HDFC SKY NRI Account Review 2024 | Charges, Demat, Apps (2024)

Are you a non-resident Indian looking for an appropriate platform to trade in Indian financial assets? If so, your search ends with an HDFC Sky NRI Account.

HDFC Securities, a prominent brokerage house in India, has tapped the low-cost broking by introducing the HDFC Sky platform.

Furthermore, HDFC Sky caters to NRI by allowing them to open a 3-in-1 NRI account integrating NRI trading, Demat, and bank accounts.

If you are curious to learn more about the discount broker’s NRI account, thisHDFC SkyNRI Account Reviewis your go-to solution.

It compiles the breakdown ofHDFC SkyNRI Account Charges, benefits, step-by-step account opening process, customer support, and more.

Why Invest with HDFC Sky NRI Account?

• Registering for theHDFC SkyNRI Accountis a good idea for non-Indian residents looking forward to trading in the delivery segment and investing in mutual funds.
• HDFC Sky boasts diverse financial services, including demat, trading, IPO, F&O, and PMS services.
• Understandably, NRIs can’t visit the brokerage house branches in India. Therefore, the firm provides dedicated customer support to address their concerns quickly.
• NRIs can easily dematerialize and rematerialize their securities. In addition, the NRI account facilitates converting and redeeming mutual funds.
• With its cutting-edge technological trading platforms, including a mobile app, you can monitor the holding and transactions online.
• Any dividend, stock split, shares, bonds, etc., you receive is automatically credited to your linked bank account.
• You can apply for a loan against the securities held in your NRI demat account.

To open an NRI account with HDFC Sky, you must shell out Rs.500 from your pocket. In addition to paying to open the account, the broker also asks you to pay to maintain your account.

Yes, you heard it right!HDFC SkyNRI Account AMCcharges are Rs.500 and 18% GST. By paying account maintenance charges (AMC) regularly, you can ensure your account remains active.

So, whenever you consider setting up an NRI account, get ready to pay Rs.500 to start and an additional Rs.500 + GST annually to keep it active.

HDFC SkyNRI Account Brokerage entails costs necessary for NRIs to trade in the Indian stock market.

The best part is that the brokerage house asks for budget-friendly delivery charges. Moreover, you can choose to pay between PIS and non-PIS.

For PIS equity delivery, you must pay Rs. 50 for each trade, and if choosing non-PIS equity delivery, the charges are 40 INR per trade.

Furthermore, the company specifies flat charges for equity futures and options, i.e., 40 INR for each trade.

How to Open an HDFC Sky NRI Account?

Following these steps will make it easier for you toOpen an HDFC Sky NRI Account. You can apply for all or any of the following three HDFC Sky NRI accounts:

• NRI Savings Bank Account (NRE or NRO)
• PIS Bank Account (NRE or NRO)
• ARI HDFC Sky 3-in-1 Investment Account

Here is the Step by Step process:

1. Collect the self-attested copies of all required documents. You can get all necessary documents attested by a Notary Public, from any court of law to a judge, local banker, or magistrate.
2. Next, search this page for the ‘Open NRI Account’ form. Fill in the form with accurate details and submit it. Once the form is submitted, you will receive a call from the firm’s executive within a few minutes or hours. The executive will share the account opening PDF form and guide you.
3. Lastly, please fill out the form you received from the firm’s executive, sign it, attach notarised documents, and courier the application form to the company’s office.

Once the verification process is complete, the company will open your HDFC Sky NRI account within three to five working days.

If you seriously want toOpen an HDFC Sky Non-Resident Indian Account, you should collect copies of the documents listed below and get them attested by a Notary Public.

• The participant must sign the NRI account opening form that the firm provides.
• The NRI’s PAN card will serve as proof of identity.
• You must provide proof of an overseas address, including a driver’s license, overseas passport, or bank statement.
• In addition to overseas addresses, you must also provide proof of your address in India. These documents can include an Indian passport, Aadhaar card, or driver’s license.
• Another essential document is the NRE or NRO bank account cancelled cheque.
• OCI or PIO card is mandatory to open a NRI account.
• Valid passports and visas are mandatory, whether for work, employment, a student, or a resident permit.
• Get a PIS letter from a recognised bank.
• Attach your photo to the application form.
• You must attach the account opening charges and demat opening fee cheques.

HDFC SkyNRI Account – Top Features

The following features make theHDFC Skyfor NRIan excellent choice:

• The maximum charges can range from Rs. 40 to Rs. 100, depending on your choice.
• Investing in an NRI account allows you to trade in the delivery segment, but intraday trading is not offered. You can invest in equity delivery, option, future, and mutual funds.
• Accessing your dashboard at HDFC Sky trading platform or mobile app makes your trading journey much more seamless.
• In addition, you can log in to foreign stock trading, basket trading, and mutual fund investment platforms.
• Faster transfer of securities with auto credit of dividends, bonds, or stock splits in your registered bank accounts.

Here is the breakdown of products that the firm provides to the candidates withHDFC SkyNRI Demat Account.

You can trade in the stocks by executing the equity delivery orders. However, you can’t execute quick orders on the same day as HDFC Sky doesn’t allow equity intraday for NRI clients.

Moreover, NRI clients have flexible trading options to buy and sell equity options and futures. Although you can’t trade in commodities and currencies, you can invest in mutual funds.

The best part of setting up the HDFC Sky NRI Trading Account is the service support. In addition to intraday services, the company provides all other vital services to trading account holders.

Are you seeking a demat service to electronically store your investments or financial assets? You can seek their demat services! Trading services also guide you, especially beginners, in making profitable trades.

Do you want to invest in Initial Public Offerings (IPOs)? Seeking the broker’s IPO services can help you kick-start your IPO investment journey.

In addition, you don’t have to worry about managing your investment portfolio, as professional PMS services are available to help.

You are not in India and, thus, can’t visit the broker for help if you have problems with your NRI account.

Don’t panic! You can still receive the company’s help or assistance by accessing HDFC SkyNRI Support.

NRIs can call the firm at the provided number, i.e., 022-68494702 or email investmentadvisers@hdfcsec.com.

Moreover, the broker renders dedicated trading and dealer support without charging a single rupee.

Other means to contact the HDFC Sky NRI customer support team include the website, Facebook, and Twitter.

In this technologically dominant world, you might wonder what trading platforms HDFC Sky offers to enable NRIs to trade online.

Here listed are theHDFC SkyNRI Appand trading platforms you can log into for quick execution of trades:

HDFC Sky App: With this Android and iOS-compatible app, you can experience next-generation investing and trading.

The app transforms how you invest and trade, making it more convenient, straightforward, and cost-effective to trade in stocks, mutual funds, IPOs, equity F&Os, and SIPs.

In addition, you can access swift interaction, professional portfolio analysis, and robust charting tools.

HDFC Sky Web Trading Platform:HDFC SkyNRI Trading Platformis your ultimate solution to kick-start your investment and trading journey in the Indian stock market.

Logging into the trading platform, you can explore a vast universe of 5,000+ stocks, receive daily trading recommendations, and stay updated with live stock price movements.

Foreign Stocks Trading Platform: Besides Indian stocks, you can invest and trade in foreign stocks by setting up an account on the foreign stocks trading platform.

Basket Trading Platform: The company has launched the basket trading platform that offers NRIs a one-click option to place multiple orders simultaneously.

Mutual Fund Investment Platform: You can seamlessly discover a diverse range of mutual funds and invest in over 2,000 MF schemes via the mutual fund investment platform.

One of the primary reasons for NRIs to consider opening the NRI account with the firm is leveraging cutting-edge advisory support.

HDFC Sky Advisory for NRI is there to help traders place profitable trades confidently.

• First, you can pay and access fundamental reports to gain better insights into the firm’s financial health and position.
• NRIs will receive IPO reports whenever the company they are interested in is planning to launch its shares for the public for the very first time.
• Technical reports are formulated after analyzing graphs and charts to understand stocks’ performance. Studying these reports and following the stock tips will help you place profitable trades.
• Relationship manager support is available for more personal advice, but only for those who are ready to pay for the same.

HDFC SkyNRI Charges

To commence your trading journey in the Indian stock market, you will have to incur other types of charges besides account opening and brokerage charges.

SEBI mandates NRIs to pay stamp duties and transaction charges.So, here we discuss the NRI charges.

Knowing about these different charges beforehand will help you understand the financial requirements of trading with the broker.

• STT charges: You must incur 0.1% on equity delivery’s buy and sell side. STT charges for equity future are 0.0125%, and equity options are 0.0625% on the sell side.
• Stamp duty charges:To buy equity future, stamp duty charges will be 0.003%, and for equity option, these charges will be 0.003%.
• Transaction charges: NSE and BSE define different transaction charges for completing transactions in the equity delivery, commodities, F&Os, and currencies.
• Pledge and Margin charges: You can create and invocate a pledge by paying 20 INR for each request. In addition, interest on margin trading is 0.075% per day.
• Hidden charges: HDFC Sky’s hidden charges for NRIsinclude SEBI turnover, DP, dematerialization, call and trade, and GST charges.

HDFC SkyNRI Account Review – Conclusion

In thisHDFC SkyNRI Account Review, we addressed the common concerns that almost every NRI has regarding any brokerage house offering NRI account service.

SEBI-registered discount broker HDFC Securities caters to NRIs via the HDFC Sky platform. Opening an NRI account with HDFC Sky can help you fill your pockets by trading in the Indian stock market.

From innovative trading platforms to top-notch services and customer support, the brokers provide everything an NRI needs for a seamless investing and trading journey.

FAQs on HDFC Sky NRI Account Review

Here are various FAQs related to the HDFC Sky NRI Account.

How to Open an NRI Demat Account in HDFC Sky?

To open an NRI demat account, you must fill out the relevant form, attach self-attested documents, and submit it to the firm. The procedure explained above in the article explains all the steps in detail.

How to Convert HDFC Sky Account to NRI?

As an Indian resident, you can convert your account into an NRI account by submitting the requisite forms and documents to update the NRI status. You must fill in the NRO conversion form.

What is AMC for NRIs in HDFC Sky?

AMC for NRIs in the brokerage house is 500 INR plus 18% GST.

What are Account Opening Fees for NRIs in HDFC Sky?

You can open an NRI account with the broker by paying 500 INR.

Which Assets are Restricted for Trading in HDFC Sky for NRIs?

NRIs who are residents of the U.S. and Canada can’t trade in the Indian stock market via HDFC Sky.

Other than that, NRIs can invest in equity delivery but not intraday trading. In addition, the brokerage house doesn’t allow trading in commodities and futures.

Can an NRI invest in a Mutual Fund in HDFC Sky?

Yes, the organization allow NRIs to invest in the Indian mutual fund schemes.

What is the Brokerage for HDFC Sky NRI?

The brokerage charges for trading in equity delivery (PIS) are Rs.50, and for non-PIS trading, they are Rs.40 per trade. Furthermore, you must pay a flat Rs.40 per trade to trade in equity futures and options.

Can an HDFC Sky NRI Account be Opened Online?

The brokerage house doesn’t allow NRIs to open an NRI account online. However, to set up NRO-Non-PIS and NRE-PIS accounts, you can electronically fill out the account opening form.

Once the form is validated, you should courier the form and documents to the firm’s office.

What is the Helpline Number for HDFC Sky NRI?

NRIs can call 022-68494702 for help with their trading account.

Which documents are required to open an HDFC Sky NRI Account?

Here is the list of self-attested documents you must submit when opening the NRI account:

• NRI account opening form
• PAN card
• Overseas and Indian Address proof
• NRE or NRO bank account cancelled cheque
• OCI or PIO
• Valid VISA
• Passport
• PIS letter from the bank
• Account opening charges and Demat opening fee cheque
• Passport size photo