Top 10 NRI Discount Stock Brokers in India

NRI Share brokers offering services in India can be classified into full-service and discount brokers.

NRI full-service brokers are traditional brokerage companies that offer trading services, wealth management solutions, research, and advisory, etc. Popular full-service share brokers for NRI trading include HDFC Securities, Axis Direct, ICICI Direct, SBICAP, Motilal Oswal, and Sharekhan, etc.

NRI discount brokers, on the other hand, are new-age brokerage companies born in the internet age who offer their services through online trading platforms, focus on offering trading services only and don't have a lot of physical presence in terms of branch offices. Here's the complete list of NRI discount share brokers in India by active clients.

NRI Stock Brokers List (Discount Stock Broker)

Broker Acct Opening Fee Brokerage Active Clients Request Callback Review
Zerodha₹500₹200 per executed order1,257,180Open AccountZerodha Review
TradingBells₹750₹100 per executed order26,916Open AccountTradingBells Review
Tradeplus₹5000.40% for NRE and 0.10% for NRO10,757Open AccountTradeplus Review
Prostocks₹0₹100 per executed order6,000Open AccountProstocks Review
Finvasia₹0 (₹199 Power of Attorney)₹05,318Open AccountFinvasia Review

NRI discount brokerage companies' key USP is their brokerage rates. Discount brokers like Zerodha, Prostocks, Tradeplus, and Tradejini, etc., pioneered the flat fee brokerage system wherein a trader is charged a flat fee per order irrespective of the trading value. For example, Prostocks offer ₹100 Per Executed Order, the cheapest brokerage for NRI trading in India. When you compare the brokerage charges of discount brokers with full-service brokers, you will find at least a 60% difference in the brokerage fees.

The other USP of the NRI discount stock brokers is their online trading platforms. Right from the account opening process, trading to customer support, these brokers heavily leverage technology in their processes. Zerodha is the best discount brokerage firm when it comes to offering technology-enabled services to its customers. Beyond trading platforms, these companies also offer trading tools for trade analysis, algo trading, and portfolio management.

FAQ's

  1. 1. Why you should open an NRI trading account with a discount broker?

    1. They offer low brokerage plans that can bring down your trading costs by over 60%.
    2. Offers advanced online trading platforms.
    3. Fixed brokerage plans for all types of traders.

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  2. 2. Who should open an NRI trading account with a discount broker?

    1. NRIs who are experienced traders and can choose stocks and trade on their own.
    2. Those who are looking to lower their trading costs.
    3. High volume traders.

    Note-

    1. Some discount brokers in India do not offer their services to US and Canada based NRIs due to FATCA and CRS regulations. These regulations require additional compliance from the brokers. NRI traders of the US and Canada, therefore, must check before applying for the account opening with the brokers.
    2. Some full-service brokers don't allow NRIs to trade online. With such brokers, NRIs need to contact their Relationship Managers who will place orders on their instructions.

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