Axis Bank NRI Demat Account: Investing in India from Abroad

The popular Indian bank, Axis Bank, has banking and investment services for Non-resident Indians (NRI). NRIs can open a trading and Demat account with the bank to be able to invest in the Indian stock market and other investment vehicles. Existing Axis Bank customers will find it easier to open up a Demat account. Learn more about Demat accounts and how they work at Axis Bank.

📋 Complete Guide to Axis Bank Demat Account for NRIs

Can NRIs open a Demat account in Axis Bank? Overview of Axis Bank Demat Account for NRIs Features of the Axis Bank Demat Account for NRIs Managing Axis Demat account from abroad How to open Demat account in Axis Bank for NRIs Documents required Minimum Investment Amount FATCA Declaration Axis Bank NRI Demat account charges Deposit funds to Axis Bank Demat Account from abroad Withdrawing funds from Axis Bank Demat Account Tax Consideration for NRIs investing in India Meet Wise: Simplify your financial life as an NRI

Can NRIs open a Demat account in Axis Bank?

Yes, like resident Indians, Non-Resident Indians (NRI) can open a Demat account to hold electronic securities certificates. To do so, NRIs need to have an existing Non-Resident External (NRE) or Non-Resident Ordinary (NRO). NRIs can then open a NRI Demat and Trading account and link their NRE or NRO accounts for transferring funds. Axis Bank offers facilities like a 3-in-1 Demat account for NRIs.

NRIs interested in Portfolio Investment schemes can open a 4-in-1 Demat account. These accounts are available on a repatriable and non-repatriable basis.¹

If you already have an NRE or NRO account in Axis Bank, you can open a 2-in-1 Demat account for holding and trading stocks and securities. Otherwise, a 3-in-1 account offers the benefits of NRI Saving, Demat, and Trading all together.²

The Axis Bank Demat account is a repository, while a trading account allows you to trade securities in the market. NRIs will have to fund their NRE or NRO account to purchase the securities.

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Overview of Axis Bank Demat Account for NRIs

Axis Bank offers different types of Demat accounts for NRIs, depending on your relationship with Axis Bank and what facilities you’d like to have:.

• 2-in-1 Demat Account - A Demat and trading account together that is suited for existing Axis Bank NRE or NRO account holders.
• 3-in-1 Demat Account - For NRIs that need to open an NRE or NRO account, a 3-in-1 Demat account offers a NRI account, Demat and trading account all together.
• 4-in-1 Demat Account - For NRIs who wish to trade in portfolio investment schemes, this account offers four facilities - saving, Demat, trading, and Portfolio Investment.

Axis Bank NRI Demat accounts can be opened on a repatriable or non-repatriable basis with the Portfolio Investment Scheme (PIS), and the decision must be declared when the account is opened. Repatriable means that the money from the account can be sent outside of India to your resident country, while non-repatriable means that the money is intended to stay within India. The accounts are classified into four categories.³

• NRE PIS - PIS repatriable
• NRO PIS - PIS non-repatriable
• NRE Non-PIS - Non-PIS repatriable
• NRO Non-PIS - Non-PIS non-repatriable

Features of the Axis Bank Demat Account suited for NRIs

Here are some of the main features of an Axis Bank NRI Demat account:⁴

• The convenience and security of Axis Bank
• The Axis Bank Demat accounts are integrated accounts so you will not need to manually transfer money to the trading account unless required. Any funds in your savings will earn interest at the bank’s interest rates.
• You can buy and sell on recognized stock exchanges in India.
• Axis Bank has a national footprint, making accessing your investments and funds convenient from wherever you visit in India.
• Axis Bank Demat accounts help build your investment portfolio with its in-house research ideas at no extra cost.
• NRIs get personalization services with various customizable business, wealth management, and margin trading solutions.
• The 4-in-1 Demat account allows NRIs to invest in IPOs, derivatives, and other portfolio investment instruments.
• NRIs can authorize their resident relatives or friends to operate their Demat accounts.

Steps to manage and operate the Demat account from abroad

Here are easy ways to manage and operate your Demat account:

1. Log into your Axis Direct account using your username and password.
2. Enter the required access code.
3. You can add money with a bank transfer from another NRI account or by funding it from abroad.
4. Your trading limits get activated on receipt of funds in the account.
5. You can buy or sell in the Indian capital market using these trading limits.
6. You can transfer unutilized trading limits and funds from your trading account to your savings account by selecting Limits > Cash Limits > Go to Funds Hold and Release option. The funds are released subject to the processing time and any required TDS.

How to open Demat account in Axis Bank for NRIs

NRIs can start the process of opening a Demat account online, but you will need to work with a representative to complete the process. Here are the steps to open an Axis Bank NRI Demat and trading account:⁵

1. Visit the Axis Direct website
2. Input your details like name, email ID, and your country of residence.
3. An Axis Bank representative will contact you through email to help you complete the process.
4. Download the application form here.
5. Fill out the form and get your documents ready (see the section below for more details).
6. The Axis bank representative arranges to collect the documents and complete the account opening.
7. Once it’s open, you get an account opening kit with details like your account number, PIS permission, and operating instructions.
8. Register your name to trade online.

If you are an NRI visiting India, you can also open an account by going to an Axis Bank branchwith NRI services and completing the paperwork in person. Just make sure you have all the required documents with you.

Documents required

The following documents are necessary to open an Axis Bank NRI Demat account:⁶

• Copy of passport
• Copy of visa, if applicable
• Copy of PAN card
• Copy of address proof like a driver’s license, utility bill or bank statement.
• One cancelled cheque.
• Passport sized photograph.

You may be asked to provide additional documents and to submit self-attested photocopies of the documents. However, the Axis Bank representative will verify the copies with the original documents before forwarding them to open your account

Minimum Investment Amount

Axis Bank does not have any minimum investment amount for its Demat and trading accounts. However, you may be expected to fund your NRE or NRO account with a minimum.

FATCA Declaration

US-based NRIs must submit the FATCA declaration when applying for an Axis Bank NRI Demat and trading account. A signed FATCA declaration is required to prevent evading tax on income generated from Indian accounts.

Axis Bank NRI Demat account charges

While minimal, there are account charges from Axis Bank. These charges are in addition to any fees related to the purchase, sale or maintenance of any investment vehicles:⁷

Fee	Amount
Account opening	None
Account closing	None
Annual Maintenance fee for Axis Bank customers	None the first year; ₹750 from second year onwards
Annual Maintenance fee for non-Axis Bank customers	First year ₹350; ₹750 from second year onwards
PIS account maintenance charges	₹1,500

Axis Bank NRI Demat account brokerage charges depend on the transaction value and type of services rendered. Here is a complete list of Axis Bank NRI Demat A/c Brokerage and other charges.

Your NRI accounts may have additional charges, including for repatriating funds. Review Axis Bank’s Schedule of Charges for NRI accounts for more information.

Deposit funds to Axis Bank Demat Account from abroad

You can use funds in your NRE or NRO account to fund purchases in your trading account. By linking your account, you can move money from abroad to your NRE account to then start any trading transactions. You will need to keep trading activities within the trading limits.

NRE accounts are intended to be funded with funds from abroad. To send easy and cheap transfers to your NRE account, you can use Wise. Wise lets you deposit funds directly into your NRE account to then credit your Axis Bank Demat and trading accounts. Wise only has one low transfer fee and the funds can arrive in a local account within seconds on popular routes.

Withdrawing funds from Axis Bank Demat Account

If you need to pull money from your Demat and trading account, you can do so by withdrawing from the account to your NRE or NRO account. If your account is repatriable, you can send the funds outside of India to your residence country. If you have a non-repatriable account, the funds can be transferred but only within India.

Keep in mind that you may have to pay taxes on any income or capital gains accrued in your investments.

Tax Consideration for NRIs investing in India

Any income earned on your Indian investments will be subject to tax. This can be in the form of capital gains and income taxes. NRIs living abroad will need to file taxes within India to account for any realized gains.

NRIs should also take into account tax compliances in their resident country and avoid double taxation. India has entered into DTAA with many countries that allow NRIs to avoid double taxation and paying tax as per the stipulations set out in the DTAA. Consult a professional tax advisor for more information.

Learn more in our article on NRI taxes in India.

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This article is not intended to provide financial, investment or tax advice. Speak to professionals to get the appropriate recommendations for you and your money.

Sources used for this article:

1. Axis Bank 4-in-1 NRI Demat Account
2. 3-in-1 NRI Demat account in Axis Bank
3. Axis Bank NRI Demat account opening form
4. Features of Axis Bank Demat Account for NRIs
5. Open Axis Bank NRI Demat account
6. Documents needed for opening Axis Bank NRI Demat account
7. Axis Bank NRI Demat Account Charges

Sources verified on 7 February 2024.