Non-Resident Indians (NRIs) can invest in Indian equities through stockbrokers that offer dedicated NRI trading and Demat account facilities. However, choosing a stockbroker as an NRI differs from choosing one as a resident Indian.
NRIs need to consider additional factors such as NRE/NRO account support, PIS and Non-PIS routes, repatriation, NRI-specific brokerage, KYC requirements, investment restrictions, taxation, and account-opening processes.
Today, several brokers and bank-backed investment platforms offer NRI investment services. These include digital-first brokers, traditional full-service brokers, and integrated banking-and-investment platforms.
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In this guide, we compare some of the best stock brokers for NRIs in India, their key features, account options, and the type of investor they may suit.
Top Stock Brokers for NRIs in India
1. Groww
Groww offers NRIs access to Indian equity markets through the Non-PIS NRO route, allowing eligible investors to open an NRI Demat account without requiring a PIS letter. The account can be linked to an existing active NRO bank account, providing a digital route for managing investments in India.
Through its NRI offering, Groww provides access to stocks, F&O, mutual funds, ETFs and IPOs, subject to applicable eligibility and regulatory requirements. The platform’s digital interface allows investors to monitor their holdings and manage eligible investments from a single account.
Groww’s NRI offering is particularly suited to investors who prefer an online investing experience and want to access Indian market opportunities without following the traditional PIS route.
Key Features of Groww for NRIs
- Non-PIS NRO Investing: Invest in eligible Indian securities without needing a PIS letter.
- Equity Market Access: Invest in eligible Indian stocks through an NRI Demat account.
- Multiple Products: Access stocks, F&O, mutual funds, ETFs and IPOs, subject to eligibility.
- Digital Experience: Complete onboarding and manage investments through an online platform.
- NRO Account Linking: Connect an existing active NRO bank account to the Groww account.
- Portfolio Tracking: Monitor eligible holdings and investment performance digitally.
- Simple Interface: Manage investments through a straightforward and user-friendly platform.
Groww is Best For
- NRIs looking for a digital-first stock investing platform
- Investors who prefer the Non-PIS NRO route
- NRIs seeking access to Indian stocks and other eligible market products
- Investors who want to manage their Indian investments online from abroad
Overall, Groww can be an option for NRIs seeking a digital and relatively straightforward way to invest in Indian markets through the Non-PIS NRO route.
2. Zerodha
Zerodha offers dedicated NRI trading and Demat accounts and supports both PIS and Non-PIS routes.
NRIs can open an NRI account online. Zerodha states that NRIs outside India with verified KRA status can complete the process online using e-sign, while those without verified KRA status may need to print, sign, and courier documents.
Zerodha also supports NRE-PIS and NRO Non-PIS structures. Its NRO Non-PIS route supports equity delivery and, subject to applicable restrictions, F&O and intraday equity trading.
Key Features of Zerodha for NRIs
- NRI trading and Demat account
- NRE-PIS account
- NRO Non-PIS account
- Online account-opening process
- Equity investing
- F&O through eligible NRO Non-PIS accounts
- Portfolio tracking
- Digital trading platform
Zerodha is Best For
- Self-directed NRI investors
- NRIs primarily interested in Indian equities
- Investors looking for a discount-broker model
- Experienced investors who understand NRE/NRO and PIS structures
Zerodha can be particularly suitable for investors who want a brokerage-focused platform and are comfortable managing their investments independently.
3. ICICI Direct
ICICI Direct provides an integrated NRI 3-in-1 account combining NRI banking, Demat, and trading facilities.
The platform supports NRE and NRO account structures and provides access to products including equities, ETFs, mutual funds, IPOs, bonds, and eligible derivatives.
ICICI Direct also offers PIS and Non-PIS structures, making it suitable for NRIs seeking an integrated banking and investment ecosystem.
Key Features of ICICI Direct for NRIs
- NRI 3-in-1 account
- NRE and NRO accounts
- PIS and Non-PIS options
- Equity investing
- ETFs
- Mutual funds
- IPOs
- Bonds
- Eligible F&O trading
- Portfolio tracking
- Research reports
- Integrated banking
ICICI Direct is Best For
- NRIs who already bank with ICICI Bank
- Investors looking for a 3-in-1 account
- Investors who want banking and investments under one ecosystem
- NRIs looking for research and portfolio tools
4. HDFC Securities
HDFC Securities is a bank-backed brokerage platform that can be considered by NRIs looking for an established financial-services ecosystem.
Its banking integration can be particularly relevant for investors who already have an NRI relationship with HDFC Bank.
Before opening an account, NRIs should verify the current NRI account-opening process, eligible products, applicable brokerage, and NRE/NRO requirements.
HDFC Securities is Best For
- Existing HDFC customers
- NRIs looking for bank-backed investment services
- Investors who prefer an integrated financial ecosystem
5. Kotak Securities
Kotak Securities provides NRI investment and brokerage services through the broader Kotak financial ecosystem.
The platform can be relevant for NRIs who already maintain a banking relationship with Kotak Mahindra Bank and want to manage their banking and investments through a single provider.
Kotak Securities is Best For
- Existing Kotak customers
- NRIs looking for banking and investment integration
- Investors who prefer a traditional financial institution
6. Axis Direct
Axis Direct provides investment services through the Axis Bank ecosystem.
NRIs can consider the platform if they prefer a bank-backed broker and want to manage their investment relationship alongside their NRI banking services.
Axis Direct is Best For
- Existing Axis Bank customers
- NRIs looking for bank-backed investment services
- Investors who prefer integrated banking and investments
7. Motilal Oswal
Motilal Oswal is a full-service financial-services provider offering investment and wealth-management solutions.
For NRIs, it can be relevant for investors who value research, investment insights, and a more assisted investing experience.
Motilal Oswal is Best For
- NRIs looking for research-oriented investing
- Investors who prefer full-service brokerage
- Investors looking for investment support and research
8. Angel One
Angel One is a digital brokerage platform offering investment services across multiple financial products.
NRIs considering Angel One should verify its current NRI account facilities, eligible investment products, country-specific onboarding requirements, and applicable restrictions before applying.
Angel One is Best For
- Investors familiar with digital brokerage platforms
- NRIs looking for a broader investment ecosystem
- Investors who prefer digital portfolio management
PIS vs Non-PIS Account for NRIs
Understanding PIS and Non-PIS is important when choosing an NRI stock broker.
What Is a PIS Account?
PIS stands for Portfolio Investment Scheme. It is a bank-managed mechanism through which eligible NRIs can invest in Indian equities under the applicable regulatory framework.
For example, Zerodha states that its NRE-PIS route is used for investments funded through an NRE account, while its NRO Non-PIS route provides a different structure with fewer restrictions and lower costs.
What Is a Non-PIS Account?
A Non-PIS account allows eligible NRIs to invest using the applicable NRO structure without going through the PIS route.
Groww’s current NRI offering specifically uses the Non-PIS NRO route.
The choice between PIS and Non-PIS depends on factors such as the source of funds, repatriation requirements, investment type, and applicable regulations.
Which Is the Best Stock Broker for NRIs in India?
The best stock broker depends on what you value most.
Groww can be considered by NRIs looking for a digital-first experience and Non-PIS NRO investing.
Zerodha may suit self-directed investors looking for a discount-broker platform with PIS and Non-PIS options.
ICICI Direct can be suitable for NRIs who want banking, Demat, and trading facilities integrated into a 3-in-1 account.
HDFC Securities, Kotak Securities, and Axis Direct may be relevant for investors who prefer bank-backed investment platforms.
Motilal Oswal can suit investors looking for research-oriented and full-service investment support.
Rather than choosing a broker solely on brokerage, NRIs should compare NRE/NRO support, PIS/Non-PIS options, investment products, account-opening requirements, repatriation facilities, customer support, and overall platform experience.
Conclusion
Choosing the best stock broker for NRIs requires more than comparing brokerage charges. NRIs need to consider account structures, PIS and Non-PIS routes, NRE/NRO banking, investment restrictions, repatriation, KYC requirements, and the broker’s digital experience.
Platforms such as Groww, Zerodha, ICICI Direct, HDFC Securities, Kotak Securities, Axis Direct, Motilal Oswal, and other eligible brokers offer different approaches to NRI stock investing.
For a digital-first experience, Groww’s current Non-PIS NRO offering may be a good fit. Zerodha can suit self-directed investors, while ICICI Direct can be attractive to NRIs seeking an integrated banking and investment ecosystem.
Note: NRI investment rules, onboarding requirements, product availability, and brokerage charges can change. Always verify the latest terms with the broker and applicable regulatory authorities before opening an account.
