Do I need to get RBI approval before opening my Demat Account?

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No, you do not need any approval from RBI to open a demat account.

But to trade or invest in India Stock Market on a repatriation basis, you need PIS permission from RBI. Portfolio Investment Scheme (PIS) enables NRIs to buy and sell stocks in India by routing these transactions through their NRE Bank. The bank that has your NRI Bank Account helps you to get this permission.

If you are planning to invest on a non-repatriation basis, you do not need RBI PIS Permission. You just need an NRO Bank Account linked to your trading and demat account.

Topic: NRI Demat Account - Online Opening Procedure, Charges, Rules Article

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