Stoxkart NRI Trading Review

NRI (Non-resident Indians) is the person who resides outside India for varied purposes whether it is employment, business, vocation, or any other reason. Stoxkart, the growing discount brokerage serves both the residents in the country and NRIs as well. The broker offers NRI trading services through NRI 2-in-1 account; NRI Demat Account and NRI Trading Account. NRIs are allowed to trade across various products i.e. shares, futures & options, government securities, corporate FDs, bonds, IPOs, and mutual funds. NRIs who are looking to open an account with Stoxkart can check the complete Stoxkart NRI Account Review here including the account opening charges, NRI brokerage charges, document checklist, and many more.

Stoxkart NRI Trading Prerequisites

Stoxkart provides a 2-in-1 account opening facility that incorporates two different accounts – Stoxkart NRI Demat Account and Stoxkart NRI Trading Account.

1. Stoxkart NRI Demat Account: The particular account facilitates NRI clients to have the delivery of shares, mutual funds, derivatives, IPO, and others in an electronic form that is considered more safe and secure.
2. Stoxkart NRI Trading Account: NRI Trading account enables NRI customers to place the buy and sell trade orders across various instruments such as stocks, futures & options, initial public offerings, mutual funds, and other securities. Both the Demat and trading accounts are interlinked to offer seamless trading experience.
3. Portfolio Investment Scheme (PIS): Prior to trading in the secondary market, NRIs have to apply for PIS because all the NRI transactions are routed through the PIS account. PIS letter is mandatory for NRI trading, however, for IPO investment only, no PIS is required. For NRO Trading account, any account for PIS can be added, however, for NRE Trading Account, Stoxkart broking firm has tie-up with the following banks listed here as under;

• Yes Bank
• HDFC Bank
• IndusInd Bank
• Axis Bank

Despite this, NRIs must have a savings account with a designed bank that can be either an NRE or NRO bank account.

• NRE (Non-Resident External) Account: It is a repatriable account which is being opened by NRIs to manage their foreign earnings. Thus, through the NRE account, NRIs can transfer and convert their foreign earnings into INR.
• NRO (Non-Resident Ordinary) Account: It is a non-repatriable account that is opened to manage the income earned by NRIs in India such as income from rent, pension, interest income, or dividend. NRIs who want to trade-in derivative segment must have an NRO account.

Note: NRIs don’t have to apply for PIS if he/she only wants to trade in derivative means futures & options trading segment.

What do NRI and OCI mean?

NRIs or PIOs (Person of Indian Origins) and OCIs (Overseas Citizen of India) are two different persons. NRIs hold Indian passport whereas OCI doesn’t hold Indian passport.

OCIs consist of the following;

• A person who is an Indian citizen
• A person with at least one parent, grandparent, or great-grandparent is an Indian citizen.
• A person married to an Indian citizen for at least two consecutive years.

Both the NRIs and OCIs (Overseas Citizen of India) can invest in the Indian stock market through their NRE or NRO account.

Stoxkart NRI Products & Services

The brokerage house offers the following NRI offerings or investment avenues;

• Shares
• Mutual Funds
• Initial Public Offerings (IPOs)
• Fixed Income instruments like Government Securities, Corporate FDs, Bonds
• Portfolio Management Schemes
• Alternate Investment Funds

Stoxkart NRI Trading Benefits

• Trade across segments such as shares, MF, IPO, fixed income instrument, and others.
• NRI demat account is one place to keep all the securities i.e. shares, mutual funds, etc. in electronic form.
• Unlike Zerodha, US and Canada-based NRIs can open an NRI account with Stoxkart.
• NRI brokerage charges decrease with the number of trades done per month.

Considerations

• NRIs can’t trade in the currency and commodities segment with Stoxkart.
• Equity intraday trading is not available to NRIs.

Stoxkart NRI Account Opening Documents

To open an NRI demat and trading account online, an individual must submit a list of documents to the broker;

• Bank account proof
• PIS letter
• Copy of PAN card
• Overseas address proof
• Copy of individual’s Passport
• For Indian passport Holders – A resident card or Visa.
• For Overseas Passport Holders – OCI card

Important Note: All of the documents must be attested by Notary, Indian Embassy banker, magistrate, judge, or any other authorized person.

Stoxkart NRI Trading Process

• NRIs must fund their PIS account to trade with Stoxkart however, in case of a Non-PIS account, clients can fund the brokerage house directly. It must be noted that NRIs can have only one PIS at a given point in time.
• NRI clients can place buy and sell orders for various product offerings through their Stoxkart NRI trading account. The execution of the orders will be subjected to the
• Any kind of sale proceeds from the repatriable investment will be credited to the NRE PIS Account whereas sale proceeds from the non-repatriable investment will be credited to the NRO PIS account.
• RBI has put restrictions on the equity investment by NRIs, as per which, NRIs can’t invest more than 5% of a company’s paid-up capital.
• Bill to bill settlement is done.

Note: If the number of trades is above 75 per month then, the brokerage will be Rs. 149 per order or 0.01% whichever is lower whereas if it is equal to or beyond 151 trades per month, then brokerage charges will be Rs. 99 or 0.01% per order, whichever is lower.

Stoxkart NRI Mutual Fund

• Likewise Indians, NRI clients can invest in mutual funds with Stoxkart. They have the flexibility to undertake MF investment by any of the investment routes whether it be a systematic investment plan (SIP) or a one-time route means lumpsum investment. The broker allows completed paperless or online MF investment process to offer more flexibility and ease to users.