Document Checklist for NRI Demat Account Opening

Introduction

For Non-Resident Indians (NRIs), investing in Indian markets is not just about earning returns — it’s also about staying connected to India’s growth story. Whether it’s equities, mutual funds, bonds, or ETFs, an NRI Demat account acts as the gateway to building and managing your portfolio in India.

However, before you begin, you’ll need to get your documentation right. Submitting the correct documents ensures your account is opened smoothly, without unnecessary delays or compliance issues.

In this blog, we’ll share a complete document checklist for opening an NRI Demat account efficiently — along with how JM Financial Services simplifies this entire process for global investors.

What is an NRI Demat Account?

A Demat (Dematerialized) Account allows you to hold shares and securities electronically. For NRIs, it’s mandatory to open a separate NRI Demat account to invest in India, since foreign investments are regulated under FEMA (Foreign Exchange Management Act).

Depending on whether you want to repatriate funds abroad or retain them in India, you can open one of two types:

• Repatriable Demat Account (linked to NRE account)
• Non-Repatriable Demat Account (linked to NRO account)

Both types require specific documents for verification, KYC, and regulatory compliance.

Essential Documents Required for NRI Demat Account Opening

Here’s a detailed list of documents every NRI must provide to open a Demat account efficiently:

1. Proof of Identity (POI)

A valid identity proof helps verify your personal details.

Accepted documents include:

• Copy of Passport (mandatory for NRIs)
• PAN Card (Permanent Account Number)

💡 Note: The passport copy must include your name, date of birth, photograph, signature, and validity details.

2. Proof of Address (POA)

You’ll need to provide both your Indian address (if available) and overseas residential address.

Accepted documents include:

• Overseas address proof (any one):
  • Passport (if showing overseas address)
  • Driving License (issued abroad)
  • Utility Bill (electricity, gas, or water bill not older than 3 months)
  • Bank Statement (foreign bank, not older than 3 months)
• Indian address proof (if applicable):
  • Aadhaar card
  • Voter ID
  • Utility bill (not older than 3 months)

📘 Tip: Both addresses are required for FEMA compliance.

3. Proof of Bank Account (Linked Account)

This establishes your financial connection for investment and repatriation purposes.

Documents required:

• Cancelled cheque or bank statement of:
  • NRE Account – for Repatriable Demat Account
  • NRO Account – for Non-Repatriable Demat Account

Ensure your name and account number are clearly visible.

4. FEMA Declaration Form

Every NRI must sign a FEMA declaration, confirming adherence to India’s foreign investment regulations.

Why this matters:
This ensures your Demat account complies with RBI and SEBI norms for foreign investments.

5. Passport-size Photographs

Submit two to three recent, color passport-size photos with a white background.

These are used for account verification and KYC documentation.

6. Proof of NRI Status

You’ll need to confirm your NRI status as per FEMA guidelines.

Accepted documents:

• Valid visa or work permit copy
• Overseas residence permit
• OCI (Overseas Citizen of India) / PIO (Person of Indian Origin) card (if applicable)

7. PIS Permission Letter (for Equity Trading)

If you wish to trade in Indian equities directly, you must obtain a Portfolio Investment Scheme (PIS) permission letter from your NRE/NRO bank.

Your bank forwards this permission to your chosen Depository Participant (DP) or broker — such as JM Financial Services — to link your PIS account with your Demat.

8. Power of Attorney (Optional but Recommended)

If you’re frequently abroad, you can assign Power of Attorney (POA) to a trusted representative in India to operate your account.

This simplifies operational tasks like signing documents, managing transactions, and handling redemptions on your behalf.

How JM Financial Services Simplifies NRI Demat Account Opening

With JM Financial Services, opening an NRI Demat account is quick, compliant, and fully supported at every step.

Here’s how they make it effortless:

• Dedicated NRI onboarding desk to guide you through the entire process.
• Digital documentation support – upload, verify, and sign electronically.
• FEMA and RBI-compliant account setup with NRE/NRO linkage.
• Expert investment assistance across equities, mutual funds, and bonds.
• Over 35 years of financial expertise to help NRIs build diversified portfolios confidently.

With JM Financial Services, you don’t just open an account — you open access to India’s financial potential.

Pro Tips for a Smooth Account Opening Process

✅ Get all documents self-attested and notarized (or attested by an Indian embassy or bank official).
✅ Ensure your PAN is active and linked with Aadhaar before application.
✅ Keep digital copies ready for online submission.
✅ Double-check that your names and signatures match across all documents.

Conclusion

Opening an NRI Demat account is your first step towards active participation in India’s vibrant financial markets. Getting the documentation right ensures a smooth, hassle-free onboarding process — so you can focus on what truly matters: growing your wealth.

With JM Financial Services, you get expert-backed support, regulatory clarity, and access to top-performing investment options — all while ensuring your journey stays seamless, secure, and compliant.

FAQs

1. Can I open a Demat account in India while living abroad?
Yes, you can. The process can be initiated online through brokers like JM Financial Services.

2. Do I need a PAN card to open an NRI Demat account?
Yes, PAN is mandatory for all NRIs investing in India.

3. Who can attest NRI documents?
Documents can be attested by an Indian embassy, notary public, or authorized bank official.

4. Can I use the same Demat account for repatriable and non-repatriable funds?
No, NRIs must maintain separate accounts for each purpose.

5. How long does it take to open an NRI Demat account?
Typically, it takes 3–7 working days after successful submission of all verified documents.