Stock Ideas

[singhvi]

I want to open NRI account is there need for separate NRI accounts for repatriation and non-repatriation investments?

[Ideas]

[vijaythanvi]

Dear Singhvi,
In your post you have not cleared objective of investment.
To open NRI / NRO account simply you can visit website and can download opening form and there will be whole detail, just fill up and send to bank (icicibank has provided free courier services also which you can find at www.icicibank.com website)
And if you want to open demat/trading/bank account, also you can fill the require things at www.icicibank.com in NRE services (demat section) and Icicibank represantivie will contact you and they will do needful, you can also call them on their toll free number for your requirement and they will contact you to do the things, their number you can have their website for all their contact center.

Let me explain that if you are Non Resident and Person of Indian Origin (PIO) then you are eligble to open NRI (Non Resident Indian Account) with those bank who operates their banking worldwide.

NRI and NRO account have some basic difference.
NRI account has benefits:
1. You can transfer fund from NRI account to any of your NRO account but same time you can not transfer your funds from NRO to NRE account as per RBI Guidlines.
2.NRI account is tax free account, whatever your investment done through NRI account is not taxable, same time NRO account is taxable.
3.You can recall your money back any convrtible cuurency which allowed as per policy, like INR you can call back in Dollar anytime.

These are basic benefits in NRI account.

You can open in any bank NRI / NRO account as per your requirement.

Now for market trading and Investment in other lot of scheme like Mutual fund, Bonds, Insurance, Postal Saving etc.

So far like Icici bank, HDFC, Geojit Securites etc. they provide lot of facilities related to this but in this NRE people are restricted with lot of options, like still Icici bank is not providing investment online in Postal saving or Bonds etc., recently they started F&O and Derative facilities online.

Now here if you want to make investment or trade in indian securites online then you has to open first Demat and Trading account with any authorized broker, say example Icicibank.

Here Icicibank provides you PINS and NON PINS accounts.

PINS - Portfolio Investment scehme.
NON PINS - Non Portfolio Investment Scehme.

Under PINS you can trade and invest in securities online, you can invest in Equities and Mutual Fund IPO as well.
Uner Non Pins you can demat your securites which you have bought from outside means not through icicidirect.

For this bank will open for your 4 bank accounts (upto you, you can open single account for each PINS and NON PINS).

NRE and NRO account for PINS and same way NRE and NRO bank account for NON PINS and all these bank accounts will be linked with your demat and trading account (these applies for NRE).

Now you will be having Demat + trading + bank account for your PINS account NRI and same for NRO account and same time you have Demat + trading + bank account for NON PINS account, so you will be having toal four accounts.

You can trade and invest in secondary market through both your PINS account and in Primary Market through your NON PINS account.

All your NRI and NRO account will be linked with these PINS and Non Pins account.

There will be facility, you can allocate your funds for your Secondary Market and Primary Market trading or investment through your all these bank accounts.

You can do also SIP investment through your NON PINS accounts.

Simply you should have your money in your bank accounts and there will be option to allocate and once you allocate you can buy and sell anytime in the market.

Only you has to take care that you can transfer your funds between your NRI PINS to NON NRI PINS account, you cannot transfer your funds from your NRO PINS / NON PINS NRO to any NRI account.

Also you can transfer your bonus shares from your NON PINS to PINS account as well.

I recommend you to visit www.icicibank.com and www.icicidirect.com and on www.icicidirect.com click the home or customer service tab, you will have all the information which you want to know.

[singhvi]

THANKS for the detaild answer vijay actually I am VERY RECENTLY MOVED TO Newyork and I want to invest in stockmarket as NRI i thought it was very simple process as it was while i was in india stocks has been my passion but i have moved to Newyork for job and I am finding this whole process a quite headache
thanks for the links i will try to go over the process tonight

[vijaythanvi]

Dear Singhvi, it is nice to hear that you are getting some benefits through this board.
Let me tell you another thing that opening demat and trading account will take one and half month becuase in that RBI approval is necessary to open demat and trading account, that is only time taking job other things are quite simple and easy and in this icici is good option, it is so secure and hasslefree, only they might be charging littile bit more brokerage on share trading due to their services comparatively other brokers but that is worth becuase once you will start online then you has not to do any paperwork or any hassle job.

You can contact directly to icicibank represntative over telephone through their toll free number(which you can get easily on icicidirect web site), they will guide everything in easiest way.

[jgadgil1]

Hi! I have a question regarding PINS approval.

What is the current status of PINS approval? ICICIBank says PINS approval is on hold. Can I apply to RBI directly or go through someone else?

Please let me know.

Thanks

Jaideep