Fyers NRI Trading Review

In 2022, Fyers has introduced NRI trading services to allow NRIs to buy and sell shares in India. Fyers is among a few brokerage houses that have a dedicated NRI trading and investing portal to facilitate NRI Demat account opening with minimal paperwork requirements. NRI can open a demat and trading account with Fyers for free!

Check out how to start NRI Trading with Fyers like how to open Fyers NRI account, document checklist, does Fyers offer free Demat account, if not what are the NRI trading account opening fee, NRI trading brokerage charges, and more.

NRI Demat and Trading Account with Fyers

Whether you are a residents or NRI, you can open a 2-in-1 accounts; trading cum demat account with Fyers. Fyers NRI Trading account avail NRIs to trade or invest in stocks, equity futures and options, ETFs, and mutual funds. However, demat account is mandatory to open to keep securities in digitalized format.

Opening an NRI account is slightly different from account opening by residents. At very first, NRIs have to open a bank account in India and link it to their NRI trading account. All fund transfers (deposits and withdrawal) will be processed to the mapped account only.

NRIs can open two types of accounts; NRE or NRO account.

• Non-Resident External (NRE) Account: NRIs can open an NRE bank account that allows NRI clients to use the income earned abroad to invest in the Indian capital market. The amount invested and the interest earned on the NRE account is fully repatriable to the NRI’s foreign/overseas account. Funds from an NRE account can be transferred to an NRO account.

• Non-Resident Ordinary (NRO) Account: This account allows NRIs to invest income earned in India to invest in the Indian market, which means foreign income cannot be used. NRIs cannot transfer funds from an NRO to an NRE account.

NRI trading account in India is further classified into two; PIS account and Non-PIS account. Portfolio Investment Scheme (PIS) is a mechanism by RBI for routing NRI investment in India. Fyers has partnered with 3 Indian banks HDFC, Axis, and Yes bank to allow NRIs to get a PIS approval letter from RBI to open a PIS Account.

NRI can have either NRE or NRO bank account for PIS account opening while for non-PIS account, they can map only NRO bank account.

Fyers NRI Trading Facts;

• To open an NRE PIS account, NRIs can obtain a PIS letter from Fyers banking partners (Yes Bank, Axis Bank, and HDFC Bank).
• NRI can open NRO Non-PIS Account with any Indian bank (Fyers banking partners or any other bank).
• To trade in F&O segment, NRIs with NRO Non-PIS account have to open a custodial account and get a custodial participant code. Custodian clears and settles all F&O transaction on the behalf of NRI traders.
• Non-residents can open both the NRE and NRO bank accounts in India but their NRI trading account can be linked with any one account only.
• NRI cannot have two PIS accounts, new PIS account can only be opened after closing the existing PIS NRI account.

How to Open Fyers NRI Demat Account?

NRI account opening process with most of the brokers including Zerodha is completely offline. But Fyers took a step ahead by launching a dedicated NRI portal to enable NRI clients to complete most of the steps online by themselves.

NRI demat and trading account opening process with Fyers NRI Portal is online to a large extent and once the online process is done, you just have to send the documents to Fyers registered address.

Likewise residents, open an NRI account online at Fyers. The process to open an NRI trading and demat account is clear, simple, and straightforward.

Steps to open Fyers NRI trading and demat account online;

1. Log in to the Fyers NRI portal with your email address, mobile number and OTP sent on your email ID.
2. Identity details: upload the picture of your PAN card and enter basic details like gender, marital status etc.
3. Provide details of your Indian and foreign address, bank account details, segment for trading, etc.
4. In-person verification (IPV): Take a few seconds live video of yourself and upload it to complete the verification.
5. Click on Download as PDF option to download the NRI account opening form.
6. Sign the AOF properly and courier it to the Fyers' registered office address.

Once you have submitted the NRI Account Opening Form provided all submitted documents are correct, it may take up to 3 business days to open Fyers NRI Demat Account.

For PIS account opening, if you not yet obtained PIS permission letter, it will take additional 15 days to receive the PIS letter from RBI.

The online process is only available to open NRO Non-PIS Demat account. For PIS account opening, the process is still offline.

Fyers NRI Account Opening Documents

Below are the complete documents required to open an NRI account with Fyers;

• Attested 1 copy of PAN card
• Attested 1 copy of passport
• NRO 1 canceled cheque leaf
• 1 attested copy of Indian address proof and foreign address proof
• 1 copy of the FEMA declaration and FATCA
• 1 copy of Nominee ID proof (only if you want to add a nominee to Fyers NRI Account)
• Account opening form
• In the case of derivative trading, CP code with Orbis Financial

Note: F&O trading is only available to NRI clients on their NRO Non-PIS account.

Fyers NRI IPO Apply

NRI customers with Fyers may have doubt regarding whether are they allowed to apply for IPOs in India?

Yes, NRIs can invest in upcoming IPOs on Fyers trading platforms provided that the Fyers Demat account is linked to NRO Non-PIS account. While PIS account holding NRI customers are not eligible to invest in the IPO due to additional compliance requirements.

Fyers NRI Mutual Funds

Yes, NRI can invest in mutual funds with Fyers through a non-PIS account. Thus, getting a PIS certificate from RBI is not mandatory for NRI mutual fund investment.

NRO non-PIS account holders with Fyers can buy any mutual fund scheme across fund houses. All purchased mutual fund units will be transferred or credited to the Fyers NRI Demat account.

NRI clients can check his mutual fund investment portfolio anytime on the Fyers app and web trading platform. NRIs from USA and Canada are not allowed to invest in mutual funds due to compliance regulations.

Know more on taxation on NRI mutual funds investment in India

Fyers NRI Trading Platforms

Fyers is a technology-based discount brokerage house that has user-friendly trading platforms for NRIs. All platforms can be used for free with no platform fees. NRI clients also have access to Fyers Trading API.

• Fyers 2.0 Mobile App: Fyers 2.0 is a fast, reliable, and easy-to-use mobile trading app. NRI clients can invest in stocks and trade equity derivatives at the touch of a button with the Fyers mobile app. The app can be downloaded on Android and iOS smartphone devices. State-of-the-art charts, more than 24 years of historical EOD data, a customizable user interface, advanced option chain analysis, and back-office access are just some of the incredible features of the Fyers App.
• Fyers 1.5 Beta Web: It is a browser-compatible web trading platform based on advanced TradingView technology. Whether you are a mobile user, a desktop user, or a laptop user, you can log into the Fyers Web portal for trading and investing.
• Fyers Direct: It is a commission-free mutual fund investment platform to invest in mutual funds of your choice. NRI clients can invest in direct mutual funds for free and track their mutual fund portfolio at any time on the Fyers Direct platform.

Is Fyers good for NRI Trading?

Here are the reasons why NRIs should choose Fyers for trading and investing;

• Free NRI account opening and zero Demat AMC.
• Quick and hassle-free NRI account opening with minimal documentation
• User-friendly trading platforms with advanced analytical tools
• Extremely low brokerage Rs 50/order lower than Zerodha and Angel One
• Portfolio Analyzer report to get valuable insights
• Access to research reports, economic calendar, fundamental and technical analysis.
• Dedicated support team for NRI customers.

Fyers NRI Trading Cons

Despite low brokerage fee and dedicated NRI portal, there are some disadvantages of NRI trading with Fyers;

• No 3-in-1 account is provided to NRI
• Fyers brokerage firm does not provide installable desktop trading software for trading.
• BTST, Intraday, commodity, and currency trading is not offered to NRI.

Note: You will receive a callback from the Fyers customer service team within 24 working hours.