Non-PIS NRO Trading

NRE PIS Vs NRO Non-PIS Trading Account

Steps to open NRO Non-PIS Trading Account

1. Click on Fill Application Online

2. On the left-hand side - register your information like Name, email id, Country-code, Mobile Number, select status as Non-Resident.

3. Generate OTP 

4. OTP will be delivered on your email id with the subject “ProStocks Registration OTP”. Please remain on the page, while you receive OTP on your email id and need to submit OTP in the same session.

5. Validate OTP in the OTP box, which may have opened.

6. After OTP validation, your email id is your login id and Mobile Number without country code is your password for login next time. Generally, you may complete the whole KYC process in 20 minutes, however, you may take the more than one session to complete KYC. 

7. Post OTP validation, you will reach Basic Information Page and need to fill- PAN Number, Name as PAN Card, Date Of Birth, Country of Birth and Type of account you wish to open, select Trading and Demat Account and further select NRO. Aadhar Card is an optional field. NRI is not required to have an Aadhar card and may not submit.

8. E-KYC has 5 section – Basic Information, Preference details, Additional details, Select and pay, Submit document. In case your Bank is not there in Payment Gateway, you will be given the option of Cheque. It is advisable to make payment using UPI to PROSTOCKS1.ACNRI@HDFCBANK or NEFT to Account Name: SUNLIGHT BROKING LLP, Account Number: 00600340080912, Bank/Branch: HDFC BANK, FORT, Account Type: Current Account, IFSC Code: HDFC0000060.

9. Submit scan image of Pan Card, Passport with Valid visa page of the Passport, Photo, Cancelled cheque leaves, Address proof etc. Make sure each document is less than 2 MB. The photo is in JPG format and all other documents are in pdf format. You would need to submit all the document same time.

10. When your document gets upload successfully, Generate PDF button will get highlighted. Click and Generate PDF. Please check that all your information is captured correctly.

11. Those who are KRA and IPV compliant can sign PDF digitally (in case you have a digital signature or sign digitally based on Adhaar OTP). You need to sign Nomination Form and PoA physically and need to courier to our Mumbai Office. Those who are not KRA and IPV compliant, Print PDF and do required client Signature and witness. You need to notarized/attest your document

Documents required for opening Non-PIS NRO Account

Following are the document required for opening NRO Trading and Demat account:

1. Self-certified copy of PAN card.

2. Self-certified copy of Overseas address proof – Copy of Driving License/Foreign Passport/Utility Bills (not older than 2 months)/Notarized copy of rent agreement/Leave & License agreement/ Sale Deed.

3. Self-certified copy of Indian address proof, if any. Providing Indian address in KYC is voluntary. You may provide for your own benefit.

4. Passport size photograph

5. In case of an Indian Passport: Self-certified copy of valid passport with copy of Valid Visa

6. In the case of Foreign Passport: Self-certified copy of valid passport, Copy of PIO/OCI card.

7. Proof of Bank account (a cancelled cheque leaf or bank account statement of your NRO savings bank account).

Note 1: Copy of PAN card, Passport and Foreign address proof are required to be attested. Attestation can be done by the Indian Embassy or any other competent authority like Consulate General or Notary Public or Overseas Banker or Indian Banker. The attesting authority should affix a “verified with original” stamp, name, designation, signature and date on the said documents.

Note 2: Attestation is not required when your KYC has been done as NRI in the last 2 years and is valid - Please check with us before initiating account opening procedure.

You can start our account opening even before your Bank account gets opened.

You May follow the below-given process:

1. Filling of EKYC on Fill Application Online with dummy Bank Account data and generate PDF file

2. Checking of PDF file by ProStocks Team

3. Response by ProStocks Team after checking 

4. Print, sign, witness and send scan image of the full set to [email protected] for one more round of checking

5. Couriering the entire set of ProStocks to Indusind Bank /Yes Bank / Axis Bank, as the case may be along with Bank KYC form and with instruction to Bank to attest your document and provide us attested document along with ProStocks KYC set. This facility is available only when Bank account is opened through our Relationship Manager in respective Bank.

6. ProStocks will open your account next day when the above said Bank confirm your account opening.

Note: NRI can open NRE Trading and Demat Account or NRO Trading and Demat Account or both, NRE as well as NRO Account.

NRO Account for Equity Delivery Trades 

ProStocks will map NRO Saving Bank Account with your NRO Trading Account. You can have many NRO Saving Bank Account with same Bank or many Banks and all can be mapped to your Trading Account for transferring funds to ProStocks. You can have NRO Savings bank Account in any Bank of your choice and there are no restrictions on the number of Bank-supported. You will operate your NRO Saving Bank Account for equity trades like Resident Indian. You can transfer funds to us any time, you can withdraw your funds from ProStocks any time with just one exception, compliance of Section 195 of the Indian Income Tax Act, 1965 with regard to withholding tax (TDS).

You will also need to open NRO Saving Bank Account. You no longer required to open NRO Invest Account (similar account was earlier called NRO PIS Bank Account). ProStocks can assist you in opening your Bank Account. No PIS Bank Account required.

The dividend will be credited to your NRO Savings Bank Account (Primary Bank Account, in case of more than one Bank Account) by the respective companies whose shares are held in your NRO Demat account on the record date for dividend.

You need to transfer funds from your NRO Savings Bank Account before buying. Once you buy, ProStocks will send you contract note same day and credit shares to your Demat Account on securities payout day. Generally you are expected to sell after shares credited to your Demat Account and not before. You can buy shares next day against credit to be received in your trading account on funds payout day of previous day's sale minus withholding tax liability, if any.

Similarly, when you sell the shares, ProStocks will send you contract note same day and credit your Trading Account with us on funds payout day. You can buy shares next day against credit to be received in your trading account on funds payout day of previous day's sale, minus withholding tax liability, if any. RBI reporting is not required for NRO Account after February 2016 but compliance of Section 195 of the Indian Income Tax Act, 1965 with regard to withholding tax (TDS) is required.

NRO Account for Equity Derivatives (F&O)

You will need to open NRO Saving Bank Account. ProStocks can assist you in opening your Bank Account.

ProStocks will map NRO Saving Bank Account with your NRO Trading Account. You can have many NRO Saving Bank Account with same Bank or many Banks and all can be mapped to your Trading Account for transferring funds to ProStocks. You can have NRO Savings bank Account in any Bank of your choice and there are no restrictions on the number of Bank-supported. You will operate your NRO Saving Bank Account for equity derivatives trades like Resident Indian. You can transfer funds to us any time, you can withdraw your funds from ProStocks any time with just one exception, compliance of Section 195 of the Indian Income Tax Act, 1965 with regard to withholding tax (TDS).

ProStocks will do compliance of Section 195 of Indian Income Tax Act, 1965 for a fixed fee of Rs 4k p.a (waived for account opened before 31st March, 2025) and you would be able to trade in equity futures and options just like Resident Indian. No Custody Account, No hassle of dealing with Custodian besides Stock Broker.

You are no longer required to open custody or custodial account with ISSL or anyone when you do equity derivatives trades through ProStocks. Since you are not required to open Custody Account, you will save a significant amount, which was otherwise, you were required to pay to Custodian. ProStocks will take your CP code from the exchange which will allow you to trade equity derivatives at NSE as well as BSE.