IIFL Securities NRI Account Review

IIFL Securities is a full-service broker offering online trading services to NRIs. It offers 2-in-1 accounts, combining demat and trading accounts, to NRIs. The 2-in-1 account enables trading across stocks, equity derivatives and investments in Mutual Funds, IPOs, and Bonds.

The company is awarded Qadat Al Tagheer (QAT) awards by UAE in 2018 for offering the best NRI financial advisory services in the country. It has a global presence with offices in India, Canada, Hong Kong, Mauritius, Singapore, Switzerland, United States, UK, and UAE.

IIFL NRI brokerage charges for equity delivery are 0.50% per executed order.

IIFL NRI Investment USP:

• Wide Range of Investment Products
• Dedicated Relationship Managers
• In-house Research Team
• Online Account Opening through Video Verification

IIFL NRI Services

To trade or invest in the Indian stock market, NRIs need to open the following account:

1. NRI Trading Account
2. NRI Demat Account
3. NRI Bank account (NRE or NRO PIS)
4. Custodial Account (For trading in Equity F&O)

IIFL offers trading & demat accounts. The bank and custodial account have to be opened with other companies. In addition, NRIs needs PIS permission for investing in stocks and custodial participant code (CP code) to trade in equity derivatives (F&O).

IIFL supports Axis Bank HDFC Bank and Yes Bank for NRI Bank accounts. These banks are designated by RBI to provide PIS Certificate to NRIs.

IIFL supports ICICI for the custodial account which is required for trading in equity derivatives.

1. IIFL NRI Trading Account

NRI Trading account is for NRIs to place buy or sell orders at stock exchanges in India. IIFL provides online trading platforms to invest/trade in equity, derivatives, mutual funds, bonds and IPOs.

NRIs need NRE account to invest in equity delivery segment and NRO account to invest in mutual funds, and F&O segments.

NRIs can open two separate accounts based on NRE/NRO benefits.

2. IIFL NRI Demat Account

IIFL NRI Demat account is an online account used to hold the securities purchased through the IIFL trading account. This account ensures the safekeeping of shares from physical theft and damages.

IIFL is a depository participant (DP) of NSDL and CDSL, the central depositories. This membership allows IIFL to offer demat services to resident and non-resident Indians.

IIFL NRI Demat Account Highlights:

• The NRI Demat Account is the same as the Resident Demat Account.
• Demat account is mandatory to invest in Indian stock market.
• Corporate benefits like dividend and interest are automatically credited in your linked NRI Bank Account.
• Allow investing in mutual funds, IPOs, and Bonds.
• Get online access to your demat account.

Read NRI demat account charges and rules to know more about demat accounts for NRIs.

IIFL NRI Trading Process

Once all the accounts are opened, NRIs can trade online in desired stocks. Here are steps to trade online:

1. Transfer money into PIS account

NRIs have to transfer the money for investing or trading in their PIS Bank Account. The bank will inform the broker about the account balance in PIS Account and the broker will update the trading limit accordingly.

2. Place Buy/Sell Order

Using any of the IIFL NRI trading software, place a buy or sell order. If the bank has sufficient funds to proceed with the order, the trade is executed per order basis. You will receive a confirmation message.

3. Submit Contract Note

IIFL sends the contract notes for buy/sell transactions to the banks at the end of the day. The bank transfers the fund to the broker or broker transfers fund to the bank based on buy/sell order.

4. Stock Settlement

The stocks are credited or debited to/from Demat account in T+2 days based on buy or sell order request.

Note:

• The investment amount for IPOs, Rights and Bonus shares will be debited or credited from Non-PIS Bank Account instead of PIS account.
• Separate transactions will be settled by the banks based on the purchase and sale of securities.
• In case of insufficient balance in PIS bank account, the payment will be rejected,
• The NRIs have to transfer the amount from a savings bank account to PIS account before placing an order.
• Do not trade or invest in banned and caution scrips. The list of banned scrips is available on the RBI website.
• NRIs cannot place intraday and BTST orders.
• NRIs cannot trade in commodities, currencies and their derivatives.

IIFL Securities NRI Trading Software Review

IIFL offers free access to multiple trading software to NRIs.

1. IIFL Trader Terminal (Desktop Trading Software)
2. IIFL Trader Terminal Web (Online Trading Website)
3. IIFL Markets App (Mobile Trading App)
4. IIFL Mutual Fund App

1. IIFL Trader Terminal

   Trader Terminal is an Installable Trading Software for high-frequency traders. It is the most advanced trading platform with superior charts, analysis and faster execution. IIFL NRI customers can use this platform to trade at BSE and NSE.

2. IIFL Trader Terminal Web

   Trader Terminal Web is a browser-based website for IIFL customers. It offers convenient investing from any computer.

3. IIFL Markets App

   IIFL Market App is a mobile trading app by IIFL. This advanced trading app is designed for trading-on-the-go.

   
4. IIFL Mutual Fund Web and Mobile App

   IIFL offers Online Mutual Fund (MF) investment to NRI through its website and mobile app. The IIFL Mutual Fund App offers online paperless MF investment from anywhere in the world.

   

IIFL Securities NRI Account Opening Process

The IIFL NRI account can be opened online as well as offline. Follow the steps below for online account opening:

1. Get PIS Permission

   NRIs have to open NRE/NRO account with the designated banks (Axis, HDFC, Federal and Yes Bank) and get PIS permission from RBI through the bank.

2. Login Details

   Visit the company website and click on 'NRI' under 'Personal Finance' on the top menu. NRIs have to fill the Name, Email ID and mobile number to register with IIFL for the further process.

3. Personal Details

   Just fill your PAN number, Aadhar number, and Date of Birth, and the rest of the details will be fetched from the ID cards.

4. Address Details

   NRIs have to mention their address to get in touch with the broker.

5. Bank Details

   You have to fill NRE bank name, account number and branch name or IFSC code to add the bank.

6. Other Details

   If you are a US resident, then you have to provide a few details under FATCA as well.

7. Upload Documents

   Upload the required documents and submit the application.

Alternatively, NRIs can give a missed call on 08066719101 or fill and online inquiry form to get a call back from a Relationship Manager. The RM will assist you in account opening.

IIFL NRI Trading Account Documents

An NRI has to submit below-mentioned documents while opening an IIFL 2-in-1 account. All the photocopies should be attested by a notary public.

• Passport (PIO and OCI card is required and Place of birth as India)
• Visa
• PAN Card
• Overseas Address Proof
• PIS Permission Letter
• Proof of Bank Account

IIFL Securities NRI Mutual Fund

IIFL customers can use the IIFL Mutual Funds mobile app for investing in various schemes. With this app, you can Buy, Sell, Start SIP, Track and Monitor various types of Mutual Funds and get recommendations anytime, anywhere. Key features of IIFL NRI Mutual Fund includes:

• Free mobile platform to buy or sell mutual funds from the top AMCs.
• NRIs can also choose SIP investment option through E-mandate.
• Get research insights on mutual funds for better investment decision making.
• Monitor your fund performance from anywhere, anytime.

IIFL Securities NRI Trading Account Advantages

• Full-service broker with a dedicated relationship manager, research reports and a wide range of products & services.
• Online account opening process for NRIs.
• Convenient Mutual Fund investment through a mobile app or website.
• Part of IIFL Group, a financial services conglomerate.

IIFL Securities NRI Trading Account Disadvantages

• Charges high brokerage as compared to discount brokers such as Zerodha and ProStocks.
• Doesn't offer an NRI 3-in-1 account. NRIs have to open an NRI bank account and custodian account on their own.

Conclusion

IIFL is a reputed full-service broker. It offers NRI Trading & Demat account facility for NRIs. IIFL also offers an online mutual fund platform to NRIs. IIFL Securities has a dedicated research team that provides insights on the economy and markets to its customers. The company has its offices in multiple locations across the globe that allows NRIs to avail branch services. The brokerage charges are on the higher side which makes it an expensive broker for NRIs.

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