Application Considerations for Non-Resident Indians (NRI)


Who or What is an NRI?

An Indian Citizen who stays abroad for employment, carrying on business, vacations outside of India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is considered a NRI. In addition, persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as NRIs. Non-resident foreign citizens of Indian Origin are treated on par with Non-Resident Indian citizens. According to the Indian Government, anybody who resides outside of India for period of 182 days in a calendar year is considered a Non Resident Indian.

We provide NRIs with trading access on the National Stock Exchange of India (NSE) through the IB-India subsidiary. Futures and Futures Options trading are available through the F&O Segment, however, at this time stock trading is not yet available.

In order to open an NRI account, applicants are encouraged to familiarize themselves with the identity documentation and bank account prerequisites outlined below.


1. Identity - PAN Card

The PAN (Permanent Account Number). is a ten-digit alphanumeric code generated by the India's 'Income Tax Department, This is required by anyone and everyone who wish to conduct any kind of financial transaction in India. If you do not have a PAN card you will need to apply for one before your trading account can be considered for opening. You can apply for a PAN card online though the Tax Information Network (TIN) of the Income Tax Department of India (see link below).

The following documentation will be required to complete the application, and is split into two categories, Proof Of Identity and Proof of Address none of which can be older than six months. PAN cards will ordinarily be received within 15-25 business days.

1. Proof Of Identity (Copy of)

  • Passport

  • Drivers License

  • Voted Identity Card

  • Property Tax Bill

  • Water Bill

  • Credit Card Bill

  • Bank Account Statement / Passbook

2. Proof of Address (Copy of)

  • Electricity Bill

  • Telephone Bill

  • Credit Card Statement

  • Employer Certificate

  • Passport

  • Ration Card

  • Property Tax Bill

Applications can be done online by clicking on the following link for the Income Tax Department of India.

2. NRI Bank Accounts

Indian Regulations Require that clients must have a set of two Indian Bank Accounts, Ordinary Non-Resident Account in Rupees (NRO Main) and Ordinary Non Resident Account in Rupees, Portfolio Investment Scheme (NRO PIS). The second account is considered a sub of the main NRO Account. The functions for each account are described below:

Ordinary Non-Resident Account in Rupees (NRO Main):

  • Received funds that have been converted from the home currency to NRI (Indian Rupees)

  • Serves to provide the initial funding for the account here

  • Funds can be used for initial stock trading

  • Serves to receive the proceeds from futures and options trades

Ordinary Non Resident Account in Rupees, Portfolio Investment Scheme (NRO PIS)

  • The account used to fund/withdraw monies to/from the IBI Brokerage account for stock purchased/sold, by the exact amount including IBI commissions and costs, after IBI has issued a contract note for the trade. This is required to satisfy Reserve Bank of India (RBI) Regulations when a NRO Main Account is Opened.

NRI Bank Accounts can be opened by any of the following major banks, most of which offer online application facilities.



State Bank of India –

As another option clients can also a set of Non Resident External (NRE) accounts, these are not purely optional accounts, and are not required for trading in the Indian Markets through Interactive Brokers India. Please use the following link for additional information on this option:

Other Links:

India Website-

Tax Information Network (PAN Card Information) -