Kids Debit Card

The HDFC Bank NRI SmartInvest Account allows Non-Resident Indians (NRIs) to seamlessly manage their investments in India through a combination of:

  • Portfolio Investment Scheme (PIS):Permitted investment in the Indian stock market with a PIS Account for NREs or an NRO Special Securities Account for NROs.

  • Demat Account: Securely hold your investments in Stocks, Bonds, and other securities in electronic format tailored for NRIs.

  • Trading Account: Invest online in Stocks, Derivatives, IPOs, Bonds, and seamlessly on BSE and NSE. The NRI SmartInvest Account is designed to make investing and trading effortless for NRIs, PIOs, and OCI cardholders.

NPS

Key Benefits & Features of NRI SmartInvest Account

Features

  • Three-in-One Account:
    HDFC Bank offers an integrated trading, demat , and investment permission facility under PIS.
  • Diverse Investment Products:
    Build a diversified investment portfolio.
  • Dedicated NRI Support:
    HDFC Bank has a dedicated NRI dealing team and digital channels supported by research analysts, ensuring expert guidance and support.
  • User-Friendly Investment Platform:
    HDFC Securities provides a platform where NRIs can invest in securities directly, place off-market orders, and stay updated with a comprehensive view of their portfolio.
  • Research Offering:
    HDFC Securities offers research and insights for informed decision-making across various investment avenues. This service is not available to US and Canada based clients.
  • Multiple Digital Channels:
    Except for USA and Canada-based NRIs, others can invest through various digital channels, making it convenient to manage investments globally.
  • Swift Account Opening Process:
    The account caters to diverse investment preferences with a swift account opening process and regulatory reporting compliance.

Note: Portfolio Investment Scheme (PIS) permission is issued only for NRE accounts. For NRO accounts, an NRO Special Securities account is opened and no PIS permission is issued.

Fees & Charges

Investment Options

Non-Resident Indians can access a variety of investment products through HDFC Securities, including:

  • Equity:
    Direct investments in shares of companies listed on stock exchanges.
  • Futures and Options (F&O):
    Trading is not allowed under NRE accounts but available for NRO accounts.
  • IPO:
    Invest in top recommended IPOs with just a few clicks or a phone call from the comfort of your home.
  • Exchange-Traded Funds (ETFs):
    Funds traded on stock exchanges, similar to stocks, providing exposure to various indices or sectors.

Note: Investments in the securities market are subject to market risks. Investors should read all related documents carefully before investing. 

Most Important Terms & Conditions

Eligibility

Only NRIs can open an NRI SmartInvest Account (availability subject to jurisdictions permitting investment in and trading of Indian securities on Indian stock exchanges)

  • Minimum age: 18 years
  • An NRI with an active NRE/NRO Savings Account
  • Should not be a Mariner or a resident of the US, Canada, or OFAC-listed countries
Step Digital Journey (If you are in India) Semi-Digital Journey (If you are abroad)

1

Verify Mobile & Email

Verify Mobile & Email

2

Fill online application form

Fill online application form

3

Document Upload

Document Upload – self attested and apostilled

4

Video In-Person Verification

Verify PIS Account details

5

eSign the application

Print Application & attach documents

6

Verify PIS Account details

Application will be collected from your location



Most Important Terms & Conditions

Documents

  • PAN

  • Valid Passport

  • Valid Visa or PIO/OCI Card

  • Foreign Address Proof

Proof of Foreign Address (Anyone)

  • Foreign Passport

  • Driving License

  • Letter from the existing banker

  • PIO/OCI Card

  • Bank statement (not older than 3 months)

Proof of Identity & Indian address (Anyone)

  • Indian Passport

  • Driving License

  • OCI Card

  • Aadhaar Card

  • Voter Identity Card

Additional Documents Required for Equity Derivatives Privilege (Anyone)

  • Bank account statement (last 6 months)

  • Salary slips (latest one month for current financial year)

  • Demat account holding statement (not older than 2 months)

  • Form 16 (for last financial year)

  • Income Tax Return Acknowledgement (for last financial year)

  • Net Worth Certificate (latest or at the end of last financial year)

Notes:

  • In case of a semi-digital journey, the KYC documents must be attested by any one of the following authorities:

  1. Notary public, local bank (name, designation, employee code, and bank seal must be affixed on all copies)

  2. Court magistrate or judge

  3. Indian embassy or consulate general

  • If any proof of identity or address is in a foreign language, a translation into English is required.

  • The name and address of the applicant mentioned on the KYC form should match the documentary proof submitted.

  • If the correspondence address and permanent address are different, proofs for both must be submitted.

  • PAN is mandatory but is not an officially valid document (OVD) as proof of identity.

  • Officially valid documents as proof of identity and proof of address are required (as mentioned earlier).

  • If correspondence and permanent addresses are different, proofs for both must be submitted.

Most Important Terms & Conditions

Fees and Charges

Feature

NRI Sterling

NRI Elite

NRI Ultima

NRI Platina

NRI Premia

NRI Supreme

Account Opening Charges (exclusive GST)

₹99,999

₹49,999

₹29,999

₹9,999

₹4,999

₹499

Free Cash Volume*

₹3 crore

₹80 lakh

₹30 lakh

₹5 lakh

-

-

Validity of Free Volume

360 days

6 months

3 months

3 months

-

-

Stock Delivery Brokerage

0.10%

0.15%

0.20%

0.30%

0.50%

0.75%

ETF Brokerage

0.10%

0.15%

0.20%

0.30%

0.50%

0.75%

Futures
Options per Lot**

0.010%

10

0.015% 15

0.02% 20

0.03% 25

0.05% 100

0.05% 100

T&C: *Free cash volume or validity of free volume whichever is earlier.



**Derivatives intraday brokerage to be levied on buy and sell. Also, benefits of derivatives brokerage will be valid only if derivatives segment is activated while account opening or before subscription of Value Added Plan.

 

Most Important Terms & Conditions

Get access to a Portfolio Investment Scheme (PIS), Demat Account, and Trading Account.

Open an NRI SmartInvest Account

Frequently Asked Questions  

NRIs purchasing/selling securities on an NRO non-repatriable basis must obtain a one-time Unique Reference Number and open a sub-account called NRO Securities Account at the PIS designated branch. This account exclusively handles payments, receipts, capital gains, and TDS calculations under Schedule

Particulars

NRE Account (Non-Resident External Rupee Account)

FCNR(B) Account (Foreign Currency Non-Resident Account)

NRO Account (Non-Resident Ordinary Rupee Account)

Who can open an account

NRIs and PIOs. Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval.

Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval.

Citizens of Bangladesh/Pakistan belonging to minority communities residing in India who have obtained LTV or whose LTV application is pending can open one NRO account with AD bank subject to conditions. Post Offices may maintain savings accounts subject to NRO account terms.

Joint account

May be held jointly by two or more NRIs/PIOs; also with resident relative on ‘former or survivor’ basis.

May be held jointly by two or more NRIs/PIOs.

May be held jointly with residents on ‘former or survivor’ basis.

Currency

Indian Rupees

Any permitted foreign currency which is freely convertible

Indian Rupees

Type of Account

Savings, Current, Recurring, Fixed Deposit

Term Deposit only

Savings, Current, Recurring, Fixed Deposit

Fixed deposits period

1 to 3 years; banks may accept deposits over 3 years as per asset-liability norms

Terms from 1 to 5 years

As applicable to resident accounts

Permissible Credits

Inward remittances (outside India), interest, transfers from NRE/FCNR(B), maturity proceeds of investments (if funded from inward remittance). Current income like rent, dividend, pension, interest.

Inward remittances from outside India, legitimate dues, transfers from NRO accounts, rupee gift/loan by resident relatives (within limits).

Inward remittances, legitimate dues in India, transfers from other NRO accounts, rupee gift/loan by resident relatives subject to limits.





 

 

Particulars 

 

 

 

 

NRE Account (Non-Resident External Rupee Account) 

 

 

 

 

FCNR(B) Account (Foreign Currency Non-Resident Account) 

 

 

 

 

NRO Account (Non-Resident Ordinary Rupee Account) 

 

 

 

 

Who can open an account 

 

 

 

 

NRIs and PIOs. Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval. 

 

 

 

 

Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval. 

 

 

 

 

Citizens of Bangladesh/Pakistan belonging to minority communities residing in India who have obtained LTV or whose LTV application is pending can open one NRO account with AD bank subject to conditions. Post Offices may maintain savings accounts subject to NRO account terms. 

 

 

 

 

Joint account 

 

 

 

 

May be held jointly by two or more NRIs/PIOs; also with resident relative on ‘former or survivor’ basis. 

 

 

 

 

May be held jointly by two or more NRIs/PIOs. 

 

 

 

 

May be held jointly with residents on ‘former or survivor’ basis. 

 

 

 

 

Currency 

 

 

 

 

Indian Rupees 

 

 

 

 

Any permitted foreign currency which is freely convertible 

 

 

 

 

Indian Rupees 

 

 

 

 

Type of Account 

 

 

 

 

Savings, Current, Recurring, Fixed Deposit 

 

 

 

 

Term Deposit only 

 

 

 

 

Savings, Current, Recurring, Fixed Deposit 

 

 

 

 

Fixed deposits period 

 

 

 

 

1 to 3 years; banks may accept deposits over 3 years as per asset-liability norms 

 

 

 

 

Terms from 1 to 5 years 

 

 

 

 

As applicable to resident accounts 

 

 





Particulars

NRE Account (Non-Resident External Rupee Account)

FCNR(B) Account (Foreign Currency Non-Resident Account)

NRO Account (Non-Resident Ordinary Rupee Account)

Who can open an account

NRIs and PIOs. Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval.

Individuals/entities of Pakistan and Bangladesh require RBI’s prior approval.

Citizens of Bangladesh/Pakistan belonging to minority communities residing in India who have obtained LTV or whose LTV application is pending can open one NRO account with AD bank subject to conditions. Post Offices may maintain savings accounts subject to NRO account terms.

Joint account

May be held jointly by two or more NRIs/PIOs; also with resident relative on ‘former or survivor’ basis.

May be held jointly by two or more NRIs/PIOs.

May be held jointly with residents on ‘former or survivor’ basis.

Currency

Indian Rupees

Any permitted foreign currency which is freely convertible

Indian Rupees

Type of Account

Savings, Current, Recurring, Fixed Deposit

Term Deposit only

Savings, Current, Recurring, Fixed Deposit

Fixed deposits period

1 to 3 years; banks may accept deposits over 3 years as per asset-liability norms

Terms from 1 to 5 years

As applicable to resident accounts

Permissible Credits

Inward remittances (outside India), interest, transfers from NRE/FCNR(B), maturity proceeds of investments (if funded from inward remittance). Current income like rent, dividend, pension, interest.

Inward remittances from outside India, legitimate dues, transfers from NRO accounts, rupee gift/loan by resident relatives (within limits).

Inward remittances, legitimate dues in India, transfers from other NRO accounts, rupee gift/loan by resident relatives subject to limits.

Permissible Debits

Local disbursements, remittance outside India, transfers to NRE/FCNR(B), investments in India.

Local payments, transfers to other NRO accounts, remittance of current income abroad. Balances non-repatriable except up to USD 1 million per financial year.

Local payments, transfers to other NRO accounts, remittance limited to USD 1 million per financial year subject to foreign exchange regulations. Funds can be transferred to NRE accounts.

Repatriability

Fully repatriable

Fully repatriable

Balances repatriable up to USD 1 million per financial year including other eligible assets.

Taxability

Income and balances exempt from Indian income tax and wealth tax

Tax-free

Income is taxable

Loans in India

ADs can sanction loans without limit subject to margins; loans are non-repatriable and for use in India. Repayment via deposits or inward remittances.

Loans outside India possible against funds held in NRE/FCNR(B) accounts subject to margin.

Loans subject to norms and margin requirements; loan amount non-repatriable; cannot be used for relending, agriculture, plantation, or real estate.

Loans outside India

Allowed against security of NRE/FCNR(B) funds

Not permitted

Not permitted

Rate of Interest

RBI guidelines

RBI guidelines

RBI guidelines

Operations by PoA

Restricted to withdrawals for permissible local payments or remittance to account holder.

Restricted to withdrawals for permissible local payments, remittance of current income abroad or to account holder.

Restricted to local payments and remittances subject to repatriability.

Change in residential status

Must convert to resident account or transfer funds to RFC account on return to India.

Deposits continue till maturity or convert to resident account/RFC account on maturity.

May be designated as resident accounts on return to India; resident accounts convert to NRO on becoming NRIs.

 

An NRI (Non-Resident Indian) is an Indian citizen residing outside India.

A Person of Indian Origin (PIO) is a person residing outside India who is a citizen of any country other than Bangladesh, Pakistan, or any other country specified by the Central Government, who satisfies one or more of the following conditions:

  • Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);

  • Who belonged to a territory that became part of India after August 15, 1947;

  • Who is a child, grandchild, or great-grandchild of a citizen of India or of a person referred to in the above clauses;

  • Who is the spouse of foreign origin of a citizen of India or the spouse of foreign origin of a person referred to in the above clauses.

A PIO will include an Overseas Citizen of India (OCI) cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI cardholder should also be a person resident outside India.

 

What types of accounts does an NRI need to start investing with HDFC Securities?

  • NRE/NRO Regular Savings Account with any branch in India.

  • NRE/NRO E-broking Savings Account with designated Branch.

  • NRE PIS permission / NRO Securities (unique number) Account available through HDFC Bank.

  • NRE/NRO Demat Account with HDFC Bank.

  • NRE/NRO Trading Account with HSL.

Note: An NRE Account is required for investments made on a repatriable basis, whereas an NRO Account is required for investments on a non-repatriable basis.

The two Annexures in the PIS form are for filling details of shares held by the NRI customer in various capacities.

  • Annexure 1 (NRE)

  • Annexure 2 (NRO)

 

If an NRI is already holding PIS permission with another bank, can we open a fresh PIS permission?

No. An NRI must obtain a No Objection Certificate (NOC) from the previous bank. The NRE PIS permission will then be transferred to HDFC Bank. An NRI can hold only one NRE PIS permission.

  • Designated banks report all secondary market transactions to RBI daily.

  • Investment by a single NRI investor should not exceed 5% of the total paid-up equity and preference capital of the company.

  • The overall ceiling for all NRIs put together is 10% of the share capital, extendable up to 24% by a company’s special resolution.

Yes. NRIs can borrow against shares or other securities. The loan should be used to meet the borrower's personal requirements or for their own business purposes.

  • NRE (Non-Resident External) - Repatriable Demat Account

  • NRO (Non-Resident Ordinary) - Non-repatriable Demat Account

These Demat accounts link to the corresponding Savings Accounts (NRE linked to NRE, NRO linked to NRO).

Yes, NRIs can trade Futures and Options using rupee funds held in India on a non-repatriable basis, subject to SEBI limits. An NRO Savings and NRO Demat Account are required.

Tax Details

Long Term Capital Gains (LTCG)

Short Term Capital Gains (STCG)

Futures & Options

Base TDS Rate

12.50%

20%

30%

Surcharge @ 15% of Base Rate*

1.875%

3%

(Based on income level)

Education Cess @ 4%

0.575%

0.92%

1.20%

Total Tax Rate (Base + Surcharge + Cess)

14.95%

23.92%

31.20%



Notes: *surcharge will be applicable as per Total Capital Gain Slab wise

  • Short-term capital losses can be set off against both STCG and LTCG.

  • Long-term capital losses can be set off only against LTCG.

  • Capital losses can be set off only in the same financial year and cannot be carried forward.

  • Losses in Futures & Options are allowed to be set off against profits in derivatives for the financial year only; they cannot be carried forward.

  • Total tax rates on derivative income 30% + surcharge on the client’s income level per Income Tax guidelines.

  • For tax benefits, LTCG is taxed at 20% plus surcharge and cess, and STCG at 12.5% plus surcharge and cess.

 

No. Client can fill proxy form along with relevant documents and get the same notarised for appointing other person to manage trading activities. Here it is applicable only for non-US / Canada based clients.

Yes, USA & Canada-based NRIs and PIOs can open a Trading Account with us, provided the customer is present in India at the time of account opening.

No, shares cannot be transferred from an NRO Demat Account to an NRE Demat Account.

It is a designated NRE Savings Bank Account for routing receipts and payments related to the sale and purchase of shares, convertible preference shares, convertible debentures, warrants, or units under Schedule 3. The account is opened under the same Customer ID held with the bank.

  • NRIs can invest in the Indian stock market only through the Portfolio Investment Scheme (PIS).

  • All secondary market transactions must be reported to RBI within 24 hours.

  • Investments can be made on repatriable or non-repatriable basis. Separate bank and Demat accounts must be maintained accordingly.

  • Tax, if applicable, is deducted at source on profits.

  • NRIs can only carry out delivery-based trading.

No. NRIs must have the corresponding Savings Account category (NRE for NRE Demat, NRO for NRO Demat) to open Demat accounts.

HDFC Bank is a leading private sector bank with extensive PIS accounts across India. Our specialized PIS features and services offer smooth Portfolio Investment Scheme transactions.

  • If NRIs want to use foreign funds earned abroad, they should open the NRE category account.

  • If NRIs want to use local Indian income for investment, they should open the NRO category account.