Prostocks is a flat-fee discount stock broker offering online investing and trading services to Resident and NRI Investors. It offers a 2-in-1 account, combining trading and demat account, to NRIs to trade across equity, derivatives, mutual funds, and ETFs on the BSE and NSE.
The company offers the cheapest NRI brokerage in India. It charges flat ₹100 per executed order, irrespective of the segment or size of the order.
It offers powerful trading platforms for free including website trading, mobile trading app, and desktop trading software. Also, Call & Trade is made available for free to all the customers.
Prostocks is a clearing member and can clear NRO equity derivatives trades by themselves.
You can open a No PIS NRO trading account with ProStocks and start trading like an Indian Resident in India Stock Markets.
NRI's can trade without a PIS enabled bank account with ProStocks. This saves you from big hassle to procure PIS and managing transactions between trading and demat accounts. The NRO trading and demat account should link with NRO Saving Bank Account.
With this No PIS NRO Trading account, you could trade in the equity segment just like an Indian Resident. No hassle of dealing with Custodian or PIS Banker besides Stock Broker. No PIS Bank Account required.
The NRI trading services offered by Prostocks includes:
Prostocks NRI Trading Account allows NRIs to buy and sell equity shares, mutual funds, ETFs, and equity derivatives.
Prostocks NRI Demat Account helps the NRIs to keep securities in electronic form. The demat account works like a bank account where shares are held instead of money.
Prostocks doesn't offer NRI Bank Account as it doesn't offer banking services.
NRIs are required to link their existing NRI Bank Account to demat account and trading account to trade. Prostocks has collaboration with 5 banks to offer NRI accounts including Axis, HDFC, Kotak, Yes, and Indusind Bank. NRI customer who has a bank account in other banks (i.e. ICICI Bank, SBI Bank) cannot open NRI trading account with Prostocks.
Note - As per RBI guidelines, NRIs are allowed to invest across Equities, Equity Futures and Options on the NSE and BSE. NRIs are not allowed to place intraday trades in stocks.
ProStocks is a depository participant (DP) of CDSL through which it offers the demat account. NRI Demat Account is a key offering of Prostocks.
Prostocks NRI Demat Account Features:
The step-by-step process of investing through prostocks NRI account for equity delivery is as follows
Transfer funds to NRE PIS Bank Account. Once the funds are transferred in PIS Bank Account, the bank informs Prostocks to update the trading limit for the customer.
NRI can log-in to Prostocks trading applications (website, mobile or desktop) and place the orders.
For executed buy orders, Prostocks sends the Contract Note to the bank at the end of the day. The bank debits money accordingly from the PIS account to credit the stockbroker account. The shares are credited to the NRI Demat account in T+2 days.
For executed sell orders, Prostocks send the contract note to the bank and deposit the money in the bank account. Shares are withdrawn from the demat account and passed on to the buyer.
Note: Total buy and sell information are sent to the bank at the end of the day in two separate buys and sell contract notes. The contract note is a bill or invoice which includes transaction detail, brokerage charges and taxes.
Prostocks NRI brokerage charges for trading in Equity and Equity Derivatives.
Prostocks offers a range of proprietary and 3rd party online trading platforms to NRI investors:
Read our detailed Prostocks Trading Software review to know about the features of various platforms offered by the company.
Prostocks Mobile Trading App
The investment options available to an NRI at Prostocks.
To trade with ProStocks, a NRI need to open the following accounts:
Prostocks offers a 2-in-1 account which includes demat and trading account. An NRI should have an NRE or NRO PIS Bank Account before opening trading and demat account.
To open the account with Prostocks, a NRI has to fill an online account opening form, download PDF, print it, sign it, attach the supporting documents and send it to the Prostocks Mumbai office.
Note: Online instant account opening process (Aadhar based) is not available for NRIs.
Prostocks offers the same account opening form for resident and non-resident Indians. Following are the steps for downloading Prostocks NRI account application form:
An NRI is required to submit a copy of the following documents notarized by the Indian embassy or other competent authorities.
Prostocks provide partly online account opening for NRIs. In this process customer can fill online application, download PDF at the last stage, print it, sign it and send it to Prostocks.
Prostocks offers mutual fund services to NRI clients. The NRI customers can use the NRI Demat account to hold mutual funds. They can invest in mutual funds either through NRE or NRO accounts.
Prostocks NRI Support Desk contact information. Find Prostocks NRI contact number.
Prostocks offer online trading service at the cheapest brokerage rate to the NRIs. It has partnerships with 5 popular banks in India to offer NRI trading. The free account opening and AMC free demat & trading account is an added advantage for the NRI customers. Prostocks doesn't provide research and advisory service. It suits well for frequent traders who execute 100's of trades daily.