Stock brokers offering NRI services in India can be categorized into NRI full-service brokers and NRI discount brokers. While they both offer stock broking services, there are many dissimilarities between the two.
NRI full-service share brokers like ICICI Direct, SBI Capital, HDFC Securities, Axis Direct, Motilal Oswal and Sharekhan, are also called traditional brokers as they follow the old school model of offering their services. These share brokers offer entire trading and investment services offline as well as online including PMS, wealth management, research, and stock recommendations, etc. NRI full-service brokerage companies have offices across India where customers can get services.
NRI discount brokers work on the online business model. They are known for their low brokerage plans or flat fee brokerage plans wherein they charge a fixed fee per order as against the percentage-based brokerage plans of full-service brokers. These companies offer their services online, operate from their head offices with little physical presence. The discount brokers rely on technology to provide their services. Popular NRI discount stock brokers include Zerodha, Prostocks, Tradeplus, and Tradejini. Here's the complete list of NRI full-service brokers in India by active clients.
Rank | Broker | Acct Opening Fee | Brokerage | Active Clients | Request Callback | Review |
---|---|---|---|---|---|---|
1 | Ventura | ₹5000 | 0.40% | 90,277 | Open Account | ![]() |
2 | Sharekhan | ₹2000 | 0.50% | 632,476 | Open Account | ![]() |
3 | Kotak Securities | ₹3750 | 1.00% | 688,217 | Open Account | ![]() |
4 | IIFL Securities | ₹750 | 0.50% | 268,346 | Open Account | ![]() |
5 | ICICI Direct | ₹4000 | 0.50% - 1.25% | 1,289,023 | Open Account | ![]() |
6 | HDFC Securities | ₹2500 | 0.75% | 889,126 | Open Account | ![]() |
7 | Choice Broking | ₹0 | 0.50% | 51,361 | Open Account | ![]() |
8 | AxisDirect | ₹2500 | 0.75% | 415,014 | Open Account | ![]() |
9 | Angel Broking | ₹0 | 1,221,008 | Open Account | ![]() | |
10 | Aditya Birla Money | ₹750 | 52,105 | Open Account | ![]() |
The brokerage charged by NRI full-service brokers is percentage-based, however, some of them have also started offering flat fee brokerage to their customers. The brokerage fee charged by them may look higher but if you consider the additional services like branch services, research, and advisory, dedicated Relationship Managers, etc., it looks reasonable.
NRI share brokers like ICICIDirect, SBI Capital and Axis Direct, etc., also have offices in many foreign locations. This helps NRIs living in those locations to visit these offices and get instant redressal to their issues.
Note-
An NRI should ask for below important details while opening a Demat account:
Note that an NRI Demat account is one of the mandatory requirements to invest in the Indian market. A Demat account is opened through depository participants with NSDL and/or CDSL. But, you cannot approach depositories directly to open a Demat account. Thus, while opening a Demat account, it is necessary to know a few important details about the services offered by the stockbroker.
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