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Kotak Securities NRI Account Review

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Kotak Securities is a full-service broker that offers a range of services to NRIs, from across the globe, including online trading in Equity, Equity Derivatives (F&O), Mutual Funds, Bonds, IPO, and ETF. Kotak securities NRI account (NRI 3-in-1 account) combines a Trading, Demat and Kotak Mahindra Bank NRI Saving Bank Accounts which offers hassle-free investment experience.

Kotak Securities NRI Services Benefits

1. Part of reputed Kotak Mahindra group.
2. Offers NRI 3-in-1 account for seamless trading experience.
3. Branch offices in New York, London, Dubai, Singapore, and Mauritius.
4. Access to advanced trading platforms and tools.
5. The dedicated research team and advisory desk.
6. Place orders online or on phone or via chat
7. The expert assistance of a relationship manager
8. The account can be used to invest in IPOs, mutual funds, etc., besides trading in stocks and derivatives

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Kotak NRI 3 in 1 Account (Trinity Account)

Kotak Securities offers a 3 in 1 account (Trinity Account) to NRI investors to facilitate smooth trading. The Kotak 3 in 1 account NRI includes:

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

Top 10 Features of Kotak NRI 3-in-1 Trading Account

1. Enables seamless online delivery based trading with an integrated 3-in-1 account.
2. Avail in-depth research services from an expert team.
3. Invest across IPOs, MFs, and other fixed-income instruments.
4. Free access to a range of advanced online trading platforms.
5. Access to portfolio tracker for quick portfolio snapshot and investment performance.
6. Facility for GTC (Good Till Canceled) and AMO orders.
7. Trade on Phone facility.
8. Get detailed news & real-time updates on the Indian markets, economy and individual scrips with Kotak Securities News Channel.

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1. Kotak NRI Account Types (Bank Account)

The Savings Bank accounts in NRI 3-in-1 Trading account are provided by Kotak Mahindra Bank. The bank offers 4 types of accounts-

• NRE Rupee Savings Account (For transactions on the repatriable basis)
• NRE Platina Saving Account (For transactions on the non-repatriable basis)
• NRO Rupee Savings Account(For transactions on the repatriable basis)
• NRO Platina Saving Account (For transactions on the non-repatriable basis)

Please read our article on NRE Vs NRO Bank Account for a detailed comparison of NRI Bank Accounts.

Each NRI bank account is also categorized as PIS (Portfolio Investment Scheme) or Non-PIS account. PIS is a scheme from RBI scheme through which NRIs can trade in shares, mutual funds, bonds, etc in India stock exchange.

Note-

• PIS permission is mandatory for NRIs to trade in stocks in India.
• Non-PIS bank accounts can be used to sell IPO shares and stocks bought when the NRI was Indian Resident. The Non-PIS rupee account can also be used to fund investments in Mutual Funds and trading in equity derivatives (F&O) on non-repatriable basis.

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2. NRI Demat Account in Kotak

Kotak NRI demat facilitates holding of bought securities in electronic format. The online demat account can be used to hold a variety of securities including stocks, IPO shares, and mutual funds, etc.

Kotak Securities is a depository participant with both NSDL and CDSL. The membership allows it to offer demat account related services to customers.

NRIs can open two types of Demat accounts with Kotak:

• NRE (Non-Resident External) Demat Account- Repatriable
• NRO (Non-Resident Ordinary) Demat Account- Non-Repatriable

Please read our article NRI Demat Account-Online Opening Procedure, Charges & Rules to understand NRI demat accounts in detail.

Kotak Securities NRI Demat Account Review

1. Free online access to your demat account
2. AMC of Rs 75 per month
3. Quick transfer of securities
4. Invest in stocks, IPOs, and Mutual Funds
5. Auto credit of dividends, bonuses, etc., earned from securities into linked bank accounts
6. A 3-in-1 account for faster trading
7. Same charges as resident india customers.

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3. Kotak NRI Trading Account

Kotak NRI trading account enables NRI customers to trade in the shares of listed companies and their derivatives (F&O) at BSE and NSE stock exchanges.

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Kotak NRI Trading Process

Kotak Securities offers online trading services to NRI investors, except for those based in the US and Canada.

The step-by-step Kotak NRI trading process is as follows-

1. Funding Your Account

   To buy stocks, you need to fund your PIS (NRE/NRO) account. Once the PIS account has enough funds, you will get a window to place orders in the market.

2. Place an Order

   Place a buy order using any of the Kotak trading platforms. The system will check for the availability of the funds in your linked PIS bank account. If sufficient funds are available for the trade then your order will be executed.

3. Credit to Demat

   When a buy order is placed the amount in the PIS account gets debited and the shares get credited in the Demat Account. Similarly, when a sell order is placed the shares get debited from the demat account and the funds are credited to the PIS account.

4. Reporting

   As per the Regulations, all the transactions at the end of the day will be reported to Kotak Bank for onward reporting to RBI.

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Kotak Securities NRI Trading Software Review

The trading platforms offered by Kotak to NRI customers are the same as those for resident Indians. Kotak offers a range of online trading software and tools:

• Kotak Securities website (Online Trading Website)
• Stock Trader (Mobile Trading App)
• KEAT Pro X (Desktop Trading Software)
• Smallcase
• Call & Trade
• Chat to Trade

NRIs can also use below-mentioned trading tools:

• TradeSmart Derivatives
• TradeSmart Insights
• TradeSmart Trends

 

Kotak Keat Trading Software

 

Kotak Mobile Trading App

 

TradeSmart Derivatives Application

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Kotak Securities NRI Account Opening Process

You can set up NRI Trading account in 2 ways:

• Already have an NRI bank and NRI demat account with another bank

  You need to open an NRI trading account with Kotak Securities and link your bank and demat accounts with the trading account. This process can only be done in the offline mode.

• Don't have an NRI bank and NRI demat account

  You can open a Kotak 3-in-1 Trinity account using the process described below.

Kotak NRI 3-in-1 Account Opening Process

Opening a Kotak NRI 3-in-1 account is simple. An NRI can open Kotak Trinity Account in the following 3 ways:

1. Fill out an enquiry form on its website
2. Call toll free number in India to request for help in account opening.
3. Visit a Kotak Securities branch office.

Kotak 3-in-1 Documents Required

You need to provide the following documents to open a 3-in-1 NRI account:

• Copy of your Passport
• Copy of your Visa (For those whose Passport is issued in India or have a work permit of UAE)
• PIS permission (not required if Kotak Mahindra bank form is filled)
• Form 60 (In case you do not have Pan Card)
• FATF Declaration

In addition to these, you can have to provide the following address proof documents:

• Latest (not more than 3months old) Electricity bill
• Bank Passbook or Statement for overseas address
• Driving License
• Foreign/Indian Government Issued card with address
• Latest (not more than 3 months old) Telephone bill for overseas address
• Banker's verification (Schedule commercial bank only)

Note:

• NRIs can buy and sell Equity Derivative (Futures & Options) through NRO account only.
• You can open both NRE and NRO account with Kotak Mahindra bank. However, you can map only one NRE or NRO with your Kotak NRI 3 in 1 Trading account.
• Mapping your NRE account with the Kotak trading account will allow you to trade in the stocks whereas linking an NRO account allows you to trade in both stocks & equity derivative segment.
• You can open 2 accounts to map both, NRE & NRO bank accounts.
• NRIs cannot trade Intraday and in currency and commodities.

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Kotak Securities NRI Mutual Fund

Kotak Securities offers online mutual fund services to NRIs. They can use the Kotak NRI 3-in-1 trading account to invest in mutual funds.

Kotak NRI Mutual Fund - Key Features

1. Purchase, redeem and switch funds online.
2. Monitor your mutual funds online and get monthly updates.
3. Your mutual fund account and bank account are linked for quick fund transfer.
4. Zero transaction charges or fees.
5. Receive SMS alerts on the transactions.
6. Mutual funds units are credited to your demat account.
7. Auto credit of dividends earned and redemption payout in your linked Kotak bank account.
8. Facility to place orders through Call n Trade

Note:

• You can only invest in mutual funds in Indian currency through a non-PIS bank account.
• You have the option to invest in mutual funds by your own or through Power of Attorney (PoA).

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Kotak Securities NRI Trading Account Advantages

1. Offers integrated 3-in-1 Trinity account for fast and smooth trading experience.
2. Part of the reputed Kotak group
3. Branch offices in New York, London, Dubai, Singapore, and Mauritius.
4. AMO and GTC order types make it easy for NRIs to place orders at any time.
5. A dedicated research team for expert advice and recommendations
6. Offers a range of advanced online trading platforms and tools.
7. Offers online mutual fund, IPO and NCD investment facility.

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Kotak Securities NRI Trading Account Disadvantages

1. The brokerage charges are higher in comparison to discount stock brokers like Zerodha and Prostocks. Kotak brokerage charges for equity delivery us 1% whereas Prostocks charges fixed Rs 100 per order. So, if your trade value is Rs 1 lakh, you pay a brokerage of Rs 1000 with Kotak whereas Prostocks will charge you just Rs 100.

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Conclusion

Kotak Securities is a full-service broker. It offers convenient stock trading and investment to NRI's through its 3-in-1 account. In addition, you get advanced trading software, researched advice and dedicated RM assistance. Kotak Sec brokerage charges are on the higher side. Kotak Sec has offices in New York, London, Dubai, Singapore, and Mauritius which makes it easy for NRIs based in these locations to avail services or get grievances redressed locally.

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Frequently Asked Questions

Kotak Securities Competitors Review

Information on this page was last updated on Wednesday, January 10, 2024