ICICI NRI Demat Account: A Comprehensive Guide

ICICI Bank offers a demat account specifically designed for Non-Resident Indians (NRIs), allowing them to buy, sell, and hold securities in India from abroad.

This account is designed to cater to the unique needs of NRIs, providing them with a convenient and secure way to manage their investments in India.

To open an ICICI NRI Demat Account, you'll need to provide proof of your NRI status, which can be done by submitting a copy of your passport, visa, or other relevant documents.

The account can be opened online or through a branch visit, and the process is relatively straightforward.

You can open an ICICI NRI Demat account in two types: NRE (Non-Resident External) – Repatriable and NRO (Non-Resident Ordinary) – Non-Repatriable. These types of accounts have different features and benefits.

The NRE Demat account is repatriable, which means you can easily transfer funds back to your home country.

The NRO Demat account is non-repatriable, which means you can't transfer funds back to your home country.

To buy shares from the secondary market, you'll need a basic PINS (Portfolio Investment Scheme) Account in addition to your NRI Demat account.

You can maintain two types of demat accounts: repatriable and non-repatriable.

Here are the two types of ICICI NRI Demat accounts:

The ICICI NRI Demat account offers a range of features and benefits that make it an attractive option for non-resident Indians.

You can trade in real-time on NSE and BSE, and in the primary and secondary markets, with a single ICICI Direct NRI login.

The account allows you to access multiple stock market products, including equities, derivatives, IPOs, ETFs, and mutual funds.

One of the benefits of the ICICI Demat account is the flexibility of investing through repatriable and non-repatriable funds.

You can withdraw funds from your account, and the amount will be credited to your NRE or NRO account after deducting applicable capital gains tax.

Here are some of the key features of the ICICI Demat account:

The ICICI Demat account also offers a range of benefits, including free brokerage on trades worth up to Rs 44 lakh, zero charges for demat account opening, and waived-off annual service charges for the first year.

You can also store a variety of investment products, including mutual funds, equity, IPOs, bonds, ETFs, and NCDs, in your ICICI Demat account.

The account allows you to freeze your account for a specific period, preventing any debits or transactions during that time.

Opening an ICICI NRI Demat account is a straightforward process, and you have two options: offline or online.

To open an account offline, you must be in India and can visit an ICICI branch, where you'll need to fill out the account opening form and submit photocopies of necessary documents.

The online process is more convenient for NRIs abroad, allowing you to open a demat account without coming to India. You can place a request online through the ICICI Direct website, complete the details, and upload the KYC documents online.

To open an NRI account offline, you need to be in India and can visit the nearest branch of your broker, where you'll need to fill the account opening form and submit documents as per the Official Valid Documents (OVD) list.

NRIs who wish to open demat accounts after moving abroad can follow the online process, which involves placing their account opening request through the broker's website and submitting documents as per the OVD list.

To open an NRI Demat account, you can select either a repatriable Demat account or a non-repatriable Demat account based on your preference. You'll need to download and complete the Demat account application form, attach the relevant paperwork, and submit the completed form to your preferred participant.

Here's a summary of the steps to open an NRI Demat account:

Opening a demat account with ICICI can be done at zero cost, which is a great starting point for any investor.

The annual maintenance charge (AMC) for ICICI NRI demat account is waived for the first year, but after that, it's Rs 700 for non-ICICIdirect customers. ICICIdirect Neo customers, however, pay Rs 300 from the first year onwards.

Here are the transaction charges for buying and selling securities through ICICI demat account:

Note that there may be additional charges for mutual fund unit reconversion, which is Rs 25 per instance, and rejection of failure of transfer instruction for delivery (TFID), which is Rs 30.

To open a Direct NRE account, an NRI investor can use the ICICI NRE Demat account, which allows for repatriable transfers to an overseas account without restrictions.

This account type enables NRI investors to trade in equity, bonds, and other securities.

The ICICI NRE Demat account is specifically designed to facilitate investment in the Indian capital market for NRIs.

To invest in the Indian capital market, NRIs must route their investment through the Portfolio Investment NRI Scheme (PINS).

To open an ICICI Demat account, you'll need to provide some documents. The list of required documents may vary depending on your status as an NRI, but generally, you'll need a PAN card photocopy, a valid passport, and a visa.

For NRIs, you'll also need to submit a copy of your OCI/PIO card, Indian address proof, and overseas address proof. Additionally, you'll need to provide a canceled cheque leaf of your NRE/NRO bank account and income proof, such as a copy of your ITR or salary slips.

If you're opening an ICICI Direct 3-in-1 account, you'll need to submit self-attested photocopies of your valid passport, valid visa, PAN Card, and foreign passport holders must submit their OCI cards or PIO card and a self-declaration.

You must specify which bank account to link with the Demat account if you maintain both NRE and NRO accounts. You can only link one account, either a NRE or NRO, with the Demat account.

Here's a summary of the documents required to open an ICICI Demat account:

Opening a demat account with ICICI can be a great way to start investing in the stock market, and the good news is that there are no charges for opening a demat account.

Annual maintenance charges (AMC) for a demat account with ICICI can vary depending on the type of account you have. For ICICIdirect customers, the AMC is waived off for the first year, but from the second year onwards, it's Rs 700 per year. On the other hand, ICICIDirect Neo customers pay Rs 300 for AMC from the first year onwards.

There are no charges for buying securities through the ICICI direct platform, which is a great advantage for investors. However, when you sell securities, you'll be charged a brokerage fee, which is 0.04% of the value of the securities, with a minimum of Rs 30 and a maximum of Rs 25,000.

If your transfer instruction for delivery is rejected or fails, you'll be charged Rs 30. Additionally, there's a charge of Rs 25 per instance for mutual fund unit reconversion.

It's worth noting that demat account closure is a free service with ICICI, so you won't be charged any fees for closing your account.

Here's a summary of the demat account charges with ICICI:

An NRO Demat account is a non-repatriable account that allows you to invest in various financial instruments.

You can trade in equity, bonds, MF, and futures and options using an NRO Demat account without routing the investment through PINS.

Interest can be repatriated after TDS deduction.