Non Resident Indian (NRI)
An NRI (Non-Resident Indian) is someone who is an Indian citizen or of Indian origin and stays out of India for work, business, or other reasons. As per FEMA rules, you're considered an NRI if you stay in India for less than 182 days in a financial year.
NRIs can invest in Indian stocks, but they must follow RBI and SEBI rules. Unlike resident Indians, NRIs cannot open trading accounts fully online.
Opening an NRI account with Firstock
Opening an NRI account with Firstock must be done offline. NRIs can choose between two routes:
Portfolio Investment Scheme (PIS) Account:
- Requires RBI approval, obtained through Firstock’s partner banks (e.g., HDFC)
- Allows investments through both NRE and NRO accounts
Non-PIS Account (Recommended):
- Simpler process, this does not require RBI approval
- Operates via an NRO account only
- Lower transaction costs, no investment limits, and direct tax reporting by Firstock
Steps to open an NRI account
Contact Firstock sales team: Request the account opening form by emailing sales@firstock.in or calling 080 4670 2020.
Document preparation: Submit self-attested and notarised copies of:
- PAN card
- Passport with visa (or OCI/PIO card for foreign nationals)
- Overseas and Indian address proof
- FATCA & FEMA declaration
- PIS permission letter (if applicable)
- Cancelled cheque copy with name (OR) Passbook front page copy (OR) Statement which includes your name, account number & IFSC code.
Submit the documents
- Step 1: Email scanned copies of all documents to sales@firstock.in for initial review.
- Step 2: Once reviewed and approved, courier the physical copies to:
FIRSTOCK, No 350, 1st floor, 36th A Cross, 7th Main Rd, 5th Block, Jayanagar, Bengaluru, Karnataka 560041.Complete the In-Person Verification (IPV)
As per SEBI regulations, In-Person Verification (IPV) is mandatory. It can be completed via a video call using WhatsApp, BOTIM, or Google Meet, or by visiting the Firstock office in person.
NRI joint account rules
NRIs can open joint demat accounts, but the NRI must be the primary holder. The secondary holder can be either an NRI or a resident individual. All joint holders must submit KYC, passport, address proof, and complete IPV.
NRI account types and trading segments
- NRO–Non-PIS Account: For equity and F&O trading. Funds are transferred directly from the NRO bank account.
- NRE–PIS Account: Primarily for equity trading. Must route all transactions via PIS bank account with RBI compliance.
