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ICICIDirect NRI Account Review


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ICICI Bank offers trading and investment opportunities in India stock market to NRIs through ICICI NRI 3-in-1 account. It is a combination of an NRI saving bank account, an NRI Demat, and an NRI trading account.

The ICICI 3 in 1 Account for NRI enables you to trade online in BSE & NSE without the worry to monitor the settlement cycles, transfer funds from bank to trading account, etc. It offers a range of services including online investment in Equity, Derivatives (F&O), Mutual Fund, Bond, NCD, FD, IPO, and ETF.

ICICI Bank offers trading and investment services to Non-resident Indian (NRI) customers through its subsidiary ICICI Securities. The online trading and services are offered via its flagship website ICICIDirect.com.

ICICI Direct NRI brokerage charges range from 0.50% to 1.25% for Equity Delivery trades, from o.03% to 0.05% for Equity Futures trades and flat Rs 70 to Rs 95 for Equity Options trading. The ICICI NRI trading account charges vary by the total trade volume of the customer.

ICICI Securities offers a range of online trading software to its customers. This includes ICICIDirect.com website, ICICI Direct Mobile Trading App and Trade Racer, an installable trading terminal.

ICICI also offers online mutual funds to NRIs. Investors can choose from a range of schemes and invest without the hassles of any paperwork.


ICICI NRI 3 in 1 Account

To invest in India Stock Market or Mutual funds in India an NRI has to open ICICI NRI 3-in-1 Account.

ICICI Direct 3-in-1 Online Trading Account Features

  • Integrated NRI 3-in-1 account for seamless trading experience.
  • Online trading facility with advanced trading platforms and tools.
  • Access to a wide choice of investments including stocks, derivatives, mutual funds, and IPOs.
  • Flexibility to invest through repatriable and non-repatriable funds.
  • Open both PIS (Portfolio Investment Scheme) and non-PIS trading account.

This combo account includes:

  1. ICICI NRI Bank Accounts (PIS or Non-PIS)
  2. ICICI NRI Trading Account (NRE or NRO)
  3. ICICI NRI Demat Account (NRE or NRO)
ICICI NRI 3 in 1 Account

1. ICICI NRI Account Types (Bank Account)

ICICI Bank offers 2 type NRI account types:

  1. NRE Bank Account (For transactions on the repatriable basis)
  2. NRO Bank Account (For transactions on the non-repatriable basis)

Visit NRE Vs NRO Bank Account for the detailed comparison of NRI Bank Accounts.

In addition, each NRI bank account is tagged as PIS or Non-PIS account. PIS (Portfolio Investment Scheme) is an RBI scheme through which NRIs and PIOs can buy and sell shares, mutual funds, bonds, etc in India stock exchange.

Note that

  • PIS permission is required for NRIs to buy and sell stocks in India.
  • Non-PIS account can be used to sell IPO shares and shares bought when the NRI was Indian Resident. The Non-PIS account can also be used for investing in Mutual Funds and trading in equity derivatives (F&O) on non-repatriable
ICICI NRI Account Types

2. ICICIDirect NRI Trading Account

NRI Trading Account allows customers to buy/sell stocks, bonds, NCD, ETF, etc from a stock exchange like BSE and NSE. The trading account is required if you are planning to invest/trade in India Stock Market.

The ICICI Securities NRI Trading Account can be accessed by visiting ICICIDirect.com or using ICICI Direct Mobile App on Android or Apple phones.

The ICICI trading account charges for NRIs (i.e. AMC, Brokerage) are different for resident Indian trading account. In most cases, the NRI charges are 5 to 10 times higher because of the lengthy trade settlement process and tough compliance.


3. ICICIDirect NRI Demat Account

ICICI Bank offers NRI demat account through its membership with NSDL and CDSL. A demat account is mandatory to invest/trade in India Stock Market. It's an online account which holds the securities you bought in electronic format. The demat account is a secure way to keep your stocks, mutual funds, ETF, Bonds, etc.

The ICICI Securities NRI Demat Account can be accessed from ICICIDirect.com, ICICI Direct Mobile App or by login directly on NSDL or CDSL website.

ICICI NRI Demat Services Review

  • ICICIDirect NRI demat account is same as demat account for resident Indians.
  • The demat charges and demat account opening application form is also the same too.
  • While opening an NRI demat account, the customer has to choose the account subtype as Repatriable or Non-Repatriable.
  • An NRE or NRO bank has to be linked with a demat account based on the subtype.
  • The dividend, interest or bonus earned are credited to the linked bank account.
  • NRI demat account can be opened jointly with another NRI.
  • Online account management.
  • SMS facility to check your Holdings, Transactions, Bill & ISIN details.
  • Mobile alerts for all debits/credits from your NRI Demat Account.

ICICI NRI Trade Process

ICICI offers a completely online and fast trading experience to NRI investors. Once your 3-in-1 account is opened, the step-by-step ICICIDirect NRI trading procedure for trading in Equity Delivery segment is as follows:

  1. Placing an Order

    Login to ICICIDirect.com and place a buy or a sell order online. ICICI's system will check the funds and shares available in your bank and the demat account. If everything is alright then your order will be executed on the exchange.

  2. Debit/Credit

    Depending on whether it is a buy or sell order, your linked NRI bank account, and linked NRI demat account is automatically credited or debited.

  3. Reporting

    The transaction is automatically reported by ICICI Securities to ICICI Bank for onward reporting to RBI, as per the Regulations.


ICICIDirect NRI Trading Account Charges

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

TransactionFee
NRI Account Opening Charges₹4000
NRI Account AMC₹0
Equity Delivery Brokerage0.50 % - 1.25%
Equity Future Brokerage0.03% - 0.05%
Equity Options Brokerage₹70 to ₹95
Other Charges

ICICIDirect NRI Trading Software Review

The trading platform offered by ICICI Securities is the same for resident Indians as well as NRIs.

Availability of Good Till Canceled (GTC, GTD or VTD) and After Market Order (AMO) order types make ICICIDirect most favorite trading portal for NRI's.

ICICIDirect offers 3 trading software:

  1. ICICIDirect.com
  2. ICICI Direct Mobile App
  3. Trade Racer (Installable Trading Terminal)

Read ICICI online trading software review for more detail.

  1. ICICIDirect.com Website

    ICICIDirect.com Demo
  2. ICICIDirect Mobile App

    ICICIDirect.com Demo
  3. ICICI Trade Racer

    ICICI Trade Racer (Installable Trading Terminal)

ICICIDirect Investment Options

The investment options available to an NRI at ICICIDirect.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPOYes
OthersETF, Corporate Bonds, NCD, FD, Insurance

ICICIDirect NRI Account Opening Process

To trade/invest with ICICI, An NRI has to open a 3-in-1 NRI account.

How to open NRI 3 in 1 account with ICICIDirect?

ICICIDirect offers a number of ways to open an account based on the country where you reside. Below are a few popular ways to open an account with ICICI:

  1. Online Account Opening

    ICICI bank offers online account opening to US based NRIs. The paperless account opening is not available in any other country.

    An NRI from the US can open an NRI bank account in just 2 days. Below are the steps to open paperless NRI bank account with ICICI:

    1. Fill up the Online Application Form Online and select the United States in the country of residence.
    2. Fill up all the required fields and accept the online terms and conditions.
    3. Upload the scanned images of photograph and signature in the pre-defined format and the required documents in the designated slots.

    In case of any clarification required, an email is sent to the customer and also an ICICI representative gets in touch with you.

  2. Print PDF Forms

    1. Register on company's website icicidirect.com > Apply Online > Non-Resident Account.
    2. On successful registration, you will get an email with an ICICIDirect NRI account application form PDF attached to it.
    3. Take a printout and fill the application form.
    4. Attach all required documents.
    5. Send it to the company address provided on the form.
  3. Visit ICICI Branches Abroad

    ICICI Securities has its offices in Oman, Bahrain, Abudhabi, and Dubai. You can visit any of the nearest ICICI Securities Center or ICICI Bank branch and get assistance on opening an NRI 3-in-1 account. You can also hand over your completed Account Opening form at these branches.

  4. Visit ICICI Branch in India

    One of the preferred ways to open an NRI 3-in-1 account is visiting the ICICI branch when you are visiting India. This process is easy and convenient.

Note:

  • You can map only one of the accounts (NRE or NRO) with your ICICI NRI Trading account.
  • Linking your NRE account with the trading account will enable you to trade in the Equity segment whereas, with an NRO account, you can trade in both Equity & Derivative segment. You need to open 2 trading accounts to map both accounts.
  • NRIs can trade only in stocks and equity Futures & Options.
  • CICIDirect doesn't offer NRI trading in intraday, currency, and commodities.

ICICI NRI Account Documents

You need to provide the following documents to open an NRI account with ICICI:

  • Copy of Passport
  • Copy of Valid Visa
  • Address Proof
  • Colour Photographs
  • Copy of PAN Card

All the required documents need to be self-attested and to be attested by the Indian Embassy or any other competent authority like Consulate General / Notary Public / Any Court / Magistrate / Judge / Local Banker of the country where you are currently residing.

Please note that in case you do not have a PAN card, ICICI offers free assistance in applying for a PAN number.


ICICIDirect Key Features

FeatureStatus
3-in-1 AccountYes
Free Research and TipsYes
Automated TradingNo
Other Features

ICICIDirect NRI Mutual Fund

ICICIdirect offers online investment services in Mutual funds. The process is hassle-free and paperless for ICICI NRI 3-in-1 account holders.

Key Features of ICICIDirect NRI Mutual Fund

  1. Online Mutual Fund investment requires NRI 3 in 1 account.
  2. Invest in funds without filling lengthy application forms or any other paperwork.
  3. No signatures or documents required for investing as the process is totally online.
  4. Bank funds are automatically debited/credited while simultaneously crediting or debiting your units in the demat account.
  5. For NRE bank accounts, debit certificate is submitted automatically to the Mutual Fund to enable subsequent repatriation of sale proceeds.
  6. Online order confirmations and order status tracking.
  7. Monitor the performance of your funds online.

ICICIDirect NRI Customer Care

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

ICICIDirect NRI HelplineNumber
ICICIDirect NRI Customer Care Number+91-22-28307780
ICICIDirect NRI Customer Care Email IDnri@icicidirect.com

ICICIDirect NRI Trading Account Advantages

  1. India's leading stockbroker. Part of the prestigious ICICI group, a financial services conglomerate.
  2. ICICI 3-in-1 NRI Account offers the easiest online trading experience.
  3. It offers an online trading facility with automatic fund transfer and PIS reporting.
  4. Invest online in Mutual Fund, NCD, FD, IPO, etc.
  5. GTC (or GTD, VTD) and AMO order types are available for placing orders in non-trading hours.
  6. It has a very stable trading platform.

ICICIDirect NRI Trading Account Disadvantages

  1. While ICICI trading platform gets the job done, it is very old trading software with poor user experience in comparison to the next generation online brokers like Zerodha, upstox, and 5paisa.
  2. The equity delivery brokerage is higher in comparison to discount brokers like Zerodha. With ICICI, a buy order or Rs 1 lakhs will cost Rs 1250 (1.25%) in brokerage. The same order at Zerodha cost Rs 200 in brokerage.
  3. NRIs from the UK (United Kingdom) cannot invest in IPO and Mutual Fund through ICICIDirect.com
  4. ICICI Bank doesn't offer online account opening to NRIs apart from customers from the US. Online account opening is also not available to Minor NRIs from the US.

Conclusion

ICICI is a highly recommended trading account for NRIs who are looking for investing in the stock market and mutual funds in India. It offers a convenient way to invest with competitive brokerage charges. It offers a range of investment options along with a dedicated RM, NRI support desk, free research, and tips. GTC and AMO order helps NRI customers to place an order in their own convenient timings.


Frequently Asked Questions

  1. What is ICICI NRI Account?

    ICICI NRI Account is a bank account for Non-resident Indian (NRI) to invest their foreign earnings in India or to manage the money they are earning in India.

    NRI customers who would like to invest in India stock market, Mutual funds, IPO, FDs, etc. need an NRI account. Almost all large banks in India offers NRI account.

    ICICI Bank offers two types of saving bank accounts to NRI:

    1. NRE Account - To transfer and invest foreign earning in India.
    2. NRO Account - To manage money earned by NRIs in India i.e rental income, dividends, etc.

    Visit NRE Vs NRO Bank Account to find the difference between NRE and NRO account.

    Note:

    • NRI account is optional.
    • Relationship managers at banks like ICICI push NRIs to open an NRI account as soon as they land to foreign country. You should carefully understand the pros and cons before opening the account. NRI's, who don't need it, should avoid opening it. An NRI account requires a lot of paperwork, compliance issues and bank charge annual maintenance charges even when you don't use it.
    • An NRI should have a clear understanding of the type of accounts, tax liabilities, and FEMA and FATCA regulations.

    Discuss this question

  2. How to open ICICI NRI account?

    ICICI NRI Account offer convenience to save and invest in India. An NRI can open an account in the following ways:

    1. Visit nri.icicidirect.com and submit an enquiry form.
    2. Once your enquire is registered, you will receive a PDF form in an email.
    3. Print the form, fill it and sign it.
    4. Attach required documents mentioned in the account opening form. Note that all documents should be attested by ICICI bank employee or Indian Embassy.
    5. Enclose a cheque or DD of ₹4000 for account opening fee. (₹6000 for UK NRIs.)
    6. Send the form and document to ICICI Bank, Mumbai branch.

    Note: US based NRIs can open an NRI account online through a complete paperless process. The account is opened in just 2 days. This facility is not available to residents in any other countries.

    Discuss this question

  3. How to close ICICI NRI Account?

    Steps to close ICICI Bank NRI account online:

    1. Download 'Request for Closure of Saving Bank Account for NRI form'
    2. Print it, Fill and Sign it.
    3. Attach a self-attested photocopy of a valid passport.
    4. Send the form to ICICI Bank, Mumbai office.

    Note:

    • This request will delink the NRI Trading and NRI Demat Account from the NRI bank account.
    • If the account is inactive or dormant, the account has to be activated before closure.

    Closure proceeds of NRO Savings account cannot be transferred to an NRE or any third party account.

    Discuss this question

  4. How much are ICICI Securities NRI brokerage charges?

    ICICI Securities NRI Brokerage Charges

    Segment

    Brokerage Charges

    Equity Delivery

    0.50% to 1.25%

    Equity Futures

    0.03% to 0.05%

    Equity Options

    ₹70 to ₹95

    ICICI NRI Trading Tax

    Tax

    Equity Delivery

    Securities Transaction Tax (STT)

    0.1% on both Buy and Sell

    Transaction / Turnover Charges

    NSE: 0.00325% | BSE: 0.003% per trade (each side)

    Goods and Services Tax (GST)

    18% on (Brokerage + Transaction Charge)

    SEBI Charges

    ₹15/Crore

    Stamp Charges

    0.01% on delivery based turnover and 0.002% on non-delivery based turnover

    ICICI NRI Equity Brokerage Structure

    Total Turnover (per month)

    Brokerage

    Trades above ₹50 lacs

    0.50 %

    ₹25 lacs to ₹50 lacs

    0.75 %

    ₹10 lacs to ₹25 lacs

    0.90 %

    ₹5 lacs to ₹10 lacs

    1.00 %

    Up to ₹5 lacs

    1.25 %

    How ICICI NRI Brokerage slabs are calculated?

    If the total value of buy and sell transactions is ₹5,00,001 or more in any calendar month, brokerage for the next month would come down to 1.00%. However if in the next calendar month, the total value of buy and sell transactions is less than ₹5 lacs, the applicable brokerage fee for the next quarter would increase to 1.25 %.

    Discuss this question

  5. How do I convert my ICICI Direct resident trading account to NRI trading account?

    ICICI NRI Trading and Demat Account Conversion

    A Resident Indian Trading and Demat account cannot be converted into a Non-Resident Indian (NRI) account. An NRI customer should close the resident account and open a new account with NRI status.

    This is because NRI accounts have tough compliance requirements. These accounts are closely monitored by RBI in India and by the government of your country of current residence.

    Thus changing ICICI account trading and demat status from Resident Indian to Non-Resident India is not possible.

    Note:

    • You Demat holding from Resident Indian Demat account can be transferred to your NRO demat account (Non-PIS only) as long as you provided the proof of buying them when you were an Indian resident.
    • Mutual funds from the resident demat account can also be moved to NRO demat account with proof of buying.

    ICICI NRI Bank Account Conversion from Resident to NRI

    In case of a Resident Saving Bank Account, the account can be converted into NRO Saving Bank Account. The NRO account can be converted into an ICICI NRI 3-in-1 account by adding NRI Trading and Demat Account to it.

    Discuss this question

  6. How to activate ICICI NRI Account?

    There are 3 possibilities of an NRI bank account goes to inactive status:

    1. A newly opened NRI Bank Account remains in inactive mode. To activate the account, the customer has to transfer funds to the account and authenticate it.
    2. The ICICI NRI account becomes inactive when it is not used for 12 months. To reactivate the account, the customer has to make one transaction through it.
    3. If the ICICI NRI account becomes a Dormant Account, the customer has to provide certified copies of valid documents for proof of identity and address.

    Discuss this question

  7. How to open ICICI NRI Account in UK?

    The process of opening ICICI NRI Account for UK based NRIs is same as the process for the rest of the world (except the US where account process is paperless).

    To open ICICI NRI Account in the UK, an NRI has to:

    1. Download NRI Account opening the PDF form
    2. Print it, fill it and sign it.
    3. Attach supporting documents (attested by ICICI Bank Employee or Indian Embassy)
    4. Attach a cheque / DD or Rs 6000
    5. Send the form and documents to ICICI Bank Mumbai office.

    Discuss this question

  8. Can an NRI open a demat account in ICICI?

    Yes, An NRI can open an NRI Demat Account (NRE or NRO) with ICICI Bank.

    The best option available for NRIs is to open ICICI NRI 3-in-1 account. This account is a combination of bank, trading and demat account, interlinked together for seamless transitions between these accounts.

    The ICICI 3 in 1 account for NRI offers trading/investing in stocks, mutual funds, IPO, Bonds, NCDs, FD and equity derivatives.

    Discuss this question

  9. How to open NRI Account ICICI bank?

    ICICI NRI account opening process is a paper-based process (except for US residents). An NRI has to request a PDF form from the bank, fill it up, sign it, attached supporting documents, attach check/dd for account opening fee and send it to the ICICI Bank Mumbai Branch.

    ICICI Bank offer complete online account opening to USA based NRIs. This paperless process enables NRI's to open NRE/NRO bank account in just 2 days.

    Discuss this question

  10. How to open ICICI Bank NRI Account online with Aadhar Card?

    The online account opening with Aadhar based digital signature is not available to NRIs.

    US based NRIs can open an account online. This paperless process takes only takes 2 days to open an account once the online application is submitted.

    For all other countries, an NRI has to download the PDF form, fill it, sign it and send it to ICICI Bank Mumbai office.

    Discuss this question

This page is a review of NRI Trading Account NRI trading account ICICIDirect. Find ICICIDirect NRI Brokerage Charges and Calculator and steps to convert to NRI account with ICICIDirect.

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Information on this page was last updated on Tuesday, August 6, 2019


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