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Finvasia NRI Account Review


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Finvasia offers online trading services to NRIs in equity, mutual funds, IPOs and equity F&O. It offers 2-in-1 account, combining a trading and a demat account, to NRIs to invest in various securities across NSE and BSE.

Finvasia is the only broker in India who doesn't charge any brokerage fee for trading in any segment at BSE and NSE. The brokerage free trading is available to all kind of investors including NRIs, HNI, retail clients, Foreign Institutional Investors, and high-frequency traders.

However, the company charges technology cost from customers to access some of the trading platforms. Its flagship trading platform 'SCALPERT' is available for free of charge to all.

Finvasia is a SEBI registered broker for BSE and NSE, Clearing Member and Depository Participant with CDSL. Finvasia has offices in Canada, UK and India.


Finvasia NRI Account

To invest in the Indian stock market, NRIs are required

  1. NRI Bank Account with PIS Permission
  2. NRI Demat Account
  3. NRI Trading Account

Finvasia offers NRI trading and Demat account opening facility. The NRIs have to open the NRI Bank account with one of the following banks:

  • NRI PIS Bank Account: Yes and Axis bank
  • NRI Non-PIS Account: HDFC, Axis, Yes, ICICI and PNB bank

Note: Finvasia is also a clearing member registered with NSE. The broker works as a custodian for NRIs to clear trades made under the equity derivatives category. This saves the trading cost for NRIs as 3rd party Custodian Account is not required for trading in Equity F&O.

Cost of trading with Finvasia

Cost of trading with Finvasia

 


Finvasia NRI 2-in-1 Account

Finvasia is an online stock broker offering 2-in-1 NRI Account. The 2-in-1 account includes an NRI Trading Account and an NRI Demat Account.

1. Finvasia NRI Trading Account

The NRI trading account allows NRI investors to buy/sell securities online. The trading account is offered through Finvasia's trading membership with BSE and NSE stock exchanges.

Finvasia offers a range of trading platform, some are free while others are paid, to NRI customers. This includes in-house developed Scalpert, website and mobile app based trading software available for free to all. The advance 3rd party trading software and tools are made available on a paid subscription basis.

2. Finvasia NRI Demat Account

The NRI Demat account holds the securities purchased across equity, mutual fund and derivatives segments in an electronic format. The Demat account works like a bank account for holding shares and mutual funds in an online account.

Finvasia offers NRI Demat account services through CDSL (Central Depository Services (India) Ltd) membership. The Demat Account opening fee and demat account Annual Maintenance Charges are free with Finvaisa.

Note:
  • Finvasia offers the Demat account services to NRIs similar to resident Indians.
  • NRIs have to file the same application form for account opening which is available for resident investors.
  • NRIs have to tick in front of NRI box and choose either repatriable or non-repatriable types.
  • The NRI Demat account is linked with NRI SB account and NRI trading account to complete the trading process.
  • Dividend and interest are automatically credited to NRI Demat account linked NRI account.
  • NRIs can also mention a nominee for the Demat account. The person can be an NRI or resident Indian.

Read about NRI Demat charges, procedure and rules in detail in our post.


Finvasia NRI Trading Process

NRIs can invest in equity delivery segment through NRE Bank Account under PIS. Here is the step by step process of trading in equity delivery:

1. Allocation Funds for Trading

To trade-in equity, NRIs have to transfer the funds to NRE PIS Bank Account linked with Finvaisa Trading Account. Once funds are available, the bank informs the stockbroker. The broker now updates the trading limits on its trading platform.

Note that margin funding to not available as of September 2019.

2. Buy/Sell Order

NRIs can place buy or sell orders through the trading software provided by Finvasia. The orders are sent to the corresponding exchanges. The orders are either executed or rejected before the end of the trading day.

3. Fund Settlement

At the end of the day, the broker sends buy and sell contract notes separately to the bank. Depending on the buy or sell order, the NRI bank account is debited or credited.

4. Stock Settlement

In the case of the buy order, the stocks are credited in the Demat Account in t+2 days. T is for the date of trading. In the case of the sell order, stocks are withdrawn from the demat account and delivered to the buyer.

Note: Intraday trading/short-selling is not allowed for NRIs. They can only place sell request when they have shares available in the Demat account.


Finvasia NRI Trading Account Charges

Finvasia NRI brokerage charges for trading in Equity and Equity Derivatives.

TransactionFee
NRI Account Opening Charges₹0 (₹199 Power of Attorney)
NRI Account AMC₹0
Equity Delivery Brokerage₹0
Equity Future Brokerage₹0
Equity Options Brokerage₹0
Other Charges₹0

Finvasia NRI Trading Software Review

Finvasia offers a range of trading software to NRIs. All the software's available to resident Indians are available to NRIs. However, it charges technology cost or a subscription fee for access to some of the platforms.

  1. ScalperT (Web & Mobile Trading App)
  2. Omnesys NEST (Desktop Trading Applications)
  3. NSE NOW (web trading application)
  4. Fox Trader (charting and trading platform)
  5. Amibroker (Algo Trading Software)
  6. Presto

Read Finvasia Online Trading Software Review for a detailed understanding of the features and pricing of the platforms.

Scalpert Mobile App

Finvasia Scalpert Mobile App

Finvasia Investment Options

The investment options available to an NRI at Finvasia.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPONo
Others

Finvasia NRI Account Opening Process

To trade and invest in the Indian stock market, the NRIs need to open:

  1. NRI Bank Account with PIS Permission
  2. NRI Demat Account
  3. NRI Trading Account

Finvasia is an online stock broker offering 2-in-1 accounts (Demat + Trading). Finvasia works as a trading and clearing member for NRIs. The broker accepts linking NRI Bank Account with HDFC, Axis, Yes, PNB and ICICI banks under non-PIS. For PIS account, they have tied up with Yes and Axis banks.

Online account opening is not available to NRIs. NRIs have to submit the signed paper forms to open the account. The steps for offline account opening are:

  1. Visit Finvasia.com website.
  2. Click on the 'Tools' tab provided at the main menu bar.
  3. Click 'Downloads'.
  4. Download the Trading & Demat account opening form and KYC form.
  5. Print forms, fill them and sign them.
  6. Attach the supporting documents listed below.
  7. Send the paper form to Finvasia at India.

Note: It's important to send the softcopy of the form to the account opening team to verify it before sending the paper forms to Finvasia Chandigarh office.

Finvasia NRI Account Opening Documents

NRIs have to send the application form along with photocopies of the following documents to the Finvasia for opening a Demat & trading account.

  1. PAN card copy
  2. Proof of Foreign Address
  3. Proof of Indian address
  4. PIS letter
  5. FEMA declaration
  6. Passport
  7. Bank proof (NRI, NRO, A/C)
  8. A certified true copy of POA for operating account (if any) with specimen signature of POA holder
  9. Copy of POI card for NRI but foreign nationals (check nationality)
  10. OCI card

Finvasia Key Features

FeatureStatus
3-in-1 AccountNo
Free Research and TipsNo
Automated TradingYes
Other Features

Finvasia NRI Mutual Fund

Finvasia offers both equity and debt mutual funds to NRIs. Through Debt mutual fund, NRIs can invest only in fixed-income securities. For investing in stocks listed on the stock exchanges, the NRIs have to invest in equity mutual funds.

Finvaisa offers Mutual Fund research and investment though 'SMART PORTAL'. Both lump sum and SIP options are available.


Finvasia NRI Customer Care

Finvasia NRI Support Desk contact information. Find Finvasia NRI contact number.

Finvasia NRI HelplineNumber
Finvasia NRI Customer Care Number+91 172 667 0000
Finvasia NRI Customer Care Email IDcontactus@finvasia.com

Finvasia NRI Trading Account Advantages

  • Charges zero brokerage to NRIs on Equity, Derivatives and Mutual Fund.
  • Finvasia is a trading and clearing member. NRIs can save custodial charges given to 3rd party.
  • NRIs get access to many advanced trading platforms. Some are free while others have a subscription fee.

Finvasia NRI Trading Account Disadvantages

  • Finvasia charges technology costs to provide access to some of the trading platforms.
  • It doesn't offer 3-in-1 account to NRIs. The NRIs have to open the NRI Bank Account with Yes Bank or Axis Bank.
  • Despite 3+ years in business, many products are yet to be launched i.e. Margin Funding.

Conclusion

Finvasia is an excellent choice for frequent NRI traders as it doesn't change any brokerage fee. The online trading platform it offers is the industry standard. Advance trading tools are also available. It also offers Algo trading platform to NRIs. Finvaisa also provides demat account and clearing services at a very low price. Finvasia has offices in the UK and Canada.


Frequently Asked Questions

  1. 1. How to Open NRI Account in Finvasia?

    Finvasia doesn't offer online account opening to NRIs. The NRIs have to fill the paper application form and send it to Finvasia office along with the supporting documents. It usually takes around 8 to 9 days for opening an NRI Demat and trading account after receiving documents. Here are the steps for Finvasia NRI account opening:

    1. Open an NRI Bank Account with Axis or Yes Bank.
    2. Request for PIS permission with the help of designated bank (Yes or Axis).
    3. Download the application form PDF and Print it.
    4. Fill the form and sign it.
    5. Get notarized all the supporting documents.
    6. Scan the filled form and supporting documents and email them to Finvasia.
    7. Get confirmation from Finvaisa that the forms are filled correctly.
    8. Send the physical application form along with all the supporting documents to Finvasia office in India.
    9. You will get an email confirmation once the account is opened.

    Note:

    • NRIs can open NRE/NRO account under PIS with Axis and Yes bank only.
    • Finvasia allows NRE/NRO account under non-PIS with Axis, Yes, HDFC, ICICI and PNB bank.
    • NRIs are not permitted to trade in Equity Intraday, Commodities, and Currency Derivatives.
    • NRIs are not required to open a custodial account with 3rd party as Finvasia has its own clearing house to settle the Equity F&O trades for NRIs.

    Discuss this question

  2. 2. Can NRI invest in Mutual Funds with Finvasia?

    Yes, NRIs/PIO can invest in Mutual Funds with Finvasia on full repatriation basis or on non-repatriation basis.

    Discuss this question

  3. 3. What are Finvaisa Hidden charges?

    Finvasia Hidden Charges

    Power of Attorney

    ₹199

    Demat Debit Transaction Fee

    ₹9 per transaction

    Bracket Orders in NEST

    ₹99 per month

    Taxes

    STT, Turnover Charges, GST, SEBI Fee, Stamp Duty - As applicable.

    Finvasia Trading Platform Cost

    Trading Platform

    Charges (Monthly)

    Scalpert

    Free

    NOW (NSE)

    Free for trade at NSE. ₹150 per segment for BSE.

    BEST (BSE)

    Free

    NEST (Omnesys)

    ₹49 Per exchange, ₹99 for Bracket Order

    Presto

    ₹1599

    Fox Trader

    ₹1500 Per exchange

    Discuss this question

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Information on this page was last updated on Tuesday, January 28, 2020


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