Depository Services
in India

An NRI Demat Account with HDFC is a digital repository for holding securities like stocks, bonds, and mutual funds in electronic format. It allows NRIs to trade and invest in the Indian stock market seamlessly. The account facilitates easy buy and sell transactions, provides online access to holdings and transactions, and offers services like dematerialization and rematerialisation of securities. It's a secure and convenient way for NRIs to manage their investments in India, ensuring they can participate in the country's financial markets efficiently from anywhere in the world.

Yes, an NRI can have more than one Demat account in India with HDFC Bank. However, having multiple accounts can sometimes be complex to manage. It's important to keep track of all investments and transactions across these accounts to comply with regulations and avoid any complications. Having multiple accounts can offer flexibility in managing investments and segregating holdings based on investment goals or strategies. Each account must be maintained according to the rules and guidelines set by the Depositories Act, SEBI, and the respective depository participant (DP), such as HDFC Bank.

The primary difference between an NRO (Non-Resident Ordinary) Demat Account and an NRI (Non-Resident Indian) Demat Account lies in their purpose and the nature of funds used. An NRO Demat Account is used to hold securities bought with funds remitted from abroad or with Indian earnings. On the other hand, an NRI Demat Account is used to hold securities bought using funds remitted from abroad. It does not allow for the repatriation of funds without certain conditions being met.

Yes, Non-residents Indian can open Demat and Trading account with our bank, but they need to have similar bank account i.e. NRE savings account needs to be linked to NRE Demat account for all charges and transactions. Similarly, NRO savings accounts can be linked only to NRO Demat accounts only. 
NREPIS account to be linked with NRE trading account and NRO special securities account to be linked with NRO trading account

As per section 6(5) of FEMA, NRIs can continue to hold the securities (on a non-repatriable basis) that they had purchased when they were resident Indians, even after they have become non-resident Indians. 
Yes, once resident customer shifts abroad, firstly he needs to convert his existing savings bank account to NRO savings account. Thereafter he can convert his existing resident demat account status to NRO Demat account by filling a conversion form and submitting necessary documents. He needs to close the existing resident trading account and open a new NRO trading account. Additionally, customers can even open NRE savings account, NREPIS account separately linked to NRE demat and trading account.

Documents required for a face to face Demat /HSL account are AOF, Photo, Copy of PAN Card, Valid Passport copy, Valid Visa copy, Valid OCI Card / PIO Card Copy, Extended KYC form. (If Passport is other than Indian Passport), Overseas Address proof. All documents must be self-attested in the presence of bank staff and staff to do the OSV stamp on all documents after originals are sighted.

Yes, for non-face to face accounts opening all the above mentioned documents are required but clients IPV column on AOF needs to be left 'BLANK' and all documents need to be attested by anyone of the following: - Notary Public, Any court of law, Magistrate. Judge, Local Banker with Bank Seal, Name, Designation, Employee Code of the Person doing attestation or lastly by Indian Embassy / Consulate General of the country.

It's not mandatory to open a PIS Account to open a demat account.  
The standing instruction will be "NO" for the NRE demat account opened without NRE PIS account. A Non- Resident Indian (NRI) may acquire securities or units from a recognised Stock Exchange in India on repatriation basis under the Portfolio Investment Scheme (PIS), subject to the terms and conditions specified in Schedule " 3" of FEMA (Transfer or Issue of Security by a person Resident outside India). Hence an NRI intending to buy and sell shares / convertible debentures of an Indian company through a registered broker on a recognised stock exchange in India on repatriation basis (NRE), needs to open the NREPIS account. As per the process followed by the bank if an NRI intending to buy and sell shares / convertible debentures of an Indian company through a registered broker on a recognised stock exchange in India on Non- repatriation basis (NRO), needs to open the NRO special securities account along with the NRO savings bank account.

Yes, US and Canada Citizens can open Demat account on separate AOF form fulfilling the below conditions:

• Customer to be present in India for account opening. Only Face to Face account opening will be allowed.

• Indian address proof is mandatory for HSL communication and should be recorded on HSL account opening form.

• Special designated 3 in 1 HSL trading form has been designed for US/CANADA based NRIs. Same should be used. (Regular HSL 3 in 1 not to be used). 

• HDFC Securities cannot offer online platform to US and Canada based NRI Customer but customer can communicate and trade through HDFC Securities Relationship Manager.

• Currently NO PROXY facility is available to operate HSL trading account 
  Link for US/ Canada citizens: https://www.hdfcsec.com/productpage/account-opening-for-nri-others.

As customers are out of India (NRI) non face to face case client need to submit / dispatch the address modification along with a copy of the self-signed supporting ID and address proof documents to their RM / Home Branch / DP –CPU.  
 
Copies of the supporting ID and address proof documents should be "verified with original" by any one of the following entities viz; authorised officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court, Magistrate, Judge, Indian Embassy / Consulate General of the country where the client is residing.

A resident Indian or an NRI can be a nominee, subject to exchange control regulations in force from time to time. Similarly, an NRI can nominate a resident Indian or another NRI as a nominee.

Corporate benefits may be in the form of rights, bonus, etc. These are automatically credited to the Demat Account if the Standing Instruction is “N” in NRI Demat account.  
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