Top 10 NRI Stock Brokers in India

by Admin - 2025-08-07

India has become a lucrative investment destination for Non-Resident Indians (NRIs) looking to benefit from the country’s growing economy and booming stock markets. To facilitate smooth and regulatory-compliant investing, several Indian stock brokers offer specialized NRI trading accounts and services.

In this article, we list the top 10 NRI stock brokers in India, considering parameters such as account opening ease, brokerage charges, research support, international accessibility, customer service, and reputation.

What is an NRI Trading Account?

An NRI trading account allows NRIs to invest in the Indian stock market through a PIS (Portfolio Investment Scheme) or Non-PIS route, as mandated by the Reserve Bank of India (RBI). This is usually combined with:

NRE/NRO Bank Account (with PIS approval)
Demat Account (to hold shares)
Trading Account (to buy/sell)

Comparison Table: Top 10 NRI Stock Brokers in India

Broker Name	Account Type (PIS/Non-PIS)	Brokerage Charges (Equity Delivery)	AMC (Demat)	Global Access	Key Features
Zerodha	Non-PIS	Rs 200 or 0.5% (whichever is lower)	Rs 300/year	Limited	Discount broker, low charges, tech platform
ICICI Direct	PIS & Non-PIS	1.25% or Rs 25 minimum	Rs 500/year	Yes	Full-service, global support, iDirect
HDFC Securities	PIS & Non-PIS	0.75%–1.25%	Rs 750/year	Yes	Integrated with HDFC Bank, research reports
Kotak Securities	PIS & Non-PIS	0.49% onwards	Rs 600/year	Yes	3-in-1 account, good advisory
Axis Direct	PIS	0.75%–1.0%	Rs 650/year	Yes	Axis Bank tie-up, robust mobile platform
Upstox	Non-PIS	Rs 150 or 0.5%	Rs 300/year	Limited	Low cost, tech-savvy trading tools
Angel One	Non-PIS	Rs 20 flat	Free	No	Flat fees, user-friendly interface
Motilal Oswal	PIS & Non-PIS	0.50%–1.00%	Rs 400/year	Yes	In-depth research, personal advisory
SBI Securities	PIS	0.75%	Rs 500/year	Limited	Backed by SBI, traditional support
Sharekhan	PIS & Non-PIS	0.50%–1.00%	Rs 400/year	Yes	Research-heavy, reliable support

Detailed Review: Top 10 NRI Stock Brokers

1. Zerodha

Type: Discount Broker
PIS: Not Required (Non-PIS only)
Why it’s great: Known for revolutionizing the Indian brokerage space, Zerodha offers low-cost trading with a strong tech backend (Kite). It’s best for NRIs who are cost-conscious and want a fully online experience.
Limitation: No investment in IPOs or mutual funds directly via NRI accounts.

2. ICICI Direct

Type: Full-Service Broker
PIS/Non-PIS: Both supported
Why it’s great: Offers a 3-in-1 account with ICICI Bank, combining demat, trading, and bank accounts seamlessly. Their research tools, global accessibility, and advisory services are robust.
Bonus: Foreign currency remittance and tax reports available.

3. HDFC Securities

Type: Full-Service Broker
Why it’s great: A strong choice for existing HDFC Bank NRI customers. They offer reliable customer service, extensive research tools, and a 3-in-1 account model.
Limitation: Higher brokerage charges compared to discount brokers.

4. Kotak Securities

Type: Full-Service Broker
Highlight: Kotak NRI 3-in-1 account helps with easy fund transfers and trade execution. Kotak also offers Non-PIS accounts that are less complex.
Strength: Excellent mobile app and personalized advisory.

5. Axis Direct

Type: Full-Service Broker
Best For: NRIs who already have Axis Bank NRE/NRO accounts. Offers strong online platforms and research tools.
Services: Global investing, bonds, IPOs, derivatives.

6. Upstox

Type: Discount Broker
Why it’s unique: Upstox is one of the few discount brokers supporting NRI accounts. It offers modern trading tools, charting, and an app interface at a flat fee structure.
Note: Non-PIS account only; limited support for global transactions.

7. Angel One

Type: Full-Service cum Discount Hybrid
Perk: Offers a flat Rs 20 per trade for NRIs, zero AMC demat for the first year. Their AI-powered research tools (ARQ) and mobile-first approach make it appealing for digital-savvy NRIs.
Limitation: NRI support still evolving.

8. Motilal Oswal

Type: Full-Service Broker
USP: Known for premium research reports, wealth management, and long-term investment support. Offers both PIS and non-PIS accounts.
Bonus: Dedicated RM (Relationship Manager) for NRIs.

9. SBI Securities

Type: Full-Service Broker
Why NRIs choose it: Trusted name, government backing, and seamless integration with SBI NRE/NRO accounts.
Limitation: Slightly outdated user interface and limited innovation in tools.

10. Sharekhan

Type: Full-Service Broker
Why it’s on the list: Strong track record, detailed research, and support for PIS/Non-PIS routes. Their mobile and web platforms are reliable for regular traders.
Advantage: Suitable for active traders who want detailed analysis.

Things NRIs Should Consider Before Choosing a Broker

PIS vs Non-PIS:
- Non-PIS is simpler and preferred now after RBI relaxed regulations.
- Non-PIS is supported by brokers like Zerodha, Upstox, Angel One.
3-in-1 Account Integration:
- Banks like HDFC, ICICI, and Axis offer easy transfers and reduced friction.
Global Access & Support:
- Check if the broker offers 24/7 support or has an international help desk.
Ease of Repatriation:
- NRE accounts allow repatriable investments; NRO accounts are non-repatriable.
Brokerage & Fees:
- Discount brokers save you money if you trade frequently or invest in bulk.
Research & Advisory:
- Full-service brokers are better if you want detailed analysis and portfolio management.

Conclusion

India’s stock market presents a golden opportunity for NRIs to grow their wealth. Choosing the right stock broker ensures you have a seamless, compliant, and profitable experience. If you're a DIY investor who prefers technology and lower fees, Zerodha or Upstox are top picks. If you value personal advisory and integrated banking, ICICI Direct, Kotak, or HDFC Securities may serve you better.

Always consider your long-term investment goals, frequency of trading, and whether you need repatriation or not before choosing your broker.