NRE Saving Bank Account NRE PIS Bank Account
NRO Saving Bank Account NRO Settlement/Non PIS Bank Accounts*
NRE Demat Account
NRO Demat Account
NRE Trading Account
NRO Trading Account
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An NRI, OCI & mariner/seafarer can open a 3in1 Account permitting Investment in & Trading of Indian Securities on Indian Stock Exchanges
The designated banks report all secondary market transactions to RBI on a daily basis for cleints trading through NRE accounts only Investment by single investor should not exceed 5% of total paid-up equity and preference capital of the company The overall ceiling for all NRIs put together is 10% of share capital. However, the company can enhance this limit to 24% by a special resolution and Companies whose limit has reached threshold is put into Caution List. Fresh permission is required for dealing in these shares and once the limit is completed, the shares are put in banned List and cannot be further traded till it is removed from the banned list
NRIs can invest in the Indian stock market though NRE account only the Portfolio Investment Scheme (PIS).All secondary market transactions have to be reported to RBI within 24 hours Investments can be made on repatriable basis. NRI can also invest in Indian stock markets through NRO accounts by opening a NRO non PIS account for settelement of secondary market trades net of taxes . Different bank and demat accounts need to be maintained for repatriable and non repatriable investments As per Income Tax Act, tax (if applicable) has to be deducted at source on the profit made by NRIs through both NRE PIS and NRO non PIS accounts.
Charges for opening of IIFL trading and demat account is Zero.IIFL charges AMC of Rs.250 for holding of demat account which is charged to the clients from second year.
No, he has to obtain an NOC from the Bank he hold his NREPIS & the PIS permission would be transferred to new Bank. An NRI can hold only one PIS Permission (ie.NRE) with one single bank and cannot hold multiple NRE PIS accounts