Karvy NRI Account Review


-19.65% 195,465 Clients

Alert! Friday, 22 Nov, 2019 SEBI barred Karvy Stock Broking Ltd. from taking on new clients after finding alleged client fraud. Read SEBI Notice and News for more detail.

Note: Karvy will continue serving their existing clients as they were before. They can trade, manage demat accounts, apply in IPO or close the account anytime. Only the new account opening is prohibited.

Karvy Customers,

Need Help Moving to Another Broker?

Karvy has nearly two decades of experience in providing trading and investment services to NRIs. Non-resident Indians can invest in Equity, Equity SIP, Mutual Funds, NPS, NCD, Bonds, Structured Debenture Products and many more. Karvy is among the top 10 stock broking houses in India.

The stock broker also offers ESOP Trading, a unique service for NRIs, PIOs, OCIs and foreign nationals to exercise their stock options, liquidate them and repatriate the proceeds.

Karvy offers 2-in-1 accounts, a combination of Karvy NRI Demat and Trading Account. Karvy also works as an authorized PAN agent for NRIs for facilitating PAN cards in India.

Karvy offers free access to online trading platforms (desktop, mobile, and web versions) to non-resident Indians.

Karvy Stock Broking Ltd is a registered clearing member to clear and settle trades in the stock market. When you trade and invest in F&O at Karvy Online, you are not required to open a custodial account with a 3rd party.

Karvy offers a competitive NRI brokerage plan wherein it charges 0.75% of the turn over on equity delivery. The brokerage on equity Future is 0.03% and equity options are ₹100/lot.

Karvy KYC for NRI is important when you want to deal in securities markets. It is the one time process with SEBI to complete through registered DPs, broker and mutual fund. When you change the stockbroker, you are not required to go through the KYC process again.


Karvy NRI Trading Account

Karvy provides a one-stop-shop for investing and trading across different segments in the Indian Stock Market. It offers a 2-in-1 account for NRIs. The Karvy NRI Services include:

1. Karvy NRI Trading Account

Karvy NRI Trading Account offers investors to access BSE & NSE to buy and sell different securities including Shares, Mutual Funds, and IPOs.

Karvy NRI Trading Account - Key Benefits

  • Free access to online trading software in desktop, web and mobile versions
  • The dedicated research team provides in-depth research reports and market insights
  • ESOP trading services
  • Invest online in mutual funds, IPOs, and bonds, etc.
  • Assisted trading through RMs, advisory desk, live chat, etc.
  • Call & Trade facility

2. Karvy NRI Demat Account

Karvy NRI Demat Account is opened for NRIs to hold the securities in the electronic format. The Demat account is similar for NRIs and non-NRIs. The only difference is that NRI demat account should be linked to NRI Bank Account and NRI Trading Account.

Karvy has a membership with NSDL and CDSL to provide demat account services.

Karvy NRI Demat Account Highlights

  • NRIs need the Demat account to hold the securities electronically in the account.
  • The demat account is mandatory for investing in India Stock Market.
  • Karvy's Demat account opening form is the same for NRI or resident Indians. You only have to select the investor's type.
  • NRIs have to link the NRI trading and NRI SB account with the Demat account.
  • The nomination facility is also available with the NRI Demat account.
  • Karvy provides online access to the demat account. An NRI can check the Demat holdings or truncations at any point in time.
  • Earnings like bonuses and dividends from the securities are automatically credited to the linked NRI bank account.

Read our article on the NRI Demat Account to understand in detail about demat account opening process, rules, and charges, etc.


Karvy NRI Trading Process

NRI trading/investment in the stock market with Karvy is online and very convenient. Once the NRI demat and trading accounts are opened, NRIs can follow below simple steps to invest in Equity Delivery segment:

1. Fund Allocation

An NRI has to transfer the funds required for trading into NRI PIS Bank Account. After the PIS Bank Account is funded, the bank informs Karvy about the availability of the funds in the account. Depending on the fund allocation, the trading limit in Karvy NRI Trading Account is updated.

2. Order Placement

NRIs can place buy or sell orders using any of the trading platforms offered by Karvy. NRIs can place the orders while markets are on or at a later point of time using After Market Orders. As soon as the NRI places the order, the order is sent to the exchange. If the buyers/sellers are available, the trades get executed.

3. Fund Settlement

At the end of the day, Karvy sends buy and sell contract notes consisting of all the stocks transaction-related details to the bank. Based on this information, the bank debits/credits funds from/to the PIS account.

4. Stocks Settlement

Based on the order placed and debit/credit status of the NRI Bank Account, the stocks are updated in the Demat account. The settlement for equity delivery takes T+2 days. The shares are credited in case of a buy order and debited in case of a sell order.


Karvy NRI Trading Account Charges

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

TransactionFee
NRI Account Opening Charges₹2500
NRI Account AMC₹0
Equity Delivery Brokerage0.75%
Equity Future Brokerage
Equity Options Brokerage
Other ChargesMinimum Brokerage: ₹75

Karvy NRI Trading Software Review

Karvy offers a range of online trading software to help NRIs trade from the convenience of their home, office or anywhere. The various platforms offered by the company include:

  • Karvy Online Web or Xpress platform (Online Trading Website)
  • Karvy NEST (Desktop Trading Software)
  • KarvyOnline - Mobile Trading App
  • Karvy Thematic Basket
  • Karvy Mutual Fund Mobile App
  • Assisted Trading (Call & Trade)

Karvy Online Mobile App

Karvy Online Mobile App

Karvy Online Web Trading Software

Karvy Online Web

Karvy Mutual Fund Investment App

Karvy Mutual Fund Investment App

Karvy Investment Options

The investment options available to an NRI at Karvy.

Investment OptionStatus
StocksYes
Mutual FundsYes
IPOYes
OthersETF, Bonds, Government securities or treasury bills

Karvy NRI Account Opening Process

Karvy is a full-service broker offering a range of NRI Services. NRIs can open trading and Demat accounts with Karvy.

Before opening the Trading and Demat accounts, they have to open the NRI PIS Bank Account with designated banks. The NRI PIS Account is an NRI Bank Account (NRE or NRO) with PIS Permission attached to it. Each transaction in this account is reported to RBI.

For trading in the Equity Derivatives segment (F&O), an NRI also needs a custodian participant code or CP code. Karvy's clearing services help NRIs in getting the CP code.

Online Account Opening is not available to NRIs at Karvy. The NRI account has to be opened manually by filling the paper forms.

Karvy NRI Account Opening Form PDF

To open a Demat account with Karvy securities, NRIs have to fill the registration form available at the website online.

The account opening PDF form is not available for download. You have to visit the branch or call the customer care to get a Karvy NRI Account Opening Form.

Karvy NRI Account Opening Documents

Here are the documents required to open Karvy NRI demat and trading account:

  • Duly filled KYC form
  • Photograph with the signature of the holders across the photograph
  • Self-attested copy of Pan Card
  • Self-attested copy of address proof (foreign as well as Indian)
  • Self-attested copy of passport front (page with photo) and passport last (page with address) and PIC account.
  • FEMA Declaration form
  • Self-attested copy of visa/residence permit/work permit
  • NRO Special Investment/ PIS account Proof
  • Self-attested copy of the passport page with India visit stamp from immigration
  • NRO/NRE Bank proof
  • PIS letter

Karvy NRI Account Opening Steps

  1. Open NRI Bank Account with a designated bank.
  2. Get PIS permission from RBI.
  3. Fill the Karvy NRI Demat/trading account opening form.
  4. Submit the form along with copies of supporting documents.
  5. The broker verifies the details through an in-person verification process.
  6. After processing the application, you will get a client ID and account number to access the account.

Karvy Key Features

FeatureStatus
3-in-1 AccountNo
Free Research and TipsYes
Automated TradingNo
Other FeaturesESOP Trading, PAN Card

Karvy NRI Mutual Fund

NRIs can also invest in mutual funds through Karvy Online. After purchasing the mutual fund units, it will be held in the NRI Demat Account along with other securities.

The US and Canadian based NRIs have to follow the CRS & FATCA regulations before investing in a Mutual Fund at Karvy. The broker allows them to invest in only 8 AMCs which are SBI, Birla SL, ICICI prudential, UTI, L&T, Sundaram MF, and DHFL.

Key Features of Karvy NRI Mutual Fund Services

  • Invest in mutual funds online at your convenience
  • Track the performance of your funds online
  • Zero brokerage, handling, annual maintenance charges or any other hidden charges for mutual fund transactions.
  • Choose from a variety of funds from 8 top AMCs
  • Research support to help you to build a strong Portfolio.

Karvy NRI Customer Care

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

Karvy NRI HelplineNumber
Karvy NRI Customer Care Number+91 40 3321 7148
Karvy NRI Customer Care Email IDnridesk@karvy.com

Karvy NRI Trading Account Advantages

  • Over 2 decades of experience offering NRI services.
  • Provides ESOP Trading facility.
  • A dedicated and specialized research team.
  • One-stop solution for trading and investing.
  • A team of relationship managers to provide an assisted trading facility.

Karvy NRI Trading Account Disadvantages

  • It doesn't offer a 3-in-1 account. And, NRIs have to open a separate savings bank account and complete the paperwork.
  • Karvy charges turnover based brokerage at 0.75%. The brokerage charges are higher when compared with fixed-fee brokerage charged by discount brokers like Zerodha and Prostocks. The brokerage charged by Prostocks is ₹100 per order.

Conclusion

Karvy is a full-service broker that provides stock, derivatives and mutual fund investment. It has a dedicated research team that provides stock recommendations. The Karvy desktop trading platform facilitates a 3D analysis of the stocks to help the investors in making the right investment decision. Karvy also provides relationship manager (RM) assistance to help the NRIs build a strong investment portfolio as per their risk appetite and financial goals.


Frequently Asked Questions

  1. 1. How to open an NRI account in Karvy?

    Karvy NRI account opening is manual paper-based processing. Karvy doesn't offer online account opening to NRIs.

    NRIs can open an account with Karvy in two ways:

    1. Visiting Karvy Branch
    2. Filling the forms and send them to Karvy office

     

  2. 2. Can NRI invest in shares in India through a stock exchange?

    Yes, NRI can purchase shares or convertible debentures of an Indian Company through stock exchanges, under the portfolio investment scheme (PIS) on repatriation and /or non-repatriation basis.

    NRIs can also invest in:

    • Exchange-Traded Funds (ETFs).
    • Dated Government securities (other than bearer securities) or treasury bills.
    • Units of domestic mutual funds.
    • Bonds issued by a public sector undertaking (PSU) in India.
    • Shares in Public Sector Enterprises being disinvested by the Government of India.

     

  3. 3. What is ESOP trading offered by Karvy?

    Karvy offers unique Employee Stock Option Plan (ESOP) Trading services. It helps NRIs in exercising their stock options, liquidating and repatriating the proceeds.

    Employee stock ownership plan (ESOP) is an employee benefit plan offered by listed Indian companies to its employees (resident or non-resident Indians) of a joint venture, and wholly-owned subsidiary abroad. ESOPs are issued as direct stocks, profit-sharing plans or bonuses.

    The shares can be held in NRO or NRE account for non-repatriation and repatriation benefits, respectively. You will need an NRI trading account to sell those shares.

     

  4. 4. Does Karvy allow US and Canadian NRIs to invest in mutual funds?

    Yes, Karvy allows US and Canadian NRIs to invest in mutual funds. With Karvy, you can invest in mutual fund schemes offered by SBI, Birla SL, ICICI prudential, UTI, L&T, Sundaram MF, and DHFL only.

    The Foreign Account Tax Compliance Act (FATCA) in the US and Canada requires a complex compliance process. This is the reason only 8 AMCs accept investments from the US and Canada based NRIs.

     

Karvy Competitors Review

Information on this page was last updated on Saturday, June 6, 2020


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