Upstox NRI Trading Account
More on NRI Trading
Upstox NRI Trading Account is one of the developments in the Indian stock market space most NRI traders are curious about. Upstox, being one of the most popular discount brokers in the country, garners the interest of many people that want to trade in it.
And these people are not just limited to the ones who reside in India but also outside.
Let’s have a quick look at the Upstox NRI Trading account and its related information points so that you are completely equipped about this broker and its offerings towards NRI traders.
Upstox NRI Trading Account Review
Not just anyone can open an Upstox NRI Trading Account. To get such an account, one person needs to qualify as an NRI with the guidelines set by the Government of India.
It is important to note that Non-Resident Indians include Indian citizens who live outside of India, Persons of Indian Origin, and Overseas Citizens of India.
To be an NRI, you will need to have stayed in India for less than 182 days in the previous financial year.
These are some of the eligibility criteria that you need to be aware of and of course, take care of in case you are interested in such an account.
Also learn about the Upstox Trading and open your account now.
Upstox NRI Trading Account Uses
With an Upstox NRI Trading Account, you can trade in the equities as well as equity traded funds (ETFs) in India. Further, an NRI also has the power to trade in the Futures and Options segments.
However, such transactions can also be made on an intraday trading basis.
The RBI and SEBI regulations prohibit an NRI to trade in currencies as well as NRI commodity trading. Therefore, an Upstox NRI Trading Account will not let you trade in that sector.
And well, unfortunately, you will have to live that limitation!
Upstox NRI Trading Account Documents Required
The documents required for opening trading account in Upstox depends on the status you have. These documents vary between an NRI, Person of Indian Origin, and an Overseas Citizen of India.
These documents include a passport, PAN Card, Overseas Address Proof, and the photographs of the holder.
However, for an NRI, there is an additional requirement to provide an Indian address proof as well.
For more information, you can check this detailed review of NRI Trading Account Opening Documentation.
Upstox NRI Trading Account Brokerage
Upstox gives the same benefits to an NRI as it does to the resident Indians. As Upstox is a discount broker, NRIs can enjoy low brokerage rates through it.
The brokerage fee is as low as 0.1% of the transaction value. A maximum brokerage fee of ₹200 can be applied and therefore if 0.1% of the transaction turns out to be more than ₹200, you still have to pay ₹200 only.
Although the maximum fees is more what the broker charges from other India based clients (₹20 per transaction) but still offer you relaxation by setting a maximum limit.
Apart from that, there might be a few NRI Share Trading tax charges you will be required to pay on your trades.
For more information, you can check this Upstox Brokerage Calculator to figure out the charges and taxes you are supposed to pay on your trades.
Upstox NRI Trading Account Types
You can open the below mentioned two trading account types while using Upstox for NRI Trading:
The first account is the NRE Upstox NRI trading account. In this type of account, you cannot repatriate your funds outside of India.
The other account is the NRO Upstox NRI Trading Account. In this type of account, you can repatriate funds outside of India. However, only a maximum sum of USD 1 million can be repatriated.
Upstox NRI Demat Account
To trade with Upstox, you will also need an NRI Demat account. A Demat Account account is going to hold your investment in an electronic format.
This discount broker offers you two types of demat accounts with the first being the PINS Account. PINS here implies Portfolio Investment NRI Scheme. The other type of account is the non PINS account.
1. PINS Account
The PINS account allows an NRI to trade in shares as well as equities in India. It can be linked to two types of bank accounts- NRE account and NRO account.
By opening an NRE PINS Account, you can repatriate the funds in the account to the country of your residence. However, the NRO PINS account will hold your money on a non-repatriable basis.
2. Non PINS Account
With a Non PINS account, you can invest in Upstox mutual funds as well as Initial Public Offerings (IPOs). This account can also be linked to NRE account and NRO account.
The rules for NRE Non-PINS account and NRO non PINS account are the same as those for the PINS accounts. However, the added benefit of a Non PINS account is that you can also trade in derivates with it.
However, if you want to perform derivatives trading with a Non PINS account, you will have to provide a Custodian Participant (CP) code.
Furthermore, here is a quick review of NRI Trading in Derivatives for your reference.
How to Open an Upstox NRI Trading Account
To open an Upstox NRI Trading account, you can follow the below steps:
- The first step involves selecting a brokerage firm that is approved by the RBI (Upstox in this case).
- You will have to fill an NRI form for Upstox account opening. This can be done online through Upstox’s Online NRI Registration Portal. You can Upstox form the form through their website. You will have to fill it personally.
- Once you have filled the form, you should attach a recent passport size photograph with it. Also, submit a proof of address along with the form.
- In case of online Aadhar based verifications, all you have to do is upload the scanned copies and then enter the details of your Aadhar card. I suggest this method due to its ease of use.
- Once this is done, you will need to sign an agreement with Upstox. This agreement will contain all the responsibilities you have as a trader. This will also state the responsibilities of Upstox’s part. I suggest you read this document carefully.
- Once the document processing is done, you will be provided with the DEMAT account number. This is similar to the bank account number we get when we open a bank account.
You now know how easy it is to open an Upstox NRI Trading Account and enter the Indian market. If you still have any queries, feel free to contact us and we will help you out with the same.
By the way, in case you are looking to get started with stock market investments or trading, let us assist you in taking the next steps ahead.
Just fill in a few basic details to get started:
More on Upstox
If you wish to learn more about Upstox, here are a few references for you:
If you wish to learn more about NRI Trading, here are a few references: