What Documents Are Required to Open a Zerodha Account as an NRI?
NRI Zerodha accounts can only be opened offline and require specific documents depending on the type of account.
There are two types of accounts for investing in Indian markets – PIS and Non-PIS.
- PIS: A PIS account requires an RBI permission letter and a partner bank account(HDFC, IndusInd, IDFC First, Axis, Yes bank). NRO and NRE bank accounts can be used for investing.
- Non-PIS: A Non-PIS account doesn’t require an RBI permission letter and can be opened using any NRO bank account. Only NRO bank accounts can be used for investing. It is recommended to open a Non-PIS account as it is more straightforward, less restrictive, and cheaper.
To open an NRO-Non-PIS account, NRE-PIS account, or both with Zerodha, fill out the account opening application online. Once reviewed, courier the necessary documents to complete the process. Required documents for opening an NRI Zerodha account include:
- NRI account opening form (PDF).
- Demat Debit and Pledge Instruction (DDPI) (PDF) allows brokers to debit shares from the demat account. Shares can be sold without the DDPI using the CDSL TPIN.
- FATCA Declaration (PDF) with your Tax Identification Number (TIN) as per your country’s requirements.
- FEMA declaration form in PDF format.
- P.O. Box Declaration (PDF).
- Passport-size photograph for the account opening form.
- Client details and declaration form in PDF format.
- Self-attested and notarized copy of your passport.
- Self-attested and notarized copy of your PAN card.
- In case of an Indian passport, a valid passport with the place of birth as India and a valid visa.
- In case of a foreign passport, a valid passport, visa and the PIO, OCI or resident card.
- A self-attested and notarized copy of your overseas address proof (PDF).
- A self-attested and notarized copy of your Indian address proof, if available.
- Canceled check from your NRO or NRE bank account.
- Self-declaration in PDF format if there is a minor mismatch in the name between the documents.
- Get the latest immigration copy if you are in India.
- NRIs must submit income proof with any of the following:
1. bank statement or passbook for the last six months,
2. the latest salary slip,
3. Form 16 or Income Tax Return (ITR) acknowledgement,
4. Net worth certificate, or statement of demat holdings.
Imp note: If the KYC status of the NRI is non-resident, there is no need to notarise the documents required for opening an account. If it is not, the documents need to be notarised by the Indian embassy or any other competent authority, such as authorized officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrates, judges, or the Indian embassy or consulate general in the country where the NRI resides.
The attesting authority should affix a verified original stamp, name, designation, authority or employee code, signature and date on the said documents.
Below are the additional documents to open a PIS account:
- An NRE or NRO bank account with HDFC Bank, IndusInd Bank, IDFC FIRST Bank, Yes Bank, or Axis Bank.
- A copy of the PIS letter from the bank.
Please refer to the signature guidelines and NRI’s signed sample equity form to sign the forms. You must also complete an In-person Verification (IPV) through a webcam or physical verification.
Email the soft copies of the below provided forms to forms@zerodha.com. Zerodha will review them and make any necessary corrections. Once reviewed, courier the documents to the below address:
Zerodha, 153/154, 4th Cross, J.P Nagar 4th Phase, Opp. Clarence Public School, Bengaluru – 560078.
Include a cheque for ₹500 towards Equity trading account opening charges. The process may take up to 72 working hours to open the account.