RK Global NRI Account Review

RK Global is a discount broker offering investment and depository services to the resident as well as non-resident Indian investors. The broker provides a 2-in-1 NRI trading and demat accounts for non-resident Indian investors (NRIs). It offers online trading services in equity, F&O, mutual funds, and bonds to NRIs.

RK Global provides assistance to NRIs in NRE/NRO bank account opening and getting PIS permission. The broker has tied-up with Axis and HDFC bank for the NRI bank account opening. NRIs who do not have Pan card can get assistance from the broker in getting their PAN number.

RK Global charges a brokerage of 0.30 % (minimum 0.02 paise per share on NSE and BSE) on stocks, 0.01% for Futures on NSE, Rs 20 (Rupees twenty)) per lot in Options on NSE.

The stock broker has a dedicated equity research team for the clients to recommend top stocks to invest. It has a 24*7 personalized back office, support desk and offline & online equity desk for NRI clients.

RK Global NRI Account

RK Global doesn't offer banking facilities. Although, the broker can help in opening the account with a designated bank. Here are the accounts NRIs have to open with other banks:

PAN Card

NRI investors must hold PAN cards to invest in Indian stock exchanges. RK Global provides assistance to NRIs in getting a PAN card. NRIs who already have a PAN number as a resident Indian, don't need to apply for a new one. They can trade with their existing PAN number.

RK Global NRI SB Account

NRIs have to open NRI SB account with a designated bank to trade and invest in the Indian stock market. NRIs can open NRE/NRO account with Axis or HDFC bank to link with RK Global NRI Accounts.

PIS Account

With the help of designated banks (HDFC/Axis) where you have opened the NRI SB account, NRIs can get PIS permission from RBI. All the transactions made by NRIs in the equity delivery segment with RK Global under PIS are reported to RBI by HDFC or Axis bank.

Custodial Account

RK Global is registered as a trading member with the exchanges. And, SMC Global Securities Ltd works as a custodian for the broker. All the trades made under the equity derivative category are cleared by SMC Global. Before opening an account with RK Global, NRIs have to open a custodial account with SMC Global for trade settlement.

RK Global NRI 2-in-1 Account

RK Global offers NRI 2-in-1 account for non-resident Indian investors including trading and Demat account.

NRI Demat Account

In India, a Demat account is mandatory to hold the securities in electronic format. RK Global offers NRI Demat account with NSDL (National Securities Depository Limited).

Key Features of NRI Demat Account

• NRI Demat account opening form is the same for residents and NRIs.
• Choose NRI as investor type and repatriable or non-repatriable as subtype while filing the form.
• Dividend and interest are automatically credited in Demat linked NRI bank account.
• Link NRI SB account and trading account with Demat account.
• NRI can choose the resident or another NRI as a nominee.
• Based on the nature of securities, they are credited in the respective repatriable or non-repatriable Demat account separately.

NRI Trading Account

RK Global offers an NRI trading account to place buy and sell requests across BSE and NSE. With the trading platform, NRIs can track the performance, do fundamental and technical analysis, and check the live quotes.

RK Global NRI Trading Process

After opening NRI Accounts with RK Global, NRIs can invest in equity delivery segment by taking the following steps:

1. Allocate Funds

First, NRIs have to transfer funds from their NRI Savings Bank account to the PIS account. After receiving the funds in the PIS account, the bank informs the broker to update the balance in the NRI trading account.

2. Place Buy/Sell Request

Place buy or sell requests through the NRI trading account. After receiving the order, the system checks the funds or shares available in the NRI bank account or Demat account, respectively. If everything is correct, the order is executed on the stock exchange.

3. Debit/Credit

Based on the order type, the NRI bank and Demat accounts are updated accordingly. If it is a buy order, the NRI bank account is debited with funds and the Demat account is credited with shares. Opposite to it, the NRI bank account is credited with funds and the Demat account is debited with shares when it is a sell order.

4. Reporting to RBI

All the transactions are informed to the bank by the broker. At the end of the day, the bank reports RBI through a buy and a sell contract note separately.

RK Global NRI Trading Software Review

RK Global trading software for NRIs are as follows:

1. RKG Diet ODIN (Installable Trading Software)
2. RKG Net Net (Online Trading Website)
3. RKG Mobile Trading (Mobile Trading App)

RK Global NRI Account Opening Process

RK Global offers a 2-in-1 account for NRIs. The broker also helps in opening the NRI SB account with Axis and HDFC Banks. Here is the process on how to open NRI account with RK Global:

1. Open an NRI SB bank account with Axis or HDFC bank.
2. Get PIS permission with the help of a bank from RBI where you have opened an NRI bank account.
3. Open a custodial account with SMC Global and get CP code.
4. Visit the official website of RK Global and fill personal detail to get assistance in the NRI account opening. Or, you can also download the account opening form under the download section.
5. Fill the form with the required information about the bank and client.
6. Collect photocopies of the supporting documents for account opening and KYC process.
7. Self-attest the photocopies to confirm that it is a true copy of the original.
8. Attach all the supporting documents along with the application form and send it to the broker's local office.
9. After receiving the application form along with the application form, the broker will arrange a representative to complete the In-Person Verification (IPV) process.
10. You will receive a trading account ID and password after completing the account opening process.

IPV can be carried out by RK Global official or Indian Embassy. If NRI couldn't come for IPV, notarized documents by Indian Embassy or competent authority (Consulate General/ Court/ Magistrate/ Local Banker in the country where NRI resides) may also be permitted.

RK Global NRI Account Opening Documents

NRIs have to submit photocopies of the following documents to open RK Global trading and Demat account:

1. PIS permission letter issued by RBI/PIS from an authorized dealer
2. Copies of Address proofs (both local and foreign)
3. Copy of Passport
4. Valid visa or work permit.
5. Copy of NRO/NRE statement
6. 5 Passport size photographs
7.  Photocopy of PAN Card
8. Cancelled cheque for MICR verification
9. Provide an initial cheque for account maintenance charges in favor of R K Global Shares & Securities Ltd
10. FEMA declaration form
11. FATCA declaration form

RK Global NRI Mutual Fund

RK Global offers a mutual fund investment platform for NRIs. It has a separate section for MF news where investors can check the latest updates about a mutual fund scheme.

Key Features of RK Global NRI Mutual Fund

• Investors can calculate the estimated returns in a particular time frame with return calculator available on the website
• Offers SIP investment option
• NRIs can deposit the money periodically to get risk-adjusted returns and rupee cost averaging benefits over a period of time
• NRIs can choose different mutual funds from multiple AMCs

RK Global NRI Trading Account Advantages

• Dedicated Equity Dealing Desk (offline)
• Personalized 24x7 back office support
• Offers advisory on special value-generating stocks for NRIs
• Provides PAN card assistance for NRIs
• Assists NRIs in NRE/NRO bank account opening

RK Global NRI Trading Account Disadvantages

• Doesn't provide a 3-in-1 account which means NRIs have to open bank account separately which increases paperwork.
• NRIs have to open a custodial account with 3rd party company and pay custodial charges separately.

Conclusion

RK Global offers is a good choice for NRIs specially for new investors who may need assistance in opening different types of accounts. The broker offers a 2-in-1 account to NRIs, research services and assistance in opening the NRI bank account with the designated bank and getting PAN card. NRIs can trade with ease in equity, equity derivatives, mutual fund, IPO and bonds through the online trading platforms offered by the broker.

Frequently Asked Questions

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Information on this page was last updated on Tuesday, June 30, 2015