PIS linked NRI 3-in-1 account is mostly offered by banks who also offer stock broking services. The bank NRI 3-in-1 account is offered by top banks in India including ICICI, SBI, HDFC and Axis Bank, etc.
Other full-service and discount stock brokers like Sharekhan, Zerodha, and Prostocks also offer an NRI 2-in-1 account (trading + demat account). They have tie-ups with certain banks wherein they help you open bank accounts and link them to their trading and demat accounts.
NRI 3-in-1 Account Benefits
- Easy account opening as all 3 accounts is opened at once.
- Interest earned on surplus money in your savings bank account which is not being used for trading.
- Easy online investment across a wide range of products i.e. Stock Market, Bank FD, Corporate FD, Bonds, Insurance, SIP, Mutual Funds, etc.
- The quick trading facility as fund transfer is seamless and real-time between accounts. In a 2-in-1 NRI account, you first need to transfer money from bank to trading account which may take time.
Note:
- NRIs who want to trade in equity derivatives must open Custodial Account in addition to a 3-in-1 account. Some stock brokers are registered clearing members, so if you are opening an account with them, you don't need to open a separate custodial account. With others, you need to open a custodial account.
- The NRI 3-in-1 account charges (brokerage, AMC) are higher in comparison to brokers offering 2-in-1 account but it does making trading easier and faster.
