NRIWallah team
Updated October 2026 · 3 min read
Residents and NRIs both need two accounts: a demat account, which holds shares, and a trading account, which places orders. An NRI adds an NRE or NRO bank account to pay for trades and, for NRE money, permission under the Portfolio Investment Scheme (PIS). That extra layer is what costs more and limits what you can do.
Resident vs NRI at a glance
| Resident | NRI | |
|---|---|---|
| Bank account | Savings | NRE or NRO |
| Demat account | One | Tagged NRE or NRO, often one each for PIS and non-PIS |
| Trading account | One | One, linked to the PIS bank for NRE trades |
| PIS permission | No | Yes, for NRE-funded exchange trades |
| Intraday and F&O | Yes | Not under PIS; some brokers allow on NRO non-PIS |
| Tax on sale | Paid in your return | Deducted at source |
| Country limits | None | Some providers restrict, mainly US and Canada |
| Time to open | Online, quick | Weeks |
Not only ICICI: banks bundle, discount brokers don’t
| Provider | Package |
|---|---|
| ICICI Direct | 3-in-1: bank account, trading, demat |
| HDFC Securities | 3-in-1 |
| Kotak, Axis Direct | 3-in-1 |
| Zerodha, Upstox, Groww | 2-in-1: trading and demat; bring your own NRE or NRO account |
“PINS” at ICICI means PIS. Groww offers only NRO non-PIS, and Upstox listed only India and UAE residents when we checked.
What it costs each year
All figures are per year, plus 18% GST. NA means the provider does not publish it.
| Provider | NRI demat | Resident demat | NRI PIS bank fee |
|---|---|---|---|
| ICICI Direct | ₹700 | NA | ₹1,000 |
| HDFC Securities | ₹750 | NA | ₹1,000 |
| Zerodha | ₹500 | ₹300 | Partner bank |
| Upstox | NA | ₹300 | Partner bank |
The first year is free at most. A one-time PIS approval fee of about ₹1,000 applies, and some banks charge ₹50 to ₹100 for each trade reported.
| Brokerage per delivery order | NRI | Resident |
|---|---|---|
| Zerodha | 0.5%, max ₹200 (PIS) or ₹50 | ₹0 |
| Upstox | 0.5%, max ₹200 (NRE) or ₹50 | ₹20 |
| ICICI Direct | 0.5% to 1.25% | 0.27% to 0.29% |
Small holdings get a cheaper account for both: nil maintenance up to ₹4 lakh at ICICI Direct and Zerodha. Depository notices list NRIs as eligible, but only one demat per person qualifies, so ask your provider.
Closing means three separate closures
Closing the demat does not close the trading account or PIS.
- Clear first. Sell or transfer holdings, settle dues and save statements.
- Close the trading account with your broker.
- Close the demat with the depository participant. There is no closure charge, and it should take two working days if nothing is owed. Reports differ on whether trading or demat goes first, so ask.
- Ask the bank in writing to close PIS. You can hold only one PIS account, so close it before switching banks.
- Close the NRE or NRO account last, once final credits and tax are settled.
See cutting four demat accounts to one for fees and set-up, and moving back to India for what happens to NRI accounts when you return.
General information, not investment or tax advice. Fees and rules change; confirm with your broker, depository participant and bank.
