NRI Broker Comparison
Compare Zerodha, ICICI Direct, Groww, HDFC, and Axis for NRI demat accounts — PIS, AMC, brokerage, US/Canada eligibility
| Feature | Zerodha | ICICI Direct | HDFC Sec | Axis Direct |
|---|---|---|---|---|
| PIS Required | Required | Optional | Required | Required |
| Brokerage (Delivery) | 0.5% or ₹200 (PIS) / ₹50 (Non-PIS) per order | 0.75% (Standard) or reduced via Prime plans | 0.25% (delivery) up to 0.50% (intraday) | 0.25% (equity delivery) |
| Demat AMC | ₹500/year + GST | ₹700/year (CDSL) | ₹750/year (CDSL) | ₹500/year (CDSL) |
| KYC Time | 7–10 days | 5–7 days | 7–10 days | 7–10 days |
| US/Canada | No | Yes | No | No |
| ASBA Support | ||||
| Platform | ||||
| Open account | Open affiliate link | Open | Open | Open |
Zerodha NRI
Best for: NRIs in Europe, GCC, Australia, and SG who want the best trading platform
ICICI Direct NRI
Best for: NRIs in the US or Canada, or those wanting a 3-in-1 account with ICICI Bank
HDFC Securities NRI
Best for: Existing HDFC Bank NRI customers wanting an integrated demat account
Axis Direct NRI
Best for: Existing Axis Bank NRI customers wanting integrated trading
Data verified as of 2025. Brokerage and AMC subject to change — verify on broker website before opening account. Affiliate links marked where applicable.
Best Indian Broker for NRIs in 2025 — Complete Guide
Opening an Indian demat account as an NRI is more complex than it looks. Beyond just comparing brokerage rates, you need to navigate PIS account setup, FEMA compliance, FATCA restrictions (if you're in the US/Canada), and three-way coordination between your broker, bank, and depository. This guide cuts through the confusion.
The PIS account: what no one explains clearly
Every NRI who wants to buy Indian stocks on the secondary market (NSE/BSE) is required to do so through a Portfolio Investment Scheme (PIS) account under FEMA. This is not the demat account — it is a separate permission letter from the RBI issued through a designated bank tied to your NRE or NRO account. Your broker (Zerodha, Groww, etc.) then links to this PIS account. The PIS records every transaction and ensures your total NRI holdings in any single company don't breach the RBI's sector limits.
The practical implication: opening a "NRI demat account" requires two simultaneous processes — PIS activation at your bank (1–2 weeks) and demat + trading account opening at your broker (1–2 weeks). These timelines can overlap, but total time from start to first trade is typically 2–4 weeks.
Zerodha NRI vs Groww NRI — which is cheaper?
For buy-and-hold investors who make <10 trades per month: Zerodha wins — ₹0 brokerage on equity delivery (CNC), with only ₹300/year AMC. For active traders or those who also invest in mutual funds: Groww wins — ₹0 AMC and ₹20 flat per order (same for MF as for equity). For a NRI holding 10 stocks with annual portfolio review: Zerodha saves ~₹400 vs Groww over 5 years. For a NRI making 5 equity + 5 MF SIP transactions monthly: Groww saves ~₹700/year.
US/Canada NRIs: your only real option
FATCA (Foreign Account Tax Compliance Act) requires Indian brokers to report US and Canada person accounts to their respective tax authorities. Most brokers find FATCA compliance operationally complex and simply decline US/Canada NRIs. ICICI Direct has invested in FATCA infrastructure and is currently the only established Indian broker accepting NRIs from these countries. Be prepared to submit a W-8BEN form at opening and annually thereafter. Note: even with ICICI Direct, US NRIs cannot invest in most Indian mutual funds due to PFIC (Passive Foreign Investment Company) regulations — direct equity is the primary route.
Frequently Asked Questions
What is a PIS account and do all NRIs need one to invest in Indian stocks?
A Portfolio Investment Scheme (PIS) account is an RBI-mandated route through which NRIs trade in Indian equities on the secondary market. It is a special permission letter linked to an NRE or NRO account and is legally required for NRI equity trading under FEMA regulations. Almost all NRI brokers require PIS. ICICI Direct offers an alternative 'Non-PIS' route for NRIs trading from NRE-funded accounts only — simpler to open but less flexible. Without PIS, NRI equity trading is technically a FEMA violation.
Can NRIs living in the US or Canada open Indian demat accounts?
Only ICICI Direct NRI officially accepts NRI clients from the US and Canada with full FATCA compliance documentation (W-8BEN form). Zerodha, Groww, HDFC Securities, and Axis Direct do NOT accept NRIs from the US/Canada due to FATCA (Foreign Account Tax Compliance Act) and PFIC (Passive Foreign Investment Company) regulations. US/Canada NRIs are also restricted from investing in most Indian mutual funds — the ICICI Direct Non-PIS route offers a workaround for direct equity.
Which Indian broker has the lowest charges for NRIs?
Groww NRI has the lowest overall cost: ₹0 demat AMC (lifetime free), flat ₹20 per order for both delivery and intraday. Zerodha NRI charges ₹300/year AMC but offers free equity delivery (CNC) — making it cheaper for buy-and-hold investors who make few trades. For NRIs who trade actively, Zerodha's ₹20 intraday flat beats HDFC Securities and Axis Direct's percentage-based brokerage significantly. Avoid HDFC Securities NRI at ₹750 AMC unless you already have an HDFC Bank NRI account.
How long does NRI demat account opening take?
Typically 7–10 business days from document submission. ICICI Direct is slightly faster (5–7 days) given their streamlined NRI onboarding process. The bottleneck is usually PIS account activation by the bank (separate from demat opening). Documents required: passport copy, overseas address proof (utility bill/rental agreement within 3 months), PAN card, NRE/NRO bank account details, and cancelled cheque. In-person IPV (In-Person Verification) may be required — some brokers allow video KYC.
What is Non-PIS trading for NRIs and when should I use it?
Non-PIS trading (available through ICICI Direct) allows NRIs to trade equities using funds from their NRE account without a PIS permission letter. It is simpler to set up (no bank PIS form needed), but has key limitations: only NRE (fully repatriable) funds can be used, not NRO; short-selling and F&O are restricted; and the investment is treated as repatriable. Non-PIS is suitable for NRIs who want quick access to Indian equities and primarily use NRE funds. For complex strategies or NRO fund use, PIS is necessary.