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.