ICICIdirect NRI Account Review

ICICIdirect NRI Trading Account Charges

ICICIdirect NRI brokerage charges for trading in Equity and Equity Derivatives.

ICICIdirect Investment Options

The investment options available to an NRI at ICICIdirect.

ICICIdirect Key Features

ICICIdirect NRI Customer Care

ICICIdirect NRI Support Desk contact information. Find ICICIdirect NRI contact number.

1. 1. Can NRI open ICICI Direct account?

   Yes, an NRI can open an account with ICICI Direct to trade in India stock market or invest in Mutual funds. NRIs can open a demat account in ICICI by filling an online application form. They need to open an NRI 3-in-1 account which includes 3 accounts; NRI Bank Account (PIS or Non-PIS), NRI Trading Account (NRE or NRO) and NRI Demat Account (NRE or NRO).

   1. NRI Bank Account

      ICICI Bank offers 2 types of NRI bank accounts:

      • NRE Bank Account (For transactions on the repatriable basis)
      • NRO Bank Account (For transactions on the non-repatriable basis)

      Read NRE Vs NRO Bank Account for the detailed comparison of NRI Bank Accounts.

   2. NRI Trading Account

      NRI Trading Account allows NRIs to trade stocks, bonds, NCD, ETF, etc from stock exchanges like BSE and NSE. The trading account is of 2 types depending on whether it is linked with your NRE or NRO bank accounts.

   3. NRI Demat Account

      ICICI Bank offers an NRI demat account through its membership with NSDL and CDSL. The NRI Demat Account is linked with the NRO or NRE bank account.

      Once your 3-in-1 account is opened, you can buy/sell shares, derivatives and bonds etc., online using the various trading software offered by the stock broker.

   Note:

   • PIS permission is mandatory NRIs to buy/sell stocks in India on repatriation basis. All trading transactions from PIS accounts are reported by ICICI Securities to ICICI Bank for onward reporting to RBI.
   • Non-PIS account can be used to sell IPO shares and shares normally bought when the NRI was Indian Resident. It can also be used for trading in equity derivatives (F&O) on non-repatriable and investing in Mutual Funds.

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2. 2. What is ICICI NRI Account?

   ICICI NRI Account is a bank account for Non-resident Indian (NRI) to invest their foreign earnings in India or to manage the money they are earning in India.

   NRI customers who would like to invest in India stock market, Mutual funds, IPO, FDs, etc. need an NRI account. Almost all large banks in India offers NRI account.

   ICICI Bank offers two types of saving bank accounts to NRI:

   1. NRE Account - To transfer and invest foreign earning in India.
   2. NRO Account - To manage money earned by NRIs in India i.e rental income, dividends, etc.

   Visit NRE Vs NRO Bank Account to find the difference between NRE and NRO account.

   Note:

   • NRI account is optional.
   • Relationship managers at banks like ICICI push NRIs to open an NRI account as soon as they land to foreign country. You should carefully understand the pros and cons before opening the account. NRI's, who don't need it, should avoid opening it. An NRI account requires a lot of paperwork, compliance issues and bank charge annual maintenance charges even when you don't use it.
   • An NRI should have a clear understanding of the type of accounts, tax liabilities, and FEMA and FATCA regulations.

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3. 3. How to open ICICI NRI account?

   ICICI NRI Account offer convenience to save and invest in India. An NRI can open an account in the following ways:

   1. Visit nri.icicidirect.com and submit an enquiry form.
   2. Once your enquire is registered, you will receive a PDF form in an email.
   3. Print the form, fill it and sign it.
   4. Attach required documents mentioned in the account opening form. Note that all documents should be attested by ICICI bank employee or Indian Embassy.
   5. Enclose a cheque or DD of Rs 4000 for account opening fee. (Rs 6000 for UK NRIs.)
   6. Send the form and document to ICICI Bank, Mumbai branch.

   Note: US based NRIs can open an NRI account online through a complete paperless process. The account is opened in just 2 days. This facility is not available to residents in any other countries.

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4. 4. How to close ICICI NRI Account?

   Steps to close ICICI Bank NRI account online:

   1. Download 'Request for Closure of Saving Bank Account for NRI form'
   2. Print it, Fill and Sign it.
   3. Attach a self-attested photocopy of a valid passport.
   4. Send the form to ICICI Bank, Mumbai office.

   Note:

   • This request will delink the NRI Trading and NRI Demat Account from the NRI bank account.
   • If the account is inactive or dormant, the account has to be activated before closure.

   Closure proceeds of NRO Savings account cannot be transferred to an NRE or any third party account.

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5. 5. How much are ICICI Securities NRI brokerage charges?

   ICICI Securities NRI Brokerage Charges

   Segment	Brokerage Charges
   Equity Delivery	0.50% to 1.25%
   Equity Futures	0.03% to 0.05%
   Equity Options	Rs 70 to Rs 95

   ICICI NRI Trading Tax

   Tax	Equity Delivery
   Securities Transaction Tax (STT)	0.1% on both Buy and Sell
   Transaction / Turnover Charges	NSE: 0.00325% | BSE: 0.003% per trade (each side)
   Goods and Services Tax (GST)	18% on (Brokerage + Transaction Charge)
   SEBI Charges	Rs 15/Crore
   Stamp Charges	0.01% on delivery based turnover and 0.002% on non-delivery based turnover

   ICICI NRI Equity Brokerage Structure

   Total Turnover (per month)	Brokerage
   Trades above Rs 50 lacs	0.50%
   Rs 25 lacs to Rs 50 lacs	0.75%
   Rs 10 lacs to Rs 25 lacs	0.90%
   Rs 5 lacs to Rs 10 lacs	1.00%
   Up to Rs 5 lacs	1.25%

   How ICICI NRI Brokerage slabs are calculated?

   If the total value of buy and sell transactions is Rs 5,00,001 or more in any calendar month, brokerage for the next month would come down to 1.00%. However if in the next calendar month, the total value of buy and sell transactions is less than Rs 5 lacs, the applicable brokerage fee for the next quarter would increase to 1.25%.

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6. 6. How to convert ICICI Direct to NRI account?

   ICICI NRI Trading and Demat Account Conversion

   A Resident Indian Trading and Demat account cannot be converted into a Non-Resident Indian (NRI) account. An NRI customer should close the resident account and open a new account with NRI status.

   This is because NRI accounts have tough compliance requirements. These accounts are closely monitored by RBI in India and by the government of your country of current residence.

   Thus changing ICICI account trading and demat status from Resident Indian to Non-Resident India is not possible.

   Note:

   • Your Demat holding from Resident Indian Demat account can be transferred to your NRO demat account (Non-PIS only) as long as you provided the proof of buying them when you were an Indian resident.
   • Mutual funds from the resident demat account can also be moved to NRO demat account with proof of buying.

   ICICI NRI Bank Account Conversion from Resident to NRI

   In case of a Resident Saving Bank Account, the account can be converted into NRO Saving Bank Account. The NRO account can be converted into an ICICI NRI 3-in-1 account by adding NRI Trading and Demat Account to it.

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7. 7. How to activate ICICI NRI Account?

   There are 3 possibilities of an NRI bank account goes to inactive status:

   1. A newly opened NRI Bank Account remains in inactive mode. To activate the account, the customer has to transfer funds to the account and authenticate it.
   2. The ICICI NRI account becomes inactive when it is not used for 12 months. To reactivate the account, the customer has to make one transaction through it.
   3. If the ICICI NRI account becomes a Dormant Account, the customer has to provide certified copies of valid documents for proof of identity and address.

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8. 8. How to open ICICI NRI Account in UK?

   The process of opening ICICI NRI Account for UK based NRIs is same as the process for the rest of the world (except the US where account process is paperless).

   To open ICICI NRI Account in the UK, an NRI has to:

   1. Download the NRI Account opening form PDF.
   2. Print it, fill it and sign it.
   3. Attach supporting documents (attested by ICICI Bank Employee or Indian Embassy)
   4. Attach a cheque / DD or Rs 6000
   5. Send the form and documents to ICICI Bank Mumbai office.

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9. 9. Can an NRI open a demat account in ICICI?

   Yes, An NRI can open an NRI Demat Account (NRE or NRO) with ICICI Bank.

   The best option available for NRIs is to open ICICI NRI 3-in-1 account. This account is a combination of bank, trading and demat account, interlinked together for seamless transitions between these accounts.

   The ICICI 3 in 1 account for NRI offers trading/investing in stocks, mutual funds, IPO, Bonds, NCDs, FD and equity derivatives.

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10. 10. How to open NRI Account ICICI bank?

    ICICI NRI account opening process is a paper-based process (except for US residents). An NRI has to request a PDF form from the bank, fill it up, sign it, attached supporting documents, attach check/dd for account opening fee and send it to the ICICI Bank Mumbai Branch.

    ICICI Bank offer complete online account opening to USA based NRIs. This paperless process enables NRI's to open NRE/NRO bank account in just 2 days.

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11. 11. How to open ICICI Bank NRI Account online with Aadhar Card?

    The online account opening with Aadhar based digital signature is not available to NRIs.

    US based NRIs can open an account online. This paperless process takes only takes 2 days to open an account once the online application is submitted.

    For all other countries, an NRI has to download the PDF form, fill it, sign it and send it to ICICI Bank Mumbai office.

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12. 12. How to open NRI Demat Account in ICICI?

    An NRI can open a demat account in ICICI either by opting for an NRI 3-in-1 account which allows an NRI to open a trading and bank account along with a demat account.

    The NRI Demat Account opening process is a manual process where an NRI has to fill the form online, print it, sign it and send it to the ICICI Bank Mumbai office. It takes 2 days once the paper received by the bank to open the account.

    The easiest way to open an NRI demat account is by visiting any of the nearest ICICI Securities Center or ICICI Bank branches while visiting India. ICICI Securities also has its offices in Oman, Bahrain, Abudhabi, and Dubai.

    Steps to open NRI Demat Account in ICICI

    1. Visit www.ICICIDirect.com website.
    2. Click on the 'Open an Account' tab on top.
    3. Click the 'Get Started' button.
    4. Click on the 'Non-Resident Indian (NRI)' tab.
    5. Choose the country.
    6. Fill up the Application Form online.

    1. Print the completed form & follow the CHECKLIST for signatures, photographs, and documents.
    2. Attach the required attested documents to the printed form.
    3. Send it to the address mentioned in the checklist.

    Note:

    • ICICI Direct does not offer trading account to US-based NRI customers.
    • Send an email to the customer care at nri@icicidirect.com for help in the account opening.

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13. 13. What is NRO account in ICICI?

    NRO account in ICICI helps NRI to manage their funds originated in India. NRIs can also deposit foreign funds in the NRO account.

    The following are the documents required for ICICI Bank NRO account opening:

    Address Proofs (Any one):

    1. Permanent Address Proof:
       • Indian Passport.
       • Overseas Passport and OCI card.
       • Driving license.
       • Adhar Card.
       • Voter's Identity Card issued by the Election Commission of India
       • Job card issued by NREGA (National Rural Employment Guarantee Act 2005) duly signed by an officer of the State Government.
       • Letter issued by the National Population Register.
    2. Proof of Overseas Address
       • Employment Permit / Resident Permits/ National/state ID/ Population Card/extract bearing address
       • Tax Certificate/Notice/Challan/Demand/Receipt bearing the address (Document issued by the Govt. dept. of foreign jurisdictions)
       • Voter /Electoral registration card/letter having an address
       • Trade/Commercial License issued by Municipal or government body
       • Registered Property/ title deed/Purchase Agreement for own property
    3. Non-Residential Status Proof (Any one)
       • Valid Employment Visa / Work Permit / Residence Permit / Card (including e-VISA)
       • US Naturalization Certificate/Advance Parole/ Employment Authorization Document for Optional Practical Training (OPT) to students
       • Single Entry visa with the name of the sponsor in GCC country
       • CDC / C1D visa for Seafarers
       • The OCI/PIO Card establishes the Non-Resident status
    5. Alternative India Connection Proofs (if OCI/PIO Card is unavailable):
       • Expired Indian Passport of Spouse / Mother / Father / Grandparents with valid relationship proof.
       • Certificate issued by the Indian Embassy or consulate providing PIO/OCI status.
       • Place of birth is in “India”.

    Process to open NRO Account with ICICI Bank online:

    1. Sign Up for an NRI Account:
       • Visit the ICICI Bank website.
       • Navigate to the NRI Lead Page.
       • Fill in your details, including First Name, Last Name, Country, Mobile Number, and Email ID.
       • Select a preferred date and time for contact.
       • Click "Submit."
    2. Live Assistance from ICICI Bank:
       • ICICI Bank will contact you at the preferred date and time.
       • A representative will assist you in filling out the account opening form and provide guidance on KYC documentation.
    3. Submit KYC Documents:
       • Prepare and submit the required KYC documents as guided by the bank representative.
       • These documents will include proof of identity, proof of address, and proof of NRI status.
    4. Courier Pick-Up:: ICICI Bank will arrange for a free courier pick-up of your KYC documents.
    5. Account Activation:
       • Once the KYC documents are successfully scrutinized, your NRO account will be opened.
       • You will receive confirmation and account details from ICICI Bank.

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