Personal Finance

Groww Demat Account for NRIs

Aditya Shrivastava

12.02.24

Read time 2 minutes

Non-resident Indians (NRIs) have the exciting opportunity to invest in the Indian stock market. To do so, you'll need to open an NRI Demat account, which is a specific type of account designed to hold electronic securities for NRIs.

Groww and NRI Demat Accounts

Groww is a popular online investment platform in India, but unfortunately, Groww currently does not offer NRI Demat accounts¹. However, NRIs interested in Groww can join their waitlist here.

In the meantime, NRIs will need to consider other banks or brokerage firms in India that offer NRI Demat accounts.

💸⇒₹ Funding Your NRI Demat Account from abroad
Once you have your NRI Demat account set up, you'll need a convenient way to transfer funds from abroad. This is where Wise comes in Wise offers a fast, easy, and low-cost way to send money directly to NRI bank accounts in India. Transparent Fees: Wise has a clear fee structure, so you'll always know exactly how much your transfer will cost. Mid-Market Exchange Rates: Get the exchange rate you see on Google, unlike the marked-up rates offered by traditional banks. Fast Transfers: Funds can often arrive within minutes on popular transfer routes. Sign up for Wise today and see how much you could save on your next transfer to India.

💸⇒₹ Funding Your NRI Demat Account from abroad

Once you have your NRI Demat account set up, you'll need a convenient way to transfer funds from abroad. This is where Wise comes in

Wise offers a fast, easy, and low-cost way to send money directly to NRI bank accounts in India.

Transparent Fees: Wise has a clear fee structure, so you'll always know exactly how much your transfer will cost.
Mid-Market Exchange Rates: Get the exchange rate you see on Google, unlike the marked-up rates offered by traditional banks.
Fast Transfers: Funds can often arrive within minutes on popular transfer routes.

Overview of Groww Demat Accounts

Groww is an online trading platform in India where account holders can invest in stocks, mutual funds, SIPS, futures and options. Personal loans are also available for Indian residents.

Groww doesn’t provide services to NRIs yet. NRIs can consider other investment platforms or their Indian banks for NRI investment options. Any Demat account for an NRI will need to be linked to their Non-resident External (NRE) or Non-resident Ordinary (NRO) account.

Groww Demat account charges

NRI Demat accounts are not available, however here are some of the charges for a resident Indian Groww account²:

Type of fee	Amount
Account opening charge	₹0
Account maintenance charge	₹0
Equity brokerage	0.05% of the equity order or ₹20, whichever is less
Demat/remat	₹150 per certification

You can find the full list of fees and charges on the Groww website.

NRI Demat Account Considerations

Account Opening and Maintenance Charges: Compare fees between different providers.
Brokerage Fees: Factor in the trading fees charged by your chosen brokerage firm.
Tax Implications: NRIs need to be aware of tax laws in both India and their country of residence. Consider consulting a tax professional for guidance.

Tax Consideration for NRIs investing in India

Any income earned in India by NRIs is taxable in India. When it comes to trading in securities, any income from the sale of securities is also subject to capital gains tax. NRIs can consider having a tax professional or chartered accountant to help navigate tax laws when residing abroad.

At the same time, NRIs must be mindful of tax compliance in their resident countries. India has entered into Double Taxation Avoidance Agreement (DTAA) with many countries to help NRIs avoid double taxation. Consult a tax expert in your resident country to avoid paying taxes in both countries.

Learn more in our guide to NRI taxes in India.

Beyond Transfers: Simply your NRI financial life with Wise

Wise offers an ideal alternative to traditional banking for global expats with roots abroad. Take a look at the Wise multi-currency account available for residents living in supported countries. Enjoy an account as worldly as you are and spend just like a local when you travel abroad with a linked debit card, while also paying less in fees.

Get Started with Wise 🚀

Sources used for this article:

Sources verified on 12 February 2024.

Cover photo by Bram Naus on Unsplash.

This article is not intended to provide financial, tax or investment advice. Talk to a professional advisor to get customized advice so you can reach your investment goals.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.