IDBI Capital NRI Account Review


-2.58% 50,258 Clients

IDBI Bank, a leading private bank in India, offers a wide range of investment options to NRIs through a 3-in-1 account. IDBI Bank offers banking, loans, capital market, PMS, etc. services to NRIs. With the IDBI Bank PIS account, NRIs can buy/sell shares, debentures, and bonds on BSE and NSE stock exchanges.

IDBI offers investment banking and securities services (including stockbroking) through its subsidiary IDBI Capital. IDBIDirect.in is IDBI Capital's flagship portal for online investment. It is also popular as IDBI Direct.

Services offered by IDBI Bank to NRI customers include:

  1. NRI Saving Bank Account
  2. NRI Demat Account
  3. PIS Account
  4. NRI Trading Account

Note:

  • NRIs from the USA and Canada can open the account with IDBI but cannot trade online with IDBI. The trade has to be done through a relationship manager.
  • IDBI Bank is designated by RBI to offer PIS Certificates to NRIs.

IDBI NRI 3 in 1 Account

IDBI Bank's most popular offering to NRIs is the 3-in-1 NRI Account. This account links Banking, Demat and Trading Account. This integrated account makes the investment very easy as the transactions between these accounts are seamless.

IDBI NRI 3-in-1 Account Benefits

  • Single click online investment across the range of investment options.
  • Invest/trade at any time and from anywhere in the world.
  • Paperless investment with hassle-free transactions.
  • Faster execution and settlement of orders.
  • All 3 accounts can be opened through a single account opening form.

This account includes the following 3 accounts:

  1. NRI Bank Account
  2. NRI Trading Account
  3. NRI Demat Account
  1. IDBI NRI Bank Account

    IDBI offers three types of bank accounts for NRIs; NRE, NRO, and FCNR accounts. These accounts can be opened as PIS or non-PIS accounts. PIS permission is required for investing in the equity delivery segment. NRO Non-PIS account is necessary to trade in the Equity Derivatives (F&O) segment.

  2. IDBI NRI Trading Account

    The IDBI Trading Account is for NRIs to buy/sell shares, bonds, mutual funds and debentures in the Indian stock market. The trading account is required for any transaction in the stock market.

    NRIs can also track the performance of the shares from their trading account. They can also access the technical charts and the research reports.

  3. IDBI NRI Demat Account

    Demat account works as a storehouse to hold securities (purchased under various segments) in electronic format. NRIs can open Demat Account with IDBI under the repatriable or non-repatriable category. NRIs can access the Demat Account through the internet and phone from anywhere in the world.


IDBI NRI Trade Process

IDBI offers an online process to trade and invest through the trading platforms for NRI investors. After opening a 3-in-1 NRI account with IDBI capital, you can invest in the Indian securities following the below process:

  1. Transfer Fund to PIS Account

    NRIs are required to fund the PIS (NRE or NRO) account before placing a buy order. If the PIS account will not have sufficient funds, the order will be rejected.

  2. Place Order

    NRIs can place buy or sell orders through IDBI online trading platforms or by calling the trading desk. The system first checks the availability of funds in the PIS account and then place the order to the exchange. Once the order gets executed the confirmation is sent to the customer.

  3. Debit/Credit in Bank and Demat

    In the case of a buy order, the PIS Bank Account is debited with funds and the Demat account is credited with shares.

    In the case of a sell order, the PIS Bank Account is credited with funds and the Demat account is debited with shares.

  4. Contract Note

    A contract note (invoice) is shared with the customer at the end of the day. This bill includes the detail about all the transactions in the day, taxes and fees. Separate contact note is shared for sell and buy transactions in a day with the bank for onward reporting to RBI.


IDBI Capital NRI Trading Account Charges

IDBI Capital NRI brokerage charges for trading in Equity and Equity Derivatives.

TransactionFee
NRI Account Opening Charges₹1500
NRI Account AMC₹0
Equity Delivery Brokerage0.50%
Equity Future Brokerage
Equity Options Brokerage
Other ChargesProcessing Charge: ₹75 per transaction

IDBI Capital NRI Trading Software Review

IDBI Capital offers online trading to NRI customers through its website IDBIDirect.in, IDBI Direct Mobile Trading App and IDBI Infinity installable trading terminal. All these trading platforms are available free of charge to all customers including NRIs. USA and Canada based NRIs however cannot trade online and have to trade through a relationship manager.

  1. IDBIDirect.in in (Web browser-based trading website)

    IDBIDirect.in
  2. IDBI Direct Mobile Trading App

    IDBI Direct Mobile Trading App
  3. IDBI INFINITY (Installable Trading Terminal)


IDBI Capital Investment Options

The investment options available to an NRI at IDBI Capital.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPOYes
Others

IDBI Capital NRI Account Opening Process

To trade with IDBI, an NRI has to open 3 accounts; NRI Bank Account (PIS), Demat Account and Trading Account. All these 3 accounts can be opened together as a 3-in-1 account.

The NRIs can open the account in two ways:

  1. NRI Insta Online Account
  2. Fill the paper forms

The NRI-insta-online account is allowed for the non-residents residing in FATF (Financial Action Task Force) member countries. 40+ countries are part of this including the US, UK, and France etc.

1. IDBI NRI-Insta-Online Account

IDBI bank allows instant account opening for NRIs living in 40+ countries. It is an instant, paperless account opening process.

Here are the steps to IDBI NRI account opening online:

  1. Visit the official website of the IDBI Bank.
  2. Hover mouse on the 'Apply Now' tab in the menu bar.
  3. Select the 'Apply Online' option.
  4. Click on the form link and fill the form online.
  5. Upload the scanned copies of the documents and submit them to the broker.
  6. On successfully uploading the required documents along with the application form, the account is opened instantly.

Visit step by step guide for Online NRI Account Opening.

In case, you are not able to open an account through IDBI NRI Insta Online Account Opening then you have the option to follow the offline process of filling a physical form and sending it along with the required documents.

2. Offline Account Opening

NRIs can open the NRI account offline with IDBI by following the below steps:

  1. Download the account opening form from the official website under the form section.
  2. Fill the form with the required information and put the signature wherever required.
  3. Attach the supporting documents along with the form.
  4. After completing the form along with the documents, the NRIs have to send them by courier at the designated branch of IDBI.

IDBI 3-in-1 Documents Required

NRIs will need to attach copies of the following documents to open NRI 3-in-1 account with IDBI:

  • Photocopy of valid residence /work /student visa
  • Valid passport's photocopy
  • Photocopy of valid Indian address proof
  • Applicant's photographs
  • If the person is PIO, he has to submit a copy of OCI or PIO card or past Indian passport of grandparent/parent/self.
  • A copy of PAN card
  • A copy of RBI approval
  • A duly attested copy of POA (Power of Attorney), if any
  • Photocopy of overseas address proof (Resident Card / OCI Card / PIO Card/ Driving License (with validity page)

IDBI Capital Key Features

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

IDBI Capital NRI Mutual Fund

IDBI offers NRI mutual fund services through the 3-in-1 account. IDBI Asset management also has a separate website to offer mutual funds to the resident as well as non-resident Indians.

Note:

  • NRIs can purchase, redeem and switch funds online.
  • Mutual fund account is linked with 3-in-1 account for a quick transfer, invest and redeem.
  • PIS permission is not required for investing in a mutual fund.
  • It doesn't allow US and Canada based NRIs to invest in IDBI mutual funds.
  • NRIs can invest in mutual funds across equity, debt and hybrid segments.
  • Equity SIP is available.

Read more about the NRI mutual fund account in India.


IDBI Capital NRI Customer Care

IDBI Capital NRI Support Desk contact information. Find IDBI Capital NRI contact number.

IDBI Capital NRI HelplineNumber
IDBI Capital NRI Customer Care Number1800-22-3366, 022-3913 5001
IDBI Capital NRI Customer Care Email IDcustcare@idbidirect.in

IDBI Capital NRI Trading Account Advantages

  • Offers 3-in-1 accounts which makes the trading experience fast and smooth.
  • Provides research and recommendation tips.
  • Offers instant online account opening facility.
  • Works as a custodial to settle equity derivatives trades for NRIs.
  • Offers in-house mutual funds under different segments.
  • After Market Order (AMO) facility.
  • Equity SIP is available.

IDBI Capital NRI Trading Account Disadvantages

  • Brokerage charges are comparatively higher than discount brokers.
  • Online trading is not available to USA and Canada based NRIs.
  • Offers comparatively lower interest rates on NRI savings bank account.

Conclusion

IDBI is a full-service broker offering a range of investment options to NRIs. IDBI NRI 3-in-1 Account makes stock market investment simple and hassle-free. NRIs also get RM assistance and investment advice from experts. It has a network across 40+ countries to offer NRI services. The broker also works as a custodian for trade clearance and settlement which reduces the extra cost for NRIs. IDBI is recommended for NRIs who are a casual investor and prefer convenience over the trading costs.


Frequently Asked Questions

  1. 1. Can I open an NRI account with any IDBI branch?

    NRIs are allowed to open NRI Bank Account with only RBI authorized branches under PIS. Only a few key branches offer NRI account.

    Note: The NRI account can be opened from any bank branch. The forms and supporting documents are prepared and send to the authorized branch where the NRI Account is opened.

     

  2. 2. What is the maximum amount an NRI can remit from the IDBI NRI account?

    An NRI can remit up to USD 2500 or equivalent in a single remittance from the IDBI NRI account. The maximum number of remittances in a year for NRI is restricted to 30.

     

  3. 3. Will PIS permission be for lifelong with IDBI bank?

    No, the PIS permission is not life-long. IDBI or any other authorized banks are allowed to issue general permission only for 5 years. After 5 years, NRIs have to renew the PIS permission with a designated branch for another 5 years and so on for a concerned period.

     

  4. 4. How to get NRI PIS permission from RBI through IDBI Bank?

    The NRIs have to submit the PIS Application Form with IDBI to a designated branch in India. The authorized bank provides general permission for 5 years. There is no need to get permission from RBI.

    The IDBI bank will inform about the transactions made under the PIS account to RBI on behalf of NRIs.

    PIS permission is only required to trade in stocks on repatriation basis. NRIs don't need PIS enabled bank accounts to trade in equity derivatives and mutual funds.

     

Contact IDBI Capital / Request Call Back

Leave your contact information and we will get in touch with you....

Name:Phone
EmailCity
State
Are you a day trader?

IDBI Capital Competitors Review

Information on this page was last updated on Tuesday, October 1, 2019


Comments

Add a public comment...








Search Chittorgarh.com:

Download Our Mobile App

Android App iOS App