday trading not possible in Non-PIS also right ? so say for F&O, any leverage?
    5. Custodian to be changed to Orbis means, can we trade in equity delivery ? or it will become exclusively for F&O ? What is the option if we want to trade in both equity delivery and in F&O with Zerodha together?
    6. for NRI account, you cant have 2 accounts with same DP. What if already there are two accounts with same DP, however with two different brokers?
    Eagerly waiting for your early reply.
    Regards,

  32. Ramesh Krishnamurti says:

    Dear Mr. Lindo,
    I am a US based NRI and want to open a demat & trading account with Zerodha. When I open the account, I also need to transfer my stocks & MF presently held at Karvy Broking Ltd.
    Q 1. Can you please tell me if I can transfer the mutual fund and stock holdings to Zerodha?
    Q 2. I have a valid PIS account at HDFC bank that was set up to support the Karvy account. Can I continue with this PIS account when I open the Zerodha account?
    Thanks!
    Ramesh

  33. John says:

    comment

  34. Ramesh Krishnamurti says:

    Dear Mr. Lindo,
    1. I have a valid PIS account at HDFC bank that was set up to support a trading and demat account with Karvy.
    2. If I move my holding to Zerodha, can I continue with this PIS account? Do I need a PIS permission letter from HDFC bank to facilitate this?

    Thanks!
    Ramesh

  35. Amit says:

    Can I convert from NRI to the resident account when I come back and become an Indian resident?

  36. Sanatan says:

    Hi Lindo,

    One question regarding the attestation of document.

    Are the documents attested by a solicitor acceptable? Please confirm.

  37. Anu says:

    Hi,
    I have an NRE PIS with zerodha, is worth converting to NRO non pis ….? If possible can you compare charges …

  38. Sandesh K says:

    Hi,
    I have recently opened NRO PIS account with Zerodha but my F&O segment is yet not activated. When enquired those are saying that either Equity trading or F&O trading will be allowed for NRIs. Both at the same time is not allowed in Zerodha for NRIs. Now this is something new to me and not specified anywhere in this article’s description too.
    Apart from this I was not allowed to buy any stocks from BSE as system says NRIs can buy only from NSE and not from BSE. I am in the process of transferring my holdings from another broker to Zerodha and wonder how to handle my BSE holdings? Because not all stocks are listed in both exchanges.
    Can you please guide me on this too?

    • Sandesh K says:

      Hi,
      Can you please comment on my query. As an NRI Zerodha allows trading either in Equity or F&O, but not in both. This is not mentioned anywhere. Afetr opening the account and at the time of activation of certain segments this thing I came to know.
      Other brokerage firms allows both F&O and Equity trading. Intraday Equity trading is not allowed anywhere for NRI and I am aware of that. I am mainly concerned about F&O. I mean I was under impression that in Zerodha I will pledge my shares and with the elp of some margin can protect my portfolio by selling options.
      Hope to get an answer to this query.

  39. Marsal Louis says:

    Dear Mr Lindo Paul,

                      Greetings.

    Many thanks for launching NON-PIS brokerage for NRI.

    I understand that in Non-PIS A/c, you will be deducting TDS on Capital Gain as per applicable TDS rate. Such shares might have been purchased earlier through Zerodha OR through any OTHER DP.

    A) Share purchased earlier thru Zerodha – Those shares which were also purchased earlier through Zerodha and when those shares are sold thru Non-PIS A/c, then Zerodha can calculate Capital Gain because their purchase cost is already available in Zerodha records since those shares were purchased thru Zerodha.

    B) Shares purchased earlier by Client thru some Other DP and later on transferred to Zerodha DP – For TDS purpose, how Purchase Cost of such shares will be captured by Zerodha for calculating Capital Gain when such shares are sold thru Non-PIS A/c to be maintained with Zerodha:-

    When some shares which were purchased by the Client earlier through some Other DP and later on, such shares are transferred from Other DP to Zerodha DP, then for calculating Capital Gain on sale of such shares, their purchase cost will NOT be available in Zerodha records because these shares were NOT purchased earlier through Zerodha. Therefore, I believe that I (i.e. Client) will have to send my purchase cost of all such shares to Zerodha in Excel format showing separate cost for each quantity of different scrips so that Zerodha can calculate TDS whenever such shares are sold by me through Non-PIS A/c to be maintained with Zerodha.

    Please confirm that the Client will have to provide cost of such shares (which were purchased by him earlier through Other DP) to Zerodha in Excel format showing separate cost for each quantity of different scrips for calculating TDS whenever such shares are sold.

    Awaiting your reply to B) above.

    Regards

    Marsal

  40. Yogaraj says:

    For non pis nro account way,

    1. No charges for TDS deduction with us – Does this mean Zerodha takes care of TDS calculation while selling the shares and debit TDS accordingly (LTCG 10% or SCTG 15.45%)before crediting the remaining amount to NRO account without any extra cost?
    2. If so, Is the TDS deducted on a trade-wise basis or yearly basis?
    3. How do you offset profit against losses before deducting TDS? What will be the case if I made profit in earlier trade and you deducted TDS, and then I made a loss in a later trade and vice versa?
    4. Do i get any Yearly summary of TDS report that i can use for filing?

    • Sam says:

      Bump. Neither on Zerodha website, nor on the blogs is any clarity on how Capital Gains will be calculated.

      • John says:

        I saw similar query earlier , not replying to such queries by Zerodha seems to be intentional.
        looks like investors have to deal with such ambiguity and learn the hard way through experience 🙁

  41. Param says:

    I am Canada based NRI can i open the trading and Demat account with you. For your information, I have Canadian passport with OCI card.

  42. Raj says:

    Hello,

    I am a tax resident of France. I already have a HDFC NRO bank account. Now, I would like to open NRO non-PIS account with Zerodha.

    My main issue is getting the attestations required on the documents.
    Getting the attestations from where I live in France is very complicated. The local bankers mentioned that they cannot provide the required attestations that too specially on the Indian govt documents like Passport and PAN card. And I strongly believe they will not have “verified with original” stamp in French itself first because in France they don’t have a procedure/culture of attestations on the original documents!

    It seems my KYC has not been updated for many years (in NDML KRA) after I became an NRI. How do I proceed to update my KYC ?( so that the complicated attestation process can be avoided).

    Please provide any alternate solution for the attestations.

    Thanks in advance,
    Regards,
    Raj

  43. Raj says:

    Can I invest in MF using non PIS NRE account through coin and at the same time can i invest in equities using PIS NRE account over kite.

    • Ramaswamy says:

      Dear sir
      Is it possible to open non PIS NRE account with Zerodha linking to NRE Bank account for investing in Mutual fund on repatriable basis?

  44. Sanjyot D says:

    I’m a OCI passport holder resident in Canada with dual citizenship of Canada & India. I already have a NRO account with HDFC Bank and am interested in opening a Demat cum Trading account.

    Do you service Canadian residents Demat/Trading accounts.

    I have also logged a service request 2 days ago and am waiting for response.

  45. Sapan Desai says:

    Hi,

    I am an NRI living in UK. I am looking to open an account with Zerodha with an intention to invest in both stocks and mutual funds. What I am confused on is the difference in pricing between PIS and Non-PIS accounts. Can you please reply to me with the applicable charges for the below example transactions:

    Day 1: 2 Purchase transactions
    Transaction # 1: Amount 5,000 Rs
    Transaction # 2: Amount 8,000 Rs

    Day 400: 2 Sell transactions
    Transaction # 1: Amount 9,000
    Transaction # 2: Amount 13,000

    I am not interested in knowing the tax charges, I will figure that out. Just want to know what Zerodha will charge me for each of the above transactions from both PIS and Non-PIS types of accounts perspective.

    Thanks in advance.

  46. Madhavan says:

    Hi,

    Just clarify one thing about supporting documents attestations. I have already Invested in “MF” with NRE bank account and “NRI-Repatriable with Non-Demat” type. I have no idea about how to verify my KYC status is NRI or Individual. Please advise

    1. Do I need to get attestation on supporting documents to open NRO Non Pis account with zerodha?

    Thanks,

    Maddy

  47. jose varghese says:

    Hi There,

    I applied for opening an NRI account and send in the application printed and filled with necessary documents. Havent heard anything yet. How to contact to follow up.

    BR
    Jose

  48. Akash says:

    I am a Canadian passport holder and an overseas citizen of India. I have a NRO demat account in India. I also have NRO Savings Account & NRO PIS Account with HDFC Bank.

    I am looking to open a NRI account with Zerodha and have following questions?

    Q1. What is the benefit of opening a NRO Non PIS account instead of using my PIS account in HDFC Bank?
    Q2. Since I already have a NRO account and a NRO demat account, do I need to send the attestation for copies of my ID?
    Q3. Do I need to send original documents to open the accounts?
    Q4. In the case when I open the NRO Non PIS Account with Zerodha, is it fairly easy to transfer money from my HDFC NRO account to Zerodha NRO Non PIS Account.

    • Akshay.A says:

      1. You save on the PIS reporting charges {Rs. 100 + 18% GST} levied by the banks for the trades you take on any particular day. Charged per contract note.

      2. Not required. Your KYC will most likely have been registered as an ‘NRI’.

      3. Yes. To process the account we will need hard copies of the application form along with the proofs

      4. Yes. The process will be the same as you initiate a fund transfer from your account to any other account.

      Please reach out to us at nridesk[at]zerodha[dot]com in case of any further queries.

  49. Sham says:

    Hi,
    I am working in UAE. Can i invest in Tata Ethical Fund (sharia based) through Zerodha.?
    If yes, do you have any contact in UAE for support.

  50. Mir Asif Ali Khan says:

    For NRO Non PIS account holder does TDS 17.94% deducted on the total value of shares sold everytime.

    For example: If I sell shares of ABC Co. and the total value of sale is INR 50,000, then does TDS deducted on 50,000 (50,000*17.94%) along with zerodha brokerage charges.

    Can I claim this TDS from zerodha.

  51. George P says:

    Hi, Can I Transfer my shares and MF (through coin) from my wife’s account( residential account) to my NRO-NoN PIS account?

    If yes, Are there any charges I have to pay?

  52. Dipankumar Rameshchandra Dave says:

    Hi,
    I am having NRI trading account with Zerodha linked with HDFC PIS Extension account. If I transfer fund from my NRE savings to my PIS Extension account with HDFC before 7 pm IST, same will be reflected in Zerodha Fund on the next day. Whether same is the case is for Non-PIS NRO account with Zerodha or fund will be seen on real time in Zerodha.?

  53. HARIKUMAR P says:

    Hello,

    Please clarify these
    1: I have existing NRE Demat account with PIS account linked – with some other DP. Can I transfer my shares to Zerodha with NRI Demat account -non-PIS route.
    2 : Can I hold both account same time – Zerodha NRI Demat account -non-PIS route and Other Broker RE Demat account with PIS account linked.

    Thanks in advance
    Hk
    Thanks

  54. Samarth says:

    Is TDS deducted by zerodha itself? If yes, how do you calculate brokerage if I had bought shares through few trades on different dates and sell on different dates.
    Thanks and regards

  55. reena says:

    Hi. I am an NRI and have a demat account with ICICI Direct. Can I also have an account with Zerodha?
    Warm Regards

  56. Rmh says:

    Hi,

    For opening Non-PIS account, can I send all the document in hard format to your mail address ? please let me know the application submittal procedure.

    Thanks

  57. Raphael says:

    Hello, I am working in middle east and would like to open account in Zerodha for trading. My kyc is already done for the purpose of investing in mutual funds and I have started investment in mutual funds. My NRO account is linked to mutual funds. Following are my doubts:

    1. Since the kyc is already done for mutual funds, do I need to get the documents attested from embassy?
    2. I would not require repatriation and hence I believe that I need a NON PIS account.
    3. What are the procedures to open a NON PIS account and trading account in Zerodha?
    4. Where to contact to get this done. I have raised a ticket few days ago and there is no response yet.

    Thanks,

  58. Anish says:

    Brokerage Related: If I buy on a single day (say on 14th July) as follows for delivery purpose

    (1) 12 Shares of HDFC Bank @ 1502 = Rs. 18024
    (2) 10 Shares of RELIANCE @ 2070 = Rs. 20700
    (3) 5 Shares of HUL @ 2451 = Rs. 12255

    Total Trade Value on 14th July is Rs. 50979/- (18024+20700+12255)

    Question:
    Will the Total Brokerage be considered as Rs. 300 (3 trades on single day * Rs. 100 Brokerage) ?

    OR

    Will the Total Brokerage be considered Rs. 100 only as all these trades will be on single contract note with single trade value of Rs. 50979 ?

  59. Jeevan says:

    Hi i am a NRI seafarer, i would like to invest in Mutual fund through my NRE account and my KYC process for NRI is under process which will be cleared in 2-3 days. Can i link my NRE account to Zerodha ? Because some of the platform not accepting NRI/NRO account to link with their platforms.

  60. Subra says:

    Hi, I am an existing NRI customer with Zerodha with both NRE trading (With PIS) and NRO trading accounts. Can I open another NRO trading account with any other broker?

  61. Bhavin Vaidya says:

    How link HDFC NRO account to zerodha?

  62. eswar says:

    Hi,

    Have below queries to decide on PIS or non-PIS account for NRIs

    (1) Which of them (PIS or non-PIS) is suitable to receive share transfer as gift from another resident Indian DMAT account.

    (2) Based on the answer for above, would like to know if transferred share will be repatriable

  63. Nishikant Kumar says:

    I have a PIS NRI Trading account with Kotak securities with my NRE account at Kotak mahindra bank.
    Will it be possible to open another NRI Trading account with Zerodha using my NRO account through Non PIS Route.

  64. Anil Reddy says:

    Having ICIC NRE and NRO account and would like to Open Non PIS NRO account. Is there any way to open account online without sending physical forms.

  65. Hunais Abdullah says:

    Is there any difference on taxes if i use an NRE account or NRO PIS account? And for capital gains is the amount credited after the taxes into our bank account?

  66. Shabin says:

    Hi.. I am an nri . After moving to Uae I have converted my account to NRO. How do I know my zerodha account is PLS or non PLS?
    Or How can I transfer my existing account to NON PLS

  67. Vinay Revankar says:

    I am a US NRI, looking for opening Demat accounts with Zerodha.

    1) I currently have NRO and NRE Demat accounts with Anandrathi. My Anandrathi NRO Demat account is linked to my HDFC NRO Savings and PIS accounts. Likewise, my Anandrathi NRE Demat account is liked to my HDFC NRE Savings and PIS accounts.

    Neither of Anandrathi Demat accounts allows me to buy these stocks directly. I need to place the order through the Anandrathi executive.

    Will I be able to buy/sell the stocks on my own as the resident Indians do, or do I need to take the place the order through Zerodha executive to buy/sell the stocks after I open the Demat accounts with Zerodha?

    2) Will I be able to transfer the stocks in Anandrathi NRO and NRE Demat accounts to the Zerodha NRO and NRE Demat accounts?

    3) Can I have two accounts with Zerodha, one linked to my HDFC NRO Savings and PIS accounts and the other linked to the HDFC NRE Savings and PIS accounts?

    4) Is there any brokerage associated with the Zerodha Demat accounts?

    5) Is there any account maintenance fee or some other fee associated with Zerodha Demat accounts?

    6) can I link my existing HDFC NRO and NRE Savings and PIS accounts to the Zerodha Demat accounts?

    7) Can the Demat accounts be opened online or do I need to send the hard copies of any documents via courier?

    8) What’s the turnaround time to open the Demat accounts?

    9) Does Zerodha buy/sell pre-IPO stocks?

    10) Will I be able to buy/sell pre-IPO stocks through Zerodha Demat accounts?

    11) Does Zerodha offer, “portfolio line of credit”?

  68. Unni says:

    You won’t get a reply. They do it intentionally!!

  69. krparmy says:

    I have a suggestion. Provide online forms for customers to fill up, upload supporting documents and then submit for review by Zerodha. Once the review passes, we can print the filled forms, sign and send to Zerodha. This will make the submission process much simpler. It is also safer, as we don’t have to send sensitive documents via email, which many mail service providers analyze and steal data from.

  70. Pavan T says:

    Hi team, I hold Demat and trading account with zerodha from last 5 years and I moved to Oman 2 years before. Since then, I am not filing IT returns as I don’t have any income in India. Also, I almost got nil benefit with purchases. Have rather more losses. Now, I am holding shares and doing regular purchase, can I still continue using account as is? Is there any risk if I continue like this or do I need to convert to NRO pis account?
    As I can understand , I am gaining much in terms of transaction trading charges which is almost Rs.100 per order.
    Please provide details as I would like to continue as resident indian account as we are not doing anything wrong here..

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