FAQ

What is the eligibility to open an NRE or NRO account ?

• To open an NRE / NRO account in India the citizen needs to have lived outside India for a period for 120 days or more . They also should have spent less than four years of the last 10 years living outside India .
  

Can a Student open an NRE or NRO account ?

• Yes, Students overseas can have a  NRE or NRO account .
  

Do I need to have a PIS ( Portfolio Investment Schemes ) ac  for investing in stock market for long term ?

• No, You can open a NON PIS ac with any banks that will be your NRO ac & It will be opened by your affiliated bank , Please contact your bank to open a NON PIS NRO ac for long term investment .  
  

NRI allowed to trade in derivatives , Intraday , F&O Market ?

• No directly it’s not allowed, NRI can only trade in cash market preferably long term investments , NRI have to take delivery of the stock purchased .
  

What are the taxation ?

• Any Profits derived after selling of stock within 1 year is Short term capital gain taxed at 15 %
  
• Any Profit derived after selling of stock after 1 year is Long term capital gain taxed at 10%  ( Pls Note exception limit is 1 lakh ) ie : Profits made above 1 lakh will be taxed at 10% in LTCGT
  

What do you suggest to NRI ?

• If you want to make it hassle free investment then we suggest you to open a NON PIS NRO ac for long term investment with your bank. First step is to open a NON PIS NRO ac with your bank then contact any broker that you want to open a Demat ac in India with your NON PIS NRO ac which you can operate from anywhere in the world using Netbanking . 
  

Final Thought : 

If he person earned from overseas they have to open an NRE account however with regards to investing in India a person has to open a NRO account to invest hassle free  

What are the Basic Documents required to open an NRE or NRO ac ?

• Identity Proof  ( Copy of Pan, Passport )
  
• NRI status proff (  Copy of Visa, Work Permit , PIO, OCI )
  
• Proof of residence abroad
  
• Indian Address proof
  
• Canceled cheque
  
• PIS permission letter
  

HOW TO OPEN A DEMAT AC AS AN NRI WITH ZERODHA ? 

• Opening ac with Zerodha is an Offline process to know the complete process click here 
  

HOW TO OPEN AN NRO NON-PIS AC ?

• To know the process click here 
  

Still have questions,  email us  on nri@elongateglobal.com