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ProStocks NRI Account Review| Trading & Demat Account Opening, Brokerage

ProStocks Star NRI Account Review

Discount Broker·NSE, BSE

4/ 5 by InvestorGain Team Rate

Best discount broker for high-volume active traders as well as everyday investors. Zero brokerage monthly trading plans at just Rs. 899 (equity and equity derivatives), Rs. 499 (currency trading), and ultra-fast ProStocks Desktop terminal makes it an excellent broker for frequent traders. Also, the free ProStocks Demat account, Rs. 15 flat-rate pricing model, and easy & user-friendly app and web-based platform make ProStocks an ideal choice for beginners.

Open Free Account

₹Free

A/C Opening

₹Free

Eq Delivery

₹Flat Fee Rs 15

Futures

₹Flat Fee Rs 15

options

4★

Overall Rating

Are you an NRI and struggling to find the lowest brokerage NRI trading brokers in India? The wait is finally over with ProStocks, India's fastest-growing discount broker, offering flat fee trading and investment services to non-resident Indians. NRI trading and demat accounts at ProStocks allow NRI clients to trade and invest in stocks, equity derivatives, ETFs, and mutual funds.

Not sure how to open ProStocks NRI account? Here are all the details about NRI trading review with ProStocks, including the opening process and fees for NRI accounts, account types such as NRE or NRO, PIS or Non-PIS, what documents NRI does need to trade on the BSE and NSE, brokerage fees for NRI trading, and pros and cons.

NRI NRE or NRO Bank Account

Any person in India who resides overseas for any reason be it employment or other is known as NRI. SEBI allows NRIs to trade on the Indian stock exchange BSE and NSE but to do so; they have to open an NRI trading account in India.

Before opening a trading account with any broker, NRIs have to open a bank account in India. Here, there are two types of NRI bank savings accounts in India – NRE and NRO. An NRI can open an NRE or NRO or both, but the NRI trading account can be linked with only one.

Non-Resident External (NRE) account: An NRE account offers NRIs the flexibility to deposit money in any foreign currency and get it converted into an Indian rupee. NRI can deposit his foreign earnings, and use it to invest in the Indian market, and money again can be withdrawn into INR. Thus, all the money in the NRE account that NRI has either deposited or received in the form of interest, etc. can be repatriated.
Non-Resident Ordinary (NRO) account: An NRI should open an NRO account to manage all the income earned in India within the country. Only the interest received is repatriable but the principal cannot be repatriated.

ProStocks NRI Trading Account

Having a trading account with ProStocks enables NRIs to buy and sell securities listed on Indian stock exchanges. NRI can trade or invest in stocks, equity derivatives, mutual funds, and ETFs.

However, they cannot trade in equity intraday, commodities, and currencies F&O segment.

ProStocks NRI Demat Account

ProStocks is a CDSL depository participant to provides the Demat account facility to residents and NRIs.

The NRI Demat account is used to keep shares and other securities like mutual funds electronically or in digital form. Both the demat and trading accounts are linked to each other so that any shares purchased through the NRI trading account get credited to the Demat account or vice-versa.

ProStocks NRI PIS and NRI Non-PIS Trading Account

An NRI can have an NRE or NRO PIS account or no-PIS NRO trading and demat account with ProStocks.

PIS Portfolio Investment Scheme is a mechanism devised by RBI to enable NRI trading in India. The system allows NRIs to transact in listed Indian stocks. RBI has authorized only designated bank branches to open PIS NRI accounts.

Let’s find out the difference between NRE PIS, NRO PIS, and NRO non-PIS accounts.

	ProStocks NRI PIS Account	ProStocks NRI Non-PIS Account
Types of NRI Bank Account	NRI can link either an NRE or NRO bank account to open a PIS account in India.	Only an NRO bank account can be used to open a No-PIS trading account. NRI who do not want to channel their transactions through the PIS route can do so by opening a non-PIS account.
Trading	NRE or NRO PIS trading and demat account only allow trading in the equity delivery segment.	Non-PIS NRO account allows NRI to buy and sell listed Indian stocks and equity futures & options contracts as well.
Banks	A PIS account can be opened with RBI-designated bank branches Only. At ProStocks, you can get PIS permission from these banks; HDFC Bank Yes Bank Axis Bank IndusInd Bank	NRI NRO non-PIS bank account can be opened with any domestic bank in India.
Reporting to RBI	All NRI transactions through NRE or NRO PIS trading account are reported to RBI.	No transaction is reported to RBI.
Linked account	An NRI can link only one NRE PIS trading account.	An NRI can link more than 1 NRO savings bank account.
Repatriation	NRE PIS is fully repatriable whereas NRO PIS account has restrictions.	NRO no-PIS trading account is not repatriable.

ProStocks NRI Account Opening Charges

Is ProStocks NRI account free? Yes, the discount stock broker provides free-of-cost NRI trading and demat account services.

NRI Demat Account Opening charges	Free
NRI Demat account maintenance fee (AMC)	Rs 0 (Zero AMC for lifetime)
NRI Trading Account opening charges	Rs 1000 refundable deposit
NRI Trading Account AMC	Rs 0

ProStocks NRI Trading Brokerage

ProStocks charges flat fee brokerage on NRI trading and investment in India. Check the NRI charges below;

	ProStocks NRI Brokerage
NRI Equity Delivery brokerage	Rs 100 per executed order (PIS and non-PIS)
NRI Equity Futures Brokerage	Rs 100 per executed order (Non-PIS NRO)
NRI Equity Options Brokerage	Rs 100 per executed order (Non-PIS NRO)

On the brokerage front, ProStocks NRI charges look competitive and the same as charges levied by India’s top brokerage house, Zerodha. NRI full-service brokers like HDFC Sec, ICICI Direct, Sharekhan, etc. charge a fixed percentage brokerage fee from NRIs, The ProStocks flat fee model helps NRIs to save a lot on brokerage cost.

However, it still does not have the cheapest NRI account as Fyers NRI brokerage is Rs 50 per traded order.

ProStocks NRI Account Opening Process

ProStocks allow non-residents to register eKYC online and print and courier the duly signed NRI account opening form along with supported documents to the broker. The digital KYC enabled process is highly convenient, time savvy as it will take no more than 20 minutes, and requires minimal paperwork formalities.

Want to open an NRI Demat account in Prostocks but don’t know how? Check out the process;

Steps to open ProStocks no-PIS NRO NRI trading and demat account;

Go to Prostocks digital KYC portal.
Sign-up as NRI: Enter your name, mobile number PAN, DOB, email, and select status as Non Resident.
Enter the OTP sent to your email address to successfully register with Prostocks.
Once OTP validation gets done, you will get a login ID and password on your email.
Now fill up basic details including PAN card, name as per PAN, DOB, country of birth, and the account type.
NRIs eKYC process requires details – basic information, preference details, additional details, select and pay, and document submission.
Once NRI has entered all the details, you have to enclose all the documents required to open NRI trading account. (Check the list of documents in next section)
A pdf will be generated, download the PDF, take its printout, sign the form physically, and attach supporting attested NRI documents to send it to the ProStocks office.
KRA and IPV compliant NRIs can digitally sign the NRI account opening form while the nomination form and POA must be signed physically and to be couriered to the ProStocks’s Mumbai office.
Once the ProStocks team receives the document, you will be intimated for account activation and your NRI trading account user ID and password will be sent to you.

Once account setup process is done, NRI can invest in shares and trade in F&O using ProStocks Star desktop, ProStocks Star mobile app, and Star Web.

ProStocks NRI Account Opening Documents

Whether you want to open a PIS or no-PIS NRI account, you have to provide several sets of documents to ProStocks. Here is a complete list;

A passport size photograph
Self-certified copy of NRI’s PAN card
Self-certified copy of foreign/overseas address proof: It should not be older than 2 months and NRI can provide driving license, foreign passport, bank statement, etc. as an overseas address proof
Self-certified copy of Indian address proof (optional)
For Indian passport; self-certified copy of valid passport along with a copy of valid visa.
For Foreign Passport: Self-certified copy of valid passport and Copy of PIO/OCI card.
Bank account proof: Cancelled cheque leaf or bank account statement
For Non-PIS account, a self-certified copy of NRO Saving Bank Statement.
To open NRI PIS account, a self-certified copy of PIS certificate issued by the bank is also required.

Keep in mind;

All of the above documents must be attested by the Indian Embassy or Consulate General or Overseas Banker or Indian or any other competent authority.
NRIs who are already KYC and IPV compliant need no attestation of documents.
NRI can check KRA KYC status online on https://www.cvlkra.com/ by just entering PAN number.

Why ProStocks for NRI Trading?

Before you decide to open an NRI account with any broker, you must be confident enough about selecting the right broker for NRI trading.

Opening an NRI account with ProStocks brings the following benefits;

Start NRI trading through PIS or non-PIS bank account.
Invest in equity (PIS or no-PIS account) and trade in equity futures & options on BSE and NSE.
Lifetime zero AMC on NRI Demat and Trading account.
No Minimum balance commitments on NRI account.
Pay just Rs 100 flat brokerage on NRI trading irrespective of the segment or order size.
Access to great technology platforms; mobile app, website, and installable desktop trading terminal.
Access to Prostocks Trading API
Advanced orders like Good Till Cancelled (GTC) and After market order (AMO) are available.

ProStocks NRI Trading Platforms

Most of the discount brokers only have a mobile app and browser-compatible websites while ProStocks has all the platforms be it a mobile app, web trading platform, and installable desktop trading software. NRIs can access all of the ProStocks trading platforms for free.

ProStocks Star Mobile Trading App: ProStocks Star App
ProStocks Web Trading Platform: ProStocks Star Web
ProStocks Desktop Trade Terminal: ProStocks Star Desktop Trade Terminal

In addition to the above, ProStocks offers third-party trading platform, FoxTrader. It is revolutionary, ultra-fast AI trading software that can be downloaded on any desktop or laptop devices. Residents as well as NRIs can purchase its subscriptions to trade using FoxTrader.

ProStocks NRI mutual funds

Both the NRE or NRO NRI Demat account holders can invest in mutual funds and keep the holdings in the ProStocks NRI Demat account. Opening a PIS account is not mandatory for NRIs to transact (buy and sell) in mutual funds.

NRI mutual fund investment in India is not tax-free. Click to know more.

ProStocks NRI Trading Cons

NRI cannot open a 3-in-1 account with ProStocks.
ProStocks does not offer trading tips, research, and investment recommendations.
Fyers charges comparatively lower NRI brokerage of Rs 50 per traded more. Know more

ProStocks NRI Customer Support

ProStocks offers 24/7 customer care support. So, if you face any difficulty while trading or using the trading platforms, you can contact with them.

S.No.	Particulars	Customer Support Helpline No.
1.	ProStocks Customer Care Number	91 - 2262 43 43 43
2.	ProStocks Customer Care E-mail	[email protected]

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Popular Comparisons

Feature
Plan Name	Rs 20 Plan	Rs 20 Plan	Rs 20 Plan
Overall Rating	★ 4.5	★ 4.5	★ 4
Equity Delivery	Free	0.1% or Rs 20	Flat Fee Rs 20
Intraday	0.03% or Rs 20	0.03% or Rs 20	Flat Fee Rs 20
Account Opening	Free	Free	Free
AMC (Annual)	Rs 300 PA (Free for 1st year)	Rs 240 PA	Rs 300 PA
Max Brokerage	Rs 20	Rs 20	Rs 20
	Open A/C	Open A/C	Open A/C

Frequently Asked Questions

1. Does ProStocks allow NRI trading?−

Yes, ProStocks is one of the best brokers for NRI with the lowest brokerage NRI trading services. NRI can invest in stocks and trade in the equity futures & options segment at Rs 100 per executed order brokerage fee.

NRIs can trade using any platform whether be it a website, mobile trading app, or desktop trading terminal.

2. How to open NRI Trading account in ProStocks?+

ProStocks is offering NRI trading services through NRI demat and trading accounts. NRIs can trade in stocks and equity derivatives at Rs 100 per executed order brokerage. All the trading software and platforms including the mobile trading app, installable terminal, and website are free to use for NRI trading.

ProStocks has partnered with Yes, Axis, HDFC, and IndusInd Bank to open an NRE Trading account.

Steps to open ProStocks NRI Demat and trading account;

Head to the broker’s website.
Complete the registration process with your name, mobile number, etc.
Enter OTP to validate.
Fill in basic information like DOB, PAN card, etc.
Upload documents like passport, Overseas Address Proof, Valid passport, etc.
After receiving the document, ProStocks team will activate your account and share trading account user ID and password at your mail.

3. Is ProStocks good for NRI Trading?+

Yes, NRI traders can open a trading and demat account with ProStocks by opening an NRE or NRO bank account with Yes, HDFC, Axis, and IndusInd bank. ProStocks charges zero NRI account opening charges.

4. Why chose ProStocks for NRI Trading?+

Free NRI Trading and Demat account opening.
Lifetime zero Demat AMC account.
Trade in shares and equity futures & options on BSE and NSE.
Lowest brokerage at flat Rs 100 brokerage.
Free Mobile app, desktop terminal, and website.
No minimum balance in NRI account.

5. What is NRI brokerage in ProStocks?+

ProStocks is among one of the low-cost discount broker that has the best brokerage plan for NRI clients. NRI customers have to pay Rs 100 flat brokerage fee irrespective of the segment or size of the trade volume.

NRI customers are allowed to trade in stocks and equity futures & options while they cannot trade in intraday and currency segments. However, they can trade in intraday through NRO Non-PIS Account.