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Documents Required for NRI Demat Account
NRI demat account opening is a easy process with SMIFS and can be done online. You require the following documents to open demat account online:
- Account opening form filled with mandatory details
- Portfolio Investment Scheme letter of approval issued by RBI
- Passport-sized photographs with signatures on it
- Copies of the PAN card of the account holder
- Address details of the residing country
- Signature and photograph of the nominee
- A copy of Visa
- Copy of FEMA declaration
- Canceled check leaf of NRE/NRO account
All the above documents should be attested at the Notary, Banker, or Indian Embassy of the country where the NRI is currently living.
Types of NRI demat accounts:
NRIs can maintain two types of demat accounts – repatriable and non-repatriable. They also need a basic PINS (Portfolio Investment Scheme) Account to buy shares from the secondary market.
Repatriable Demat Account:
Repatriable funds (funds which can be taken abroad) need to be kept in a separate bank account, i.e. an NRE account. Such accounts keep funds that are brought in from abroad.
Non-repatriable Demat Account:
Non-repatriable funds (funds that cannot be taken abroad) must be kept separate from repatriable funds. Such funds should be held in an NRO account. The proceeds from the sale of such investments cannot be taken abroad. The investments need to be maintained in a non-repatriable demat account.
So, open a demat account in India and start investing.