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Tradeplus NRI Account Review

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Tradeplus is one of the first brokerage firms to offer online trading services to NRIs. Tradeplus offers 4-in-1 accounts which include NRI SB Account, NRI Demat account, NRI trading account, and PAN Account. The broker allows NRIs to open NRO account without PIS account. For NRI SB Account, the company has tied-up with HDFC, Axis and Yes bank.

The company offers trading and investment services in Equities, Derivatives, Mutual Funds, IPOs, Bonds & Corporate Deposits. Tradeplus NRI charges are flat-fee based i.e. it charges a flat brokerage on unlimited trading with futures and Options plan at ₹1499 per month.

Infini Power is the flagship trading platform of the stock broker. It offers the platform in exe, web and mobile versions.

The broker has many NRI, OCI and PIO customers residing in the USA, Canada, United Kingdom, Singapore, UAE, New Zealand, South Africa, Australia, Nigeria, Saudi Arabia, and Malaysia. It also offers PAN Account opening services to NRIs in India.

Note- Tradeplus offers many special benefits to NRIs which are not offered by most of the stockbrokers. It offers NRIs following distinct facilities through their NRO accounts-

• No PIS bank account is required to trade
• Exposure and Leverage facility wherein NRIs can trade by paying a fraction of the costs of the trade.
• BTST (Buy Today and Sell Tomorrow)
• Facility to buy in NSE with stock collateral and hold it for a maximum of 1 year under MTF

A few months back, the Reserve Bank of India has exempted the reporting of transactions executed by NRIs in NRO mode. The broker has capitalized on the exemptions provided to offer these special benefits to NRIs.

Tradeplus NRI Trading Account

Tradeplus offers the 4-in-1 accounts to NRIs to trade and invest in various securities. NRIs can open all the accounts at once. The broker provides assistance in the opening of bank accounts. The 4-in-1 account includes-

• PAN Account
• NRI SB Account
• Tradeplus NRI Trading Account
• Tradeplus NRI Demat Account

PAN Account

A PAN number is mandatory for trading and investment in Indian securities. Tradeplus is an authorized PAN Card processing agent. The company offers NRIs assistance in getting a PAN number.

If you already have a PAN card as a resident Indian then you don't need to get a separate PAN number. Your existing PAN card will work.

NRI SB Accounts

Tradeplus has tie-ups with Axis, HDFC and Yes Bank, which means you can only link NRE accounts of these banks with the Tradeplus NRE trading and demat accounts. For the NRO trading and demat account with Tradeplus, you can link with any bank. If you already have NRI accounts with these banks then you can link your existing accounts with the Tradeplus NRI trading account. Else the broker will provide you assistance in opening accounts with the banks.

Tradeplus NRI Trading Accounts

The NRI trading account allows NRIs to buy and sell securities.

NRIs can use the trading account linked with their NRO bank account to make BTST trades wherein they can buy shares today and sell it tomorrow without having to wait for the receipt of shares into the demat account. This facility is only available to Trading accounts linked with NRO accounts and not for those linked with NRE accounts.

Read NRE vs NRO accounts to understand the difference between the two NRI bank accounts.

The broker offers the following accounts

1. NRI Bank Account- Axis, HDFC, Yes Bank
2. NRI Custodial Account- Stock Holding Corporation of India Ltd (SCHIL) 
3. NRI Demat Account- National Securities Depository Limited (NSDL)

 

 

Note: NRIs are required to open a custodial account if they want to trade in the F&O segment. Tradeplus charges 0.40% from NRE and 0.10% from NRO investors per executed order for equity delivery. The broker charges flat Rs 1499 per month for F&O trading by NRIs.

It offers INFINI power, exe based online trading and analytics platform, to the NRIs. INFINI Web and INFINI Mobile App are also available for NRIs.

NRIs are allowed to trade in F&O, invest in regular or direct mutual funds and IPO through Tradeplus. They can also trade equity delivery. Now, Tradeplus has made trading easy for NRIs investing through NRO accounts.

Tradeplus NRI Demat Account

Tradeplus offers demat account services to its NRI clients. The broker is a DP member with NSDL. Whether you are an NRI or resident Indian, a demat account is mandatory to invest in the stock market. Read about why do you need a demat account before opening the account.

Tradeplus NRI Demat Account Highlights

• NRIs don't require RBI permission to open a demat account for NRO/ESOP.
• Application forms for residents and non-residents are the same.
• NRIs are required to select a repatriable and non-repatriable subtype while filling out the application form.
• An NRI cannot continue with the regular Demat account. It should be closed before opening a new NRI demat account.
• Offers nomination facility.
• Online access to your demat account.
• Alerts & notifications on credit/debit of securities.

Tradeplus NRI Trading Process

Once you have opened a 4-in-1 account with Tradeplus, you're set to trade in BSE & NSE. Here is the step-by-step process of investing in equity for NRIs:

1. Fund Allocation

NRI needs to transfer funds from the NRE bank account to the PIS account. The bank with whom you have an NRI account informs the stockbroker about the fund transfer. The trading account is updated with the information and shows in an available limit.

2. Order Placement

NRIs can place buy or sell orders through Tradeplus INFINI Power software. It can be also done via email and phone calls without any extra charge.

3. Fund Settlement

At the end of the day, separate buy and sell contract notes are sent to banks. Based on this information, the bank debits and credits the PIS account. For buy orders, the broker debits the trading amount from the PIS account. Tradeplus credits the PIS account with funds for sell orders.

4. Stocks Settlement

The broker does the stock settlement for NRIs. Tradeplus credits the shares in the NRI demat account for the buy orders and debits for the sell orders.

Tradeplus NRI Trading Account Charges

Tradeplus NRI brokerage charges are different for equity, mutual fund, F&O, IPO and bonds.

 

 

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Tradeplus NRI Trading Software Review

Tradeplus offers INFINI Power, an exe based trading platform, to NRIs. They also offer a mobile application and web-based trading platforms.

1. Tradeplus Infini Power

 



 

 



 

2. Infini Web
3. Infini Mobile

 



 

Tradeplus Investment Options:

Following are the segments allowed for NRIs to invest through Tradeplus platform:

• Stocks
• F&O
• Mutual Fund
• IPO
• ETFs
• Bonds

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Tradeplus NRI Account Opening Process

Tradeplus offers a 4-in-1 account to NRIs. For the NRI SB account, the broker has tied up with Axis, HDFC, and Yes bank. The 4-in-1 account includes-

• PAN Account

• NRI Bank Account (NRE or NRO savings bank account) 

• PIS Bank Account (NRE accounts)

• Custodial account (For F&O trading)

If you have an NRI bank account in any other bank except for those mentioned above, you cannot link your trading, PIS and Demat accounts with Tradeplus. When you are trading through the NRO account, you will not need PIS permission.

Similarly, while trading in F&O, you are not required to obtain PIS permission. Although, for equity derivatives, a CP code is necessary to place an order.

Tradeplus NRI Account Opening Form PDF:

1. Visit the official website of Tradeplus NRI.
2. Click on the Downloads tab.
3. Download the available forms as per your requirements.

Tradeplus NRI Documents

An NRI has to attach notarized copies of all the documents as mentioned below. They can only notarize the copy from Indian Embassy or Local Banker, Judge, Magistrate, Any Court, Notary Public, and Consulate General.

Tradeplus NRI Account Opening Documents

• PIS permission letter (provided by the bank with whom you have NRI bank account)
• FEMA declaration
• Copies of PAN Card
• Copies of Overseas address proof (Utility Bills/Foreign Passport/Driving License/Bank Statement (not older than 3 months) /Notarized copy of rent agreement/Leave & License agreement/ Sale Deed;)
• Copies of Indian address Proof (optional)
• Passport size photograph
• For NRIs with Indian Passport: Copy of passport and valid visa
• For NRIs with Foreign Passport: Copy of passport, PIO/OCI card
• Proof of bank account (cancelled cheque of NRE or NRO savings account)
• Declaration of P.O. Box in your residing country; and
• FATCA Declaration Form

How to open an NRI Account in Tradeplus?

NRIs cannot open an online account with Tradeplus. They have to download the forms, fill and send them to the broker.

6 steps to open a new NRI account in Tradeplus:

1. Submit the basic details in the contact us form here.
2. The executive will call you and mail you the required account opening forms.
3. Download the forms and fill them.
4. Complete KYC and send the forms to Tradeplus.
5. After receiving the signed forms, Tradeplus will initiate the opening of saving bank NRI account and PIS account with the bank (Yes, Axis or HDFC) as per your choice.
6. Once the bank completes the account opening process, the broker will open the NRI demat and trading account for you. 

Note:

• You just need to submit all the documents to the broker for a 4-in-1 account.
• The proof of address for NRIs can be on the spouse's name.
• Bank account statements and utility bills should not be older than 3 months.
• Through the NRE account, you can trade-in equity delivery. While to trade F&O, you will need an NRO account.
• You will not require a PIS bank account for NRO mode. Tradeplus has made trading easy for NRIs through the NRO account.
• A custodial account is necessary to trade in the F&O segment.

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Tradeplus NRI Mutual Fund

NRI investors at Tradeplus can invest in direct mutual funds through its online MF platform. The broker charges zero commission which results in 1.5% extra returns to NRIs. NRIs can also place conditional orders to purchase and redeem at the desired NAV.

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Tradeplus NRI Trading Account Advantages

• Experience of 15+ years in providing NRI financial services.
• Offers a 4-in-1 trading account.
• ESOP Trading is allowed for NRIs.
• Margin trading and BTST (Buy Today and Sell Tomorrow) are offered for NRO Account.

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Tradeplus NRI Trading Account Disadvantages

• High call & trade charges which are Rs 1000 per month.
• It has annual maintenance charges for Demat account and many brokers are not charging it.
• They charges fees for trading software.

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Conclusion

Tradeplus is an excellent choice for NRI traders who want to trade using their NRO accounts. For such investors, the broker provides special facilities like margin trading and BTST (Buy Today and Sell Tomorrow) under NRO accounts which is not available with any other stock broker. The discount broker offers a 4-in-1 account in collaboration with Yes, HDFC and Axis bank which makes trading more convenient. However, the charges for call & trade services are on a higher side.

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Frequently Asked Questions

Read more about Tradeplus

• Tradeplus Review - A Detail Analysis of Tradeplus
• Tradeplus Brokerage Charges, Fees, AMC, Transaction Charges
• Tradeplus (Navia Markets Ltd) FAQs
• Tradeplus Demat Account Review
• Tradeplus Mobile App
• Tradeplus Account Opening Process Review
• Tradeplus Branch Offices / Sub Brokers / Franchise
• Apply in IPO through Tradeplus
• Tradeplus Exposure
• Tradeplus Trading Software Review
• Tradeplus NRI Account Review
• Tradeplus Mutual Fund Review
• Is Tradeplus safe?
• Tradeplus Complaints Analysis

• Trading made simple in NRO status for NRIs through Tradeplus
• Unlimited brokerage plan in India Stock Market (Monthly Trading Plan)
• Tradeplus Options Trading Review

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