Best Brokers for NRI Investors in India (2025 Guide)
Introduction
Non-Resident Indians (NRIs) looking to invest in the Indian stock market need specialized brokerage accounts that comply with FEMA and RBI regulations. Not all brokers support NRI trading. This guide lists the best stock brokers for NRIs in India in 2025, comparing their features, account types, and service quality.
Can NRIs Trade in the Indian Stock Market?
Yes. NRIs can invest in Indian stocks, mutual funds, and IPOs through:
- NRE or NRO accounts (linked to their trading/demat accounts)
- PIS or Non-PIS route (depending on the broker and investment type)
- Brokers must be approved by RBI and SEBI for NRI trading
Types of Accounts NRIs Need
To begin investing, NRIs need:
- NRE/NRO Bank Account (opened with Indian banks)
- NRI Demat Account (linked to their bank)
- NRI Trading Account (with a SEBI-registered broker)
Note: Some brokers offer non-PIS accounts to simplify the process for mutual funds and equity.
Top 5 Best Stock Brokers for NRI Investors in 2025
1. Zerodha (NRI Account)
- Type: NRO (non-PIS only)
- Features: Simple interface, low brokerage, no F&O for NRIs
- Brokerage: ₹200 per order
- Account Opening: Offline (forms + notarized docs)
- Ideal for: NRIs who prefer long-term equity investing
2. ICICI Direct (NRI Services)
- Type: NRE/NRO with PIS
- Features: 3-in-1 account (bank + trading + demat), advisory
- Brokerage: 0.50% on delivery
- Account Opening: Online/offline
- Ideal for: NRIs who want full-service support
3. HDFC Securities (NRI Trading)
- Type: NRE/NRO (PIS route)
- Features: Trusted bank-broker setup, integrated 3-in-1
- Brokerage: 0.50% or ₹25 per trade (higher for small trades)
- Account Opening: Through HDFC Bank NRI desk
- Ideal for: NRIs already banking with HDFC
4. Angel One (NRI Investment Account)
- Type: NRE/NRO (PIS + non-PIS)
- Features: Full-service advisory, phone support
- Brokerage: ₹20 per executed order (may vary for NRI)
- Account Opening: Via relationship manager
- Ideal for: NRIs needing support in F&O and portfolio advisory
5. ProStocks (NRI Account)
- Type: NRE/NRO (PIS and non-PIS)
- Features: Zero brokerage (AMC ₹1,000/year)
- Brokerage: ₹0 for equity, no hidden costs
- Account Opening: Digital forms + courier
- Ideal for: NRIs seeking low-cost, DIY investing
Charges NRIs Should Know
| Fee Type | Approx. Range |
|---|---|
| Account Setup | ₹500–₹2,000 (one-time) |
| Brokerage | ₹20/order or 0.5% (varies) |
| AMC | ₹500–₹1,000/year |
| PIS Reporting Fee | ₹500–₹1,000/year (if applicable) |
| Bank Charges | Depends on NRE/NRO account |
How to Choose the Right Broker?
Ask yourself:
- Do you want a full-service or discount broker?
- Is online support important to you?
- Do you prefer PIS or non-PIS route?
- Are you looking for low brokerage or full advisory?
If you want ease and savings, go for Zerodha or ProStocks.
If you want banking integration and advisory, choose ICICI Direct or HDFC Securities.
FAQs
1. Can NRIs invest in Indian mutual funds?
Yes. Through NRE/NRO-linked mutual fund accounts (some AMCs may restrict US/Canada-based NRIs).
2. Can NRIs do intraday or F&O trading?
No. As per SEBI rules, NRIs are not allowed to do intraday. F&O is restricted and allowed only with certain brokers and under conditions.
3. Is Aadhaar mandatory for NRI account opening?
Not mandatory, but PAN and passport are required. Some brokers may ask for OCI/PIO cards.
4. What is a PIS account?
PIS (Portfolio Investment Scheme) is a framework by RBI for NRIs to invest in Indian stock markets using NRE/NRO accounts.
5. Are NRIs taxed in India?
Yes. Capital gains are taxed in India, but DTAA (Double Taxation Avoidance Agreement) may apply based on your resident country.
