Non-Resident Indians (NRIs) can invest in Indian financial markets through an NRI Demat account. Whether you want to invest in Indian stocks, IPOs, mutual funds, ETFs, bonds, or other eligible securities, opening the right NRI Demat account can make investing from abroad more convenient.
Today, several banks, stockbrokers, and investment platforms offer digital or assisted account-opening facilities for NRIs. Depending on the platform, an NRI may be able to open an NRE or NRO Demat account along with the corresponding trading and bank accounts required for investing in India.
A good NRI investment platform should offer a straightforward account-opening process, support for NRE/NRO accounts, access to eligible investment products, transparent charges, reliable customer support, and features that make it easy to manage investments from outside India.
In this guide, we compare some of the best apps and platforms to open an NRI Demat account in India and explain what NRIs should consider before choosing one.
Top Apps to Open an NRI Demat Account in India
1. Groww
Groww offers NRI investors access to an online investing platform through the Non-PIS NRO route, allowing them to invest in eligible Indian market products without requiring a PIS letter. NRIs with an existing active NRO bank account can link it to their Groww account without opening a new bank account.
The platform provides access to eligible investment products such as stocks, futures and options (F&O), mutual funds, ETFs, and IPOs, subject to applicable NRI investment rules and product eligibility.
Groww offers a digital-first account opening process, with documents verified digitally. NRIs and OCI/PIO cardholders meeting the eligibility requirements can open an account by providing documents such as a PAN card, passport or OCI card, overseas address proof, and NRO bank account details.
For NRIs, understanding the Non-PIS NRO route is important. Unlike the traditional PIS route, it does not require a PIS letter, involves less paperwork, and allows an existing NRO bank account to be linked to the demat account.
Key Features of Groww for NRI Investors
- Non-PIS NRO demat account support
- No PIS letter required
- Fully digital onboarding
- Existing NRO bank account can be linked
- Access to eligible Indian stocks
- Futures and options (F&O) investment
- Mutual fund and ETF investment
- IPO investment, subject to applicable NRI eligibility
- Applicable TDS deducted on capital gains
- Simple digital investment experience
Groww is Best For
- NRIs looking for a simple digital investment experience
- Investors who already have an NRO bank account
- NRIs looking to invest through the Non-PIS NRO route without a PIS letter
- Investors looking for access to stocks, F&O, mutual funds, ETFs and IPOs
- Investors who prefer a straightforward digital onboarding experience
Overall, Groww can be one of the best options for NRIs looking for a convenient way to invest in eligible Indian market products through the Non-PIS NRO route, with digital onboarding and no requirement for a PIS letter.
2. Zerodha
Zerodha is one of India’s well-known stockbroking platforms and provides NRI investment services through its NRI offering.
NRIs can use Zerodha’s ecosystem to invest in eligible Indian securities. The platform is particularly relevant for investors primarily interested in equity investing who want access to a well-established brokerage platform.
NRI investors should review the applicable account-opening requirements, NRE/NRO structure, brokerage charges, and investment restrictions before opening an account.
Zerodha is Best For
- NRIs primarily interested in Indian equities
- Existing Zerodha users looking for NRI investment facilities
- Investors who prefer a brokerage-focused platform
3. ICICI Direct
ICICI Direct provides NRI investment services through its integrated banking and investment ecosystem.
One key advantage is the integration between ICICI Bank’s NRI banking services and investment facilities, which can simplify the process for customers who already have an ICICI Bank relationship.
NRIs can access eligible investment products such as equities, mutual funds, IPOs, and other securities, subject to applicable regulations.
ICICI Direct is Best For
- NRIs who already bank with ICICI Bank
- Investors looking for integrated banking and investment services
- NRIs who prefer a traditional bank-backed investment platform
4. HDFC Securities
HDFC Securities offers investment services for NRIs through its broader HDFC ecosystem.
The platform can be useful for investors who prefer managing their banking and investment relationships through an established financial institution.
NRIs should check the latest account-opening process, applicable NRE/NRO requirements, investment products, and charges before proceeding.
HDFC Securities is Best For
- Existing HDFC Bank customers
- NRIs looking for a bank-backed investment platform
- Investors who prefer an integrated banking and investment ecosystem
5. Kotak Securities
Kotak Securities provides investment facilities for NRIs through its brokerage and banking ecosystem.
NRIs can access eligible Indian investment products through the platform, while Kotak’s banking relationship can help investors manage the associated NRE/NRO banking requirements.
Kotak Securities is Best For
- Existing Kotak customers
- NRIs looking for an integrated banking and investment platform
- Investors who prefer a traditional financial institution
6. Axis Direct
Axis Direct offers investment services through the Axis Bank ecosystem and caters to investors looking to access Indian capital markets.
For NRIs, the platform can be relevant for managing eligible investments while maintaining a relationship with Axis Bank’s NRI banking services.
Axis Direct is Best For
- Existing Axis Bank customers
- NRIs looking for bank-backed investment services
- Investors who want banking and investment services under one ecosystem
7. Motilal Oswal
Motilal Oswal offers investment services for NRIs, including access to Indian equities and other eligible investment products.
The platform may suit NRIs looking for a full-service investment provider and a research-oriented investing experience.
Motilal Oswal is Best For
- NRIs looking for research-oriented investment services
- Investors interested in Indian equities
- Customers who prefer a full-service brokerage model
8. Angel One
Angel One is a digital investment platform offering access to multiple financial products.
NRIs should check the current availability of NRI account-opening services, eligible products, documentation requirements, and applicable regulatory restrictions before choosing the platform.
Angel One is Best For
- Investors familiar with digital brokerage platforms
- NRIs looking for a broader investment ecosystem
- Users who want to manage multiple investments through a digital platform
How to Choose the Best NRI Demat Account App
Before selecting a platform, NRIs should consider:
1. NRE/NRO Support
Check whether the platform supports the account type you need and whether it provides the required linked NRI banking facilities.
2. Investment Products
Check whether you can invest in the products you are interested in, such as stocks, mutual funds, ETFs, bonds, and IPOs.
3. Account Opening Process
Review the documentation requirements, KYC process, verification method, and whether you can open an account remotely.
4. Brokerage and Other Charges
Compare brokerage, account-opening charges, annual maintenance charges, transaction charges, and other applicable fees.
5. Repatriation
If you need to transfer eligible investment proceeds outside India, understand the repatriation rules applicable to your NRE/NRO account and investments.
6. Customer Support
NRIs may need assistance while completing KYC, linking bank accounts, or handling investment-related requirements from overseas. Reliable customer support is therefore important.
7. Digital Experience
A good platform should make it easy to view holdings, track investments, place eligible orders, and monitor portfolio performance from abroad.
What Should NRIs Check Before Opening a Demat Account?
Before opening an account, consider:
- Whether you need an NRE or NRO account
- Whether the broker supports your country of residence
- Available investment products
- Brokerage and account maintenance charges
- Repatriation rules
- Tax implications
- KYC and documentation requirements
- Digital account-opening process
- Customer support availability
- Investment restrictions applicable to NRIs
Conclusion
Choosing the right NRI Demat account can make investing in Indian markets more convenient for NRIs. Platforms such as Groww, Zerodha, ICICI Direct, HDFC Securities, Kotak Securities, Axis Direct, Motilal Oswal, and other eligible brokers provide different combinations of investment products, banking integration, digital services, and customer support.
The best platform ultimately depends on your investment requirements, preferred products, account type, country of residence, banking relationship, and the level of support you need.
Before opening an NRI Demat account, compare the platform’s NRE/NRO support, charges, investment options, account-opening process, repatriation facilities, and applicable regulatory requirements. Also verify the latest terms directly with the broker because NRI investment rules and product availability can change.
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