Non Resident Indian (NRI)
A Non-Resident Indian (NRI) is an Indian citizen or a person of Indian origin residing outside India for employment, business, or other purposes. Under FEMA (Foreign Exchange Management Act) guidelines, an individual is considered an NRI if they spend less than 182 days in India during a financial year.
NRIs are permitted to invest in the Indian stock markets but must comply with the regulatory framework laid down by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Unlike resident Indians, NRIs cannot open trading accounts entirely online—some offline steps are required.
How can I open an NRI demat account with Firstock?
At Firstock, the NRI account opening process is hybrid—it starts online and is completed offline through physical document submission and in-person verification (IPV).
Investment Routes Available
NRIs can open an account through one of the following two options:
1. Portfolio Investment Scheme (PIS) Account
- Requires RBI approval, facilitated through Firstock’s partner bank, HDFC
- Supports investments via NRE or NRO accounts
- Subject to RBI-mandated investment limits
2. Non-PIS Account (Recommended)
- No RBI approval required
- Operates only through an NRO account
- Offers:
- Lower compliance costs
- No investment limits
- Direct tax reporting by Firstock
- Eligibility for Futures & Options (F&O) trading
What is the difference between a PIS Account and a Non-PIS Account for NRI trading with Firstock?
Required Documents
Submit self-attested and notarized copies of the following:
- PAN Card
- Passport with a valid visa (or OCI/PIO card)
- Overseas and Indian address proof
- FATCA & FEMA declarations
- PIS permission letter (if opting for the PIS route)
- Proof of bank account (any one):
- Cancelled cheque with your name
- First page of the passbook
- Recent bank statement (with name, account number, and IFSC)
No. NRO and NRE bank accounts cannot be linked to a regular Firstock trading and demat account.
To open and operate a regular Firstock trading and demat account, you must link a resident Indian savings bank account.
Yes, it is mandatory for an NRI to have an NRO (Non-Resident Ordinary) bank account before opening an NRO demat account. This usually happens when the related broking, settlement, payment, verification, or account process is still being updated.
NRIs can add funds to their Firstock Non-PIS account using several convenient methods. Please ensure all transfers are made
from your registered NRE/NRO bank account.
Available options include:
- UPI: Instantly transfer funds via UPI using Firstock’s payment gateway at no extra charge.
- Scan & Pay: Instantly add funds by scanning the QR code from your registered bank account, with immediate credit and no additional fees.
- Net Banking: Use the Net Banking option in the Firstock app to be redirected to your bank’s portal and complete the transfer.
- IMPS/NEFT/RTGS/Cheque: Transfer funds using IMPS, NEFT, RTGS, or cheque. Firstock does not charge for these methods
No. NRIs cannot make fresh investments in Sovereign Gold Bonds (SGBs), as SGBs are available for investment by eligible persons resident in India.
However, if you purchased SGBs while you were a resident of India and later became an NRI, you can continue to hold them until maturity or early redemption.
The Portfolio Investment Scheme (PIS) is a scheme introduced by the Reserve Bank of India (RBI) that allows Non-Resident
Indians (NRIs) to buy and sell shares and convertible debentures of Indian companies through recognized stock exchanges in
India.
Under this scheme, an NRI is required to open a designated PIS bank account with an authorized bank. All eligible stock market
transactions are routed through this account to ensure compliance with RBI regulations.
Note:
PIS is applicable only for investments in the secondary equity market.
Many brokers now offer Non-PIS NRI accounts, which allow eligible investments as per the prevailing RBI guidelines.
Firstock does not support NRI-PIS accounts. We currently offer only Non-PIS NRI Demat and Trading accounts.
To update your KRA status, you may need to submit:
- PAN Card
- Passport
- Foreign Address Proof
- Indian Address Proof
- Valid Visa / Residence Permit
No. Your KRA status must be updated as NRI before your NRI account can be processed. If your status is not updated, please complete the required KYC update and then proceed with the account opening.
FEMA provisions allow Indian companies to issue Rights / Bonus shares to existing non-resident shareholders, subject to adherence to sectoral cap as may be applicable.
No, it is not mandatory to provide a local (Indian) address when opening a Firstock account. However, please note the following:
At the time of client registration, client needs to provide its foreign address along with documentary proof of the same. If client so
desire it can keep its local address as correspondence address. In such scenario additionally they are required to provide documentary evidence in support of local address also.
Yes, Non-Resident Indians (NRIs) can invest in shares or convertible debentures of Indian companies through stock exchanges
in India. This is done under the Portfolio Investment Scheme (PIS), which allows investments on both repatriation and non-
repatriation basis.
-
Note: NRI must open a PIS account with a designated bank in India
Yes. You can submit a latest 6-month NRO or NRE bank statement as income proof. The statement should clearly show your name and account details.