Geojit NRI Account Review

Geojit BNP Paribas is a leading full-time stockbroker with a strong presence in Southern India and the Middle East. The company offers NRI services to non-resident Indian investors residing in Oman, Kuwait, Bahrain, Saudi Arabia, and the U.A.E only.

Geojit offers a 2-in-1 trading account integrating a Demat and Trading Account. The stockbroker also offers research, investment advice and PMS services to NRIs.

Geojit NRI charges a brokerage of 0.75% of the trade value for equity delivery orders. It also offers F&O trading services to NRIs and works as a clearing member for the trading deals. NRI customers do not require a separate Custodial Account to trade in Equity F&O with Geojit.

Geojit has partnerships with local companies in the Middle East (UAE, Saudi Arabia, Bahrain, Kuwait or Oman) to offer investment services in India. The local partners include:

• BBK Geojit Securities KSC, Kuwait
• QBG Geojit Securities LLC, Oman
• Barjeel Geojit Financial Services, LLC, Dubai
• Aloula Geojit Capital Co, Saudi Arabia

Note: Geojit doesn't offer NRI services to countries except UAE, Saudi Arabia, Bahrain, Kuwait or Oman. NRIs who are residents of the USA, UK, Canada or Australia cannot open an account with Geojit.

NRI customers need 3 accounts to invest in the Indian Stock Market:

1. NRI Bank Account (NRE/NRO PIS Account)
2. NRI Trading Account
3. NRI Demat Account

An NRI has to open the NRI Bank Account with a 3^rd party bank. The Trading and Demat Accounts are opened with Geojit.

Geojit has a tie-up with IDBI, Federal Bank, South Indian Bank, Axis Bank and State Bank of India for NRI Bank Accounts.

Note:

• Geojit is a trading and clearing member at NSE. It clears the trades made in the equity derivatives (F&O) segment.
• NRIs are permitted to trade in Equity Delivery and Equity F&O segments.
• NRIs are not permitted to do intraday trading, commodity trading, and currency derivatives trading.

Geojit NRI Trading Account

Geojit is a member of BSE and NSE stock exchange through which it offers trading/investment services to NRIs.

The NRI Trading Account allows NRIs to buy/sell securities. It is a mandatory account to transact in stock exchanges in India.

Geojit NRI Demat Account

In India, all securities such as Shares, Mutual Funds, NCDs, ETFs, etc., are kept in the Demat account only. NRI customer has to open an NRI Demat Account to hold the securities electronically.

Note:

• The demat account is a deposit of securities. Similar to a bank account where we keep money, the demat account hold Shares, Mutual Funds, NCDs and ETFs.
• Geojit NRI Demat Account can be opened online or by visiting the branch in the country of residence.
• While opening a Demat account, NRIs have to select the non-resident type along with repatriable or non-repatriable subtype.
• The NRI Demat account must be linked with NRE/NRO bank accounts with a designated bank.
• The dividend and interest earned from the investment are credited to the NRI Demat account directly.
• NRIs can appoint a nominee for their Demat account.

Geojit NRI Trading Process

Geojit NRI customer can follow below high-level steps to trade/invest in India:

1. Fund Allocation

   Transfer the funds which you would like to invest in the NRE PIS Bank Account. Once the fund is available, the bank sends the balance information to the stock broker. The broker now updates the available limit in the NRI Trading Account.

2. Place order

   NRIs can now use the trading software provided by Geojit and place buy/sell orders. Note that only Equity Cash (Equity Delivery or Cash & Carry) orders are permitted through this account.

   The broker now sends the order to the exchange. If a buyer/seller is found in exchange, the transaction is completed (order gets executed). A confirmation is sent to the customer about the executed trade.

3. Fund Settlement

   At the end of the trading day, Geojit sends the contract notes to the Bank. The contract note includes the transaction detail, fees, taxes and outstanding balance. Bank now settles the transaction by sending or receiving funds.

   In the case of buy trade, the bank transfers the amount to the broker. In the case of sell trades, the broker transfers the funds to the linked PIS bank account.

   Note: The broker sends a separate contract note for buy and sell transaction.

4. Stocks Settlement

   The stockbroker credits and debits the shares in the linked NRI Demat account based on buy and sell transactions, respectively.

Geojit NRI Trading Software Review

Geojit offers NRIs options to trade/invest in Equity, Derivatives, IPOs and Mutual Funds.

Self-directed Trading & Investment Platform (SELFIE) is an online trading platform offered by Geojit. NRI customers can use the following trading software to trade:

1. SELFIE (Mobile Trading App)

   

2. SELFIE Gold (Browser-based Trading Website)

   1. SELFIE Classic

   2. SELFIE Pro

   3. SELFIE Lite

3. SELFIE Platinum (Exe-based Virtual Dealer Terminal)

NRIs can also place trading and investment request by calling the nearest branch of Geojit or calling Geojit relationship manager.

Geojit NRI Account Opening Process

To trade with Geojit, an NRI need an NRI Bank Account. The NRI also needs PIS Permission Letter to open an account with a designated bank. Geojit has a tie-ups with IDBI, Federal Bank, South Indian Bank, Axis Bank and State Bank of India for NRI Accounts.

Once the NRI Bank Account with PIS permission is in place, NRIs can open an NRI Trading Account and NRI Demat account with Geojit.

Note: NRIs don't need PIS Bank Accounts for trading in Equity Derivatives (F&O). They can make a payment from NRE/NRO accounts linked to the Non-PIS account. For CP code, Geojit works as a clearing member at NSE.

For the Geojit NRI account opening, you have to download the application form in PDF, print it, fill it, sign it and send it to the stockbroker along with the required documents.

Steps to open a new account in Geojit for NRIs

1. Open an NRE/NRO account with the designated banks
2. Apply for PIS permission from RBI before investing in the stock market
3. Get CP code from Geojit if planning to trade in F&O
4. Download the account opening form and fill it
5. Attach the supporting documents after notarizing
6. Send the application form to the Geojit

Geojit NRI Account Opening Form PDF

The account opening form is the same for residents and NRIs. Following is the process of downloading the account opening form for NRIs.

1. Visit the official website of Geojit.
2. Go to Account opening forms under 'opening a new account'.
3. Click on 'Standard set of Account Opening Form - Individual' and download it.

Geojit NRI Documents

NRIs are required to submit the following documents for Geojit NRI Account opening:

• Photocopy of PIS account opened with an authorized bank
• Proof of his foreign address
• PAN card Copy and FATCA Declaration Form
• Overseas address proof
• Passport size photograph
• Indian address Proof (optional)
• For NRIs with Foreign Passport: Copy of passport, PIO/OCI card
• For NRIs with Indian Passport: Copy of passport and valid visa
• Proof of bank account (canceled cheque of NRE or NRO savings account)
• Declaration of P.O. Box in your residing country; and

All the documents mentioned above are required to be self-attested by the NRI customer as well as attested by the Notary Public.

Note:

• NRIs can only have one PIS account
• NRE/NRO, PIS, NRI Demat and trading accounts must be linked to each-other
• They need an NRE bank account to invest in equity delivery and NRO account to invest in the equity derivatives segment.
• You can open more than one NRE and NRO account under the non-PIS.
• NRIs will need CP code to trade in equity futures and options.
• They are allowed to trade in the equity delivery segment.

Geojit NRI Mutual Fund

Geojit offers Mutual Fund and its investment advisory services to NRIs. The NRIs can choose MFs based on their investment needs and risk appetite.

NRI's can buy/sell Mutual Funds online. The mutual funds are credited in the NRI demat account.

Geojit NRI Trading Account Advantages

• 30+ years of experience in the capital market in India.
• Strong physical presence in Gulf countries through tie-ups with other prominent financial services providers in these countries.
• Dedicated research team offers investment and research tips to NRIs.
• Equity Derivatives NRI traders do not require separate Custodial account as Geojit is a clearing member and clear the trade by themselves.

Geojit NRI Trading Account Disadvantages

• NRI Account is available only to residents of UAE, Saudi Arabia, Bahrain, Kuwait or Oman.
• Doesn't offer services to the US, UK, Australia or Canada based NRIs.
• Doesn't offer a 3-in-1 account. An NRI has to open a bank account with another company.
• High brokerage charges when compared with discount brokers like Zerodha, Prostocks, etc.

Conclusion

Geojit is a highly recommended broker for NRIs residing in Middle East countries. It has 480+ offices and a dedicated Call Centre to offer quality services to NRIs. The company also offers strong research services to help NRIs make informed trading decisions. Other investment options including Mutual Funds, PMS and IPO make them preferred broker for many NRIs in the Gulf.

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Information on this page was last updated on Thursday, November 23, 2023