Choice Broking NRI Account Review

Choice Broking is a full-service broker offering online trading and advisory services to NRIs (except for those residing in the USA and Canada). It offers 2-in-1 accounts, combining Demat and trading accounts, to NRIs. The 2-in-1 account enables NRI to trade in stocks, equity derivatives, and investments in Mutual Funds.

Choice Broking NRI Services

To trade and invest in Indian stock markets, an NRI requires PIS permission along with the following accounts.

1. NRI Trading Account
2. NRI Demat Account
3. NRI Bank account (NRE or NRO PIS)
4. Custodial Account (For trading in Equity F&O) 

Choice Broking offers NRI trading & Demat accounts.

For NRI bank accounts, Choice Broking supports RBI designated banks Axis Bank and HDFC Bank who also provide PIS permission/Certificate to NRI required for trading in Indian markets.

1. Choice Broking NRI Trading Account

   NRI Trading account is for NRIs to place buy or sell orders at stock exchanges in India. Choice Broking provides online trading platforms to invest/trade in equity, derivatives, and mutual funds.

   NRIs need an NRE account to invest in equity delivery and mutual funds on a repatriable basis and an NRO account to invest in equity delivery and mutual funds on a non- repatriable basis. To invest in the F&O segment, NRI's can invest only through the NRO account.

2. Choice Broking NRI Demat Account

   Choice Broking NRI Demat account is an online account to hold the securities purchased through the Choice Broking trading account. This account ensures the safekeeping of shares from physical theft and damages.

   Choice Broking is a depository participant (DP) of NSDL and CDSL offering Demat services to resident and non-resident Indians.

   An NRI can opt to open either an NRI Reptriable Demat account or NRI Non-Repatriable Demat account based on whether an NRI would like to invest on a repatriable or non-repatriable basis.

   The corporate benefits like dividend and interest on the securities held in the NRI Demat account get automatically credited to your linked NRE/NRO bank account.

   Read NRI Demat account charges and rules to know more about Demat accounts for NRIs.

Choice Broking NRI Trading Process

Once all the accounts are opened, NRIs can trade online through the Choice Broking Jiffy app in desired stocks.

Steps for NRI online trading with Choice Broking

1. Log in to Jiffy

   Login to Jiffy either through a web browser or mobile app using your login credentials.

2. Transfer the money to PIS linked bank account

   NRIs need to transfer the money from their savings account to NRE/NRO PIS account. The broker will update the trading limits based on the confirmation received from the bank on the PIS account balance.

3. Place Buy/Sell Order

   NRI can place a buy or a sell order through the Jiffy trading platform. Before placing the order, an NRI needs to ensure to have sufficient funds for a purchase order and sufficient stock for a sell order.

4. Contract Note Submission

   At the end of the day, the broker sends the contract note to the bank for further processing. The bank will account for the TDS and will accordingly transfer/receive the funds to/from the broker account.

5. Stock Settlement

   The stocks get credited or debited to/from NRE/NRO Demat account on T+2 days based on buy or sell order request.

Note:

• NRIs cannot place intraday and BTST orders.
• NRIs cannot trade in commodity and Currency.
• NRIs cannot do short selling. NRI needs to have sufficient stock before placing a sell order.
• NRIs cannot invest in banned and caution scrips. The list of banned scrips is available on the RBI website.

Choice Broking NRI Trading Software Review

Choice Broking offers the same trading platforms to NRI's as for resident individuals.

Choice Broking Trading Platforms for NRI

1. Jiffy (Web-based trading platform).
2. Jiffy (Mobile Trading App)
3. Investica (For mutual fund investments)
4. ODIN

Choice Broking Jiffy and Investica are proprietory trading platforms that aim to make trading and investments in stock markets and mutual funds easy, simple, efficient, swift, and hassle-free. 

Choice Broking also has a tie-up with ODIN, a third-party trading platform that has strong risk management systems. 

Read Choice Broking Trading software and Choice Broking Mutual Fund review for more details.

Choice Broking NRI Account Opening Process

For Choice Broking NRI account opening, an NRI has to download a PDF account opening form, fill it, sign it, and send it to Choice Broking's office along with the necessary documents. 

Choice Broking does not offer NRI 3-in-1 account as it doesn't have a banking license.

Choice Broking NRI Account Opening Prerequisites 

Before opening a trading and Demat account with Choice Broking, an NRI customer has to open the following accounts: 

1. NRI Bank Account (NRE or NRO Saving Bank Account)
2. PIS Bank Account (NRE or NRO)
3. Custodial Account (For derivatives trading)

Note:

• Choice Broking supports HDFC Bank and Axis Bank for the NRI bank account. If you have a PIS bank account with any other bank, you cannot open an NRI account with Choice Broking.
• NRI customers looking to trade only in F&O do not need PIS permission or PIS enabled saving bank account.
• RBI has waived off the PIS requirement to trade through NRO mode, but currently, Choice Broking along with many other brokers has not yet allowed trading without PIS in equity markets.

Choice Broking NRI Account Opening

Choice Broking account opening form is the same for resident and non-resident Indians.

Steps to open NRI account with Choice Broking

1. Open an NRI Bank Account with HDFC Bank or Axis Bank.
2. Get PIS approval from RBI (through the bank with whom you have opened an account).
3. Download the PDF Account Opening Form (steps provided below).
4. Fill in the application form.
5. Make a set of the required documents listed above.
6. Get the documents attested by the competent authority.
7. Scan the filled forms and supporting documents.
8. Send them through email for verification to the Choice Broking NRI desk.
9. If everything looks good, courier the documents to Choice Broking's office.

Steps to Download Choice Broking NRI Account Opening Form

1. Visit the company website.
2. Scroll down to the bottom of the page.
3. Go to the 'Markets' section.
4. Click on the Downloads.
5. Go to the Account Opening Form section.
6. Download 'Equity & Commodity' PDF.

Note: Choice Broking Account Opening Form PDF includes forms for both trading and Demat account opening. The form name is Equity & Commodity as there is a common form for residents and non-residents, however, NRI's are not permitted to invest in the Commodity segment. 

Note:

• Currently, Choice Broking supports only NRE or NRO accounts opened with HDFC Bank and Axis Bank.
• NRI can only trade in Equity and Equity Derivatives.
• NRI cannot trade in Currency and Commodity.

Choice Broking NRI Documents 

Below is the list of Choice Broking NRI account documents for the individual. Since the in-person verification is not always feasible, an NRI can submit attested copies of the KYC documents by Notary Public, Court, Magistrate, Judge, Local Banker, Indian Embassy / Consulate General in the country where the client resides. 

Choice Broking NRI Account Opening Documents for Individual

• PIS permission letter (provided by the bank with whom you have an NRI bank account)
• PAN card Copy
• Overseas address proof.
• Indian address Proof (if any).
• Passport size photograph
• Proof of bank account (canceled cheque of NRE or NRO savings account)
• FATCA Declaration Form.

Choice Broking NRI Mutual Fund

Choice broking NRI customers can use the Investica web-based or mobile app for mutual fund investments. With Investica, NRIs can invest in various schemes, track and monitor mutual Fund performance, and get recommendations anytime, anywhere.

Key features of Choice Broking NRI Investica includes: 

• Fund recommendations across various categories with Investica ratings assigned for each fund.
• Goal-based baskets to suit each risk profile.
• Offers direct and regular mutual funds.
• Option to invest either in Lumpsum and SIP mode.
• Free trading platform to buy or sell mutual funds from the top AMCs.
• Monitor your fund performance from anywhere, anytime.

Choice Broking NRI Trading Account Advantages

• Free account opening.
• Advisory services with access to a wide range of research reports.
• Convenient Mutual Fund investment through a mobile app or website.
• Dedicated relationship manager.

Choice Broking NRI Trading Account Disadvantages

• Higher brokerage charges when compared to other discount brokers.
• Do not offer 3-in-1 account services.
• Do not provide an online account opening facility.

Conclusion

Choice Broking is a SEBI registered full-service broker offering trading and advisory services with a 2-in-1 account facility to the NRIs. The company offers online trading platforms to NRI for stock markets and mutual fund investments. Being a full-service broker, the brokerage charges are slightly on the higher side making it a costly broker for the NRIs. The company has a dedicated research team that provides insights on the economy and the markets along with a wide range of research reports to its clients based on its fundamental and technical analyses.

Choice Broking Competitors Review

Information on this page was last updated on Wednesday, May 22, 2024