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Trading made simple in NRO status for NRIs through Tradeplus

Published on Monday, March 19, 2018 by Tradeplus Team

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Trading made simple in NRO status for NRIs through Tradeplus

Tradeplus, the Online brand of Navia Markets Limited, is one of the pioneers in online trading for NRIs.

As it pioneered online trading for NRIs way back in 2000, it continues to be one among the first to bring forth benefits of new amendments in Laws from time to time for the benefit of the trading community. In line with this, Tradeplus take pleasure in bringing into force the benefits of the recent notification from Reserve Bank of India which had exempted reporting of transactions executed by NRIs in NRO mode. This is a major change to facilitate easy investments for NRIs on Non Repatriable mode. We at Tradeplus works extensively on this to help you experience the benefits of it in the real sense and to capitalize on it.

What is the actual change?

Earlier, a NRI who trades in the secondary market in NRE or NRO status was mandatorily required to have the following accounts to execute an order

  1. Trading account
  2. Demat account
  3. Bank PIS (Portfolio Investment Scheme) account and
  4. A bank savings account (NRE or NRO as the case may be)

Among this, the PIS bank account was used to route the purchase and sale transactions of a NRI and report them to the Reserve Bank of India. This is now not required any more for those who trade in NRO status which means that there is no need of PIS account at all. We however, need to take care of the tax part, which Tradeplus will do for you at absolutely 0 cost.

What is the benefit of it?

The following are the benefits:

  1. a) A NRI who wants to trade or invest in NRO mode now needs to just open a Trading account and Demat account and attach any of the NRO bank account.
  2. b) Setting up a NRO account also helps to trade in Derivatives market and facilitates easy investments in Mutual Funds and IPOs. Derivatives trading is available at flat 1499/- per month which is the lowest in the industry for NRIs.
  3. c) This will also help a NRI save the PIS transaction charges which were debited by bank for computing tax as this will now be done by Tradeplus. Tradeplus further assists you in filing you Income Tax returns in India at the end of the year.

This is a unique facility provided by Tradeplus to make NRO investments as simple as a Resident investment.

Which NRO bank accounts can be linked for this purpose?

Banks below are supported by us for making Payment Gateway Funds transfer :

Axis Bank

Jammu and Kashmir Bank

Bank of India

Karnataka Bank

Bank of Maharashtra

Karur Vysya Bank

Catholic Syrian Bank

Kotak Mahindra Bank

City Union Bank

Lakshmi Vilas Bank

Deutsche Bank

State Bank of Bikaner and jaipur

Dhanlaxmi Bank

State Bank of Hyderabad

Fedral Bank

State Bank of India

HDFC Bank

State Bank of Mysore

ICICI Bank

State Bank of Travancore

IDBI Bank

State Bank of Patiala

Indian Bank

Tamilnadu Mercantile Bank

Indusind Bank

Yes Bank

Is Repatriation possible from NRO accounts ?

Yes, you may repatriate upto a million dollar in a year from your NRO accounts. Tradeplus, helps you in that by assisting you in obtaining Form 15CA and CB from an auditor.

Tradeplus also offers Zero Brokerage Trading for Resident Indians at just 99 per month for Options, Currency and Commodity Trading and Rs.799/- per month for Futures Trading.

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