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Discount brokers like Fyers and Upstox offer low-cost accounts for NRIs
ICICI Direct and HDFC Securities provide full-service 3-in-1 accounts
Zerodha and ProStocks balance affordability with strong features
Investing in India has become more accessible for Non-Resident Indians (NRIs). With a suitable trading account, earnings from abroad can be directed into Indian stocks, bonds, and mutual funds. As NRIs are not permitted to engage in intraday trading or short selling, the emphasis remains primarily on long-term investments.
To begin trading in India, an NRI requires a trading account, a demat account, and an NRE or NRO bank account in compliance with Reserve Bank of India regulations. Some of the best available options for the NRI trading account are:
Fyers is known for being affordable. It does not charge for opening an account or annual maintenance. Equity delivery trades are free, while intraday and F&O orders cost Rs. 50 each. The platform is easy to use with complete online accessibility. This works well for those who prefer simple, low-cost investing.
Upstox charges no maintenance fees during the first year and charges a flat rate of Rs. 20 per order for equity delivery, futures, or options. It supports both NRE and NRO accounts and has a strong suite of digital tools. A separate NRI support desk is offered to make the process smoother.
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Zerodha is India’s largest discount broker. It charges Rs. 500 plus GST to open an account with brokerage fees for NRIs ranging from Rs. 100 to Rs. 200 per order, depending on the type of account. Its platforms, like Kite for trading and Coin for mutual funds, are popular for their interface and features. However, the account opening process can be slower and requires paperwork.
ICICI Direct links banking, trading, and demat accounts together. The account opening cost is around Rs. 4,000, with an annual charge of about Rs. 2,500. Equity delivery brokerage is between 0.50% and 1.25%, and options trading costs between Rs. 70 and Rs. 95 per lot. This setup offers access to IPOs, mutual funds, and bonds, along with automatic reporting to banks, which helps NRIs manage investments with less effort.
HDFC also offers a 3-in-1 account. During the first year, there are no demat maintenance charges, and equity delivery trades are charged at about 0.10% after an initial discounted period. F&O trades cost Rs. 20 per order. The account includes features like SIPs, mutual funds, and a relationship manager - to give a more personal touch.
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ProStocks has no account opening fee and no annual charges. Brokerage is a flat Rs. 100 per trade, whether it is delivery, intraday, or F&O. It supports multiple banks under PIS accounts and offers apps and a web platform for trading.
Zerodha has recently cut charges for NRI accounts and improved its onboarding process to compete with other brokers. This highlights the growing focus on NRI investors in the Indian market.
Some NRIs have reported delays of two weeks or more when setting up accounts with discount brokers. Others have found that traditional full-service banks are faster but costlier. Technical issues like linking NRE accounts through penny-drop verification also cause problems.
The choice of the best NRI trading account depends largely on individual priorities. Investors seeking the lowest cost often opt for Fyers or Upstox, while those in need of advanced tools typically prefer Zerodha. ICICI Direct and HDFC Securities are considered more suitable for individuals who value full-service support and global reach. ProStocks, on the other hand, provides a balance with zero charges and flat pricing.
For NRIs, selecting the right trading account simplifies participation in Indian markets, whether the objective is long-term wealth creation, maintaining a financial connection to the Indian economy, or diversifying savings across different markets.
