8 Documents That NRIs Need To Open A Demat Account

If you are a Non-Resident Indian (NRI) who wishes to trade, buy stock, and invest in other assets in India, you need a Demat account. It contains all the details of your shares and makes it easy to sell and purchase online assets, including mutual funds, bonds, etc.

You cannot proceed with trading in India without a Demat account. It offers you the convenience to trade and ensures the security of your transactions. It eliminates the chances of forgery, theft, damages to physical certificates, and financial loss.

If you are looking to open an account, here are the five documents you will need.

Copy Of PAN Card

A Permanent Account Number (PAN) card is a 10-digit alphanumeric code which is unique for every person. Provided by the Income Tax (IT) Department, it is accepted as valid proof of identity around India.

Therefore, you can submit a copy of it while applying for opening a Demat account. Indian banks ask for it when they accept the application for opening an account with them. You would have submitted a copy of it while opening a Non-Resident External Account (NRE) or Non-Resident Ordinary (NRO) account.

Copy Of Passport

If you are an NRI, you will need to submit a copy of your passport along with copies of your address and Visa pages. It will serve as proof of your residence in a foreign country. This is necessary to ensure no person is lying about their NRI status.

If you have a valid Indian passport, you will showcase your place of birth as India, a valid visa for a student or employee, and a work permit. If you have a foreign passport, you will need to submit proof of place of birth as India and a copy of Overseas Citizenship of India (OCI) or Person Of India (POI) cards.

Copy Of OCI or PIO

NRIs also need to submit a copy of the OCI or POI cards. These cards prove that once you were a citizen of India. It will prevent any person from impersonating you or using your name to open an account for malicious purposes.

Copy Of Foreign Address Proof

If you would have been an Indian resident, you could serve an Aadhar card as proof of address. However, when you are living in a foreign country, you will have to submit a copy of overseas address proof. It would help the authorities to contact you in case of an emergency or send confidential docs to your home.

Copy Of Indian Address Proof

If you were an Indian once, you should submit a copy of Indian address proof, which can be your aadhar card, passport, voter id, and other such documents. In case of emergency, the authorities will be able to reach your family back home.

Cancelled Cheque

If you have an NRO or NRE account, you will have to submit a copy of a cancelled cheque. It serves as proof of your account number, the IFSC code of the bank, and other details of your account.

Copy Of PIS

PIS is a Portfolio Investment Scheme letter issued by an Indian bank with which you have opened your NRE or NRO account.

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Passport Size Photograph

Depending on the authority you are opening your Demat account with, you will need to submit passport-size photographs that will prove your identity.

Many Indian banks have offices on foreign soil. They facilitate opening a Demat account either offline or online. However, either way, you will need to submit these documents for a hassle-free process.

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