Choice Broking NRI Account – Benefits, Charges, Opening Process, Support & more

Trading has taken the money market to the next level. With the emerging technologies, trading has become conveniently accessible to everyone.

Not just Indians, NRIs are also looking at the Indian finance market with awe. We are here to talk about Choice Broking NRI Account Review.

If you are an NRI and want to open an NRI account here in India to perform trading, this article is going to help you a ton.

In addition, you can learn about Choice Broking NRI Account Charges in detail.

Why Invest with Choice Broking NRI Account?

Choice Group was established in 1992, and the company has not looked back regarding its quality financial services.

• Choice Broking provides a streamlined investment channel for Non-Resident Indians to invest in Indian markets.
• Furthermore, the company has a user-friendly platform that employs modern technology to ensure NRIs trade hassle-free from anywhere.
• The broker promotes multifaceted financial instruments for its customers.
• It offers 2-in-1 accounts for Demat and trading. With these two diverse services, NRIs can trade and invest in various products and services.
• In addition, NRIs can access unparalleled online trading and advisory services through Choice Broking NRI Account.
• It offers free AMC charges for the first year.
• The brokerage charges at Choice Broking are quite competitive.
• The company has started its journey as a full-service broker, with a mission to promote financial growth for everyone.

Unlike its peers, Choice Broking doesn’t charge a penny from its customers in the name of Account Opening Charges.

NRIs can open an account with the company free of cost. Moreover, no Choice Broking NRI Account AMC shall be collected from you in the first year.

However, you have to pay Rs.500 the following year. The broker will help you maintain the account by charging you this little amount. You may also need to pay GST along with AMC.

As an NRI, you should pay a brokerage charge for the stock exchange you make through the firm. The Choice Broking NRI Account Brokerage is different from other stock brokers.

At Choice Broking, equity delivery with PIS and Non-PIS hold the same transaction value of 0.2%.

Again, trading in equity future, currency future, and commodity future will cost you 0.2% of the transaction value.

Subsequently, the brokerage for equity, commodity, and currency options is Rs.25 per contract, Rs.20 Per contract, and Rs.50 per contract, respectively.

Similarly, the transaction value is Rs. 0.02% for equity intraday.

How to Open Choice Broking NRI Account?

Individuals can easily Open a Choice Broking NRI Account. The step-by-step process has been discussed below for your reference.

1. First, open the official website of Choice Broking or install the Choice FinX app on your smartphone and sign up. You can also use the direct link provided on this page, “Open NRI Account.”
2. Submit the form after entering all your details in the form opened.
3. The companies Executive will contact you via call and share the account opening form.
4. Fill out the form carefully without mistakes and attach the necessary documents to it.
5. Forward the form along with the documents for KYC verification.
6. Once the KYC verification is done successfully, you will receive your NRI account login details.
7. You should use your Choice Broking NRI account for trading.
8. The request is processed, and you can hold your NRI Demat account online.

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We have listed out the necessary documents to Open Choice Broking Non-Resident Indian Account.

• The first document is the account opening form, which NRI should sign.
• PAN card of the NRI, which serves as proof of identification.
• Address proof like a driving license or passport stating that you live overseas.
• Besides, you must submit proof of Indian address, like Aadhaar, driver’s license, and Indian Passport.
• It is mandatory to submit an NRE or NRO bank a/c cancelled cheque to open an NRI account.
• Provide OCI/PIO card.
• A valid passport and work, study, or resident visa is also mandatory.
• A PIS letter from the bank shows you have an NRI/NRO account opened there.
• Passport-size photograph.
• A cheque showing the account opening charges and demat account opening charges.

Choice Broking NRI Account – Top Features

NRIs having NRI accounts with Choice Broking can enjoy added benefits and features like:

• The account opening at the firm is completely free.
• You can get advisory services along with trading.
• Research reports are accessible.
• Can invest in mutual funds through a mobile app or website.
• The customer executive team is just a phone call or email away.
• Extensive relationship manager support.
• The first year’s Account Maintenance Charges (AMC) are zero.
• With Choice Broking for NRI, you can trade diverse products and services.

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Choice Broking offers a range of products under the NRI Demat account. Let us boil it down here: With Choice Broking, an NRI can seamlessly trade Equity Delivery, Equity Option, and Equity Future.

Nevertheless, intraday trading is not allowed within the firm. Under the Choice Broking NRI Demat Account, an NRI cannot trade further in commodity futures, commodity options, currency futures, and currency options.

Also, NRIs cannot invest in mutual funds with Choice Broking.

NRI clients of the firm can participate and indulge in diverse trading practices by opening a Choice Broking NRI Trading Account.

As an enthusiastic trader and investor, having a Demat account to start your trading journey is a must. The company assists you in opening a free Demat account.

The company also promotes trading services that customers can use to trade hassle-free. Moreover, NRIs who wish to trade or invest in futures and options can use F&O services.

The company, however, doesn’t offer intraday services, IPO services, and PMS or PCG services, which are meant to maintain the funds invested.

Choice Broking employs a committed workforce that is available around the clock to answer your queries.

If you want to report a trouble you have been facing while using the trading platforms, you can instantly contact the NRI Customer Care Number – 022-67079999.

You can also write them to their official mail ID [email protected] to avail of their NRI Email Support.

You can access trading and dealer support, which is complementary to Choice Broking NRI Support. The user can also visit their official website to register their query.

The company also lends a supporting hand in Facebook, Twitter, and Telegram channels. However, it has yet to provide services on WhatsApp.

NRI customers who want to trade effortlessly look forward to using trading platforms and applications. Here are the apps and platforms Choice Broking supports:

• NRI clients can use the Choice Broking NRI App, Choice FinX, formerly Jiffy, to trade, invest, track, and maintain funds on Android devices. The app has innovative tools for a better experience.
• Similarly, the company’s services and financial products are available and easily accessible on its iOS platform, Choice FinX. The app makes everyday finance like stocks, mutual funds, bonds, and fixed deposits easy.
• The stockbroker also offers a web trading platform, which you can use to access and track your investment portfolio.
• The firm doesn’t have a Choice Broking NRI Trading Platform, e., no trading terminal access for its NRI customers.
• Also, the stockbroker doesn’t support the Algo Trading platform, which can automate your trading.
• Trading foreign stocks are not available at present with the firm.
• There is no access to a basket trading platform or mutual fund investment platform at Choice Broking.

Choice Broking Advisory for NRI is as follows:

• Analyze the standard of service and performance offered by the company with the help of the fundamental reports.
• IPO reports that help you with trading are unavailable from the firm.
• Also, there is no access to Technical reports, which usually show the country’s trading and stock market performance.
• To help its NRI customers make informed decisions over trading and investments, it offers stock tips and daily top stock picks.
• You will also be allotted a relationship manager to look after your trades and provide thorough investment guidance. Robo advisory support is not offered to NRIs.

Choice Broking NRI Charges

Check out the Choice Broking Hidden Charges for NRI.

• SEBI Turnover Charges: You must pay NRI Rs. 10 to the firm for each crore you trade in all segments.
• DP Charges: For each stock you sell, you must pay Rs.10 to the stockbroker.
• GST: The overall GST collected by the firm on brokerage, SEBI, and transaction charges is 18%.
• Account Closure Charges: There is no need to pay a penny to close an account with the broker.
• Reactivation Charges: The broker doesn’t charge you anything to reactivate the account.
• Dematerialization Charges: You have to pay Rs.10 per certificate to turn them from physical form to electronic form.
• Call and Trade Charges: Rs. 30 will be charged for every trade you make through a call.

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Choice Broking NRI Account Review – Conclusion

Choice Broking has emerged as a pioneer in the trading and investments industry.

With its wide selection of products and services, it moves swiftly, giving its peers in the money market neck-and-neck competition.

If you want to begin trading, look no further than Choice Broking. You can experience a delightful trading journey bundled with expertise and support from the stockbroker.

We trust that our Choice Broking NRI Account Review has assisted you in making a sound financial choice.

FAQs on Choice Broking NRI Account Review

Here are some frequently asked questions related to the Choice Broking NRI Account. Please give them a read!

How to Open NRI Demat Account in Choice Broking?

Customers can open an NRI Demat account with the stock broker by visiting its official website and clicking “Open free account.”

How to Convert Choice Broking Account to NRI?

Converting a Choice Broking account to an NRI account involves contacting the stockbroker and requesting the conversion.

You must also update your banking details and submit the required documents for your NRI account.

What is AMC for NRIs in Choice Broking?

The stockbroker doesn’t charge a single penny from the NRI in the name of Account Maintenance Charges for the first year. However, it charges Rs. 500 after the first year.

What is Account Opening Fees for NRIs in Choice Broking?

The account opening fees for NRIs in Choice Broking are free. Yes. The NRI can open an account with the stockbroker without investing a single rupee.

Which Assets are Restricted for Trading in Choice Broking for NRIs?

NRIs are restricted from trading in commodity futures, intraday, currency futures, and currency options.

Can an NRI invest in Mutual Funds in Choice Broking?

No. NRIs have no access to mutual funds at Choice Broking. The broker doesn’t offer this products to its NRI clients.

What is the Brokerage for Choice Broking NRI?

The brokerage charged by the stockbroker for PIS and Non-PIS equity delivery is 0.2%. However, the firm takes Rs.25 per contract for equity, commodity, and currency options.

Can a Choice Broking NRI Account be Opened Online?

Yes, you can open a Choice broking NRI account online. The process can take up to two days to complete.

What is the Helpline Number for Choice Broking NRI?

NRIs can contact the stockbroker’s helpline number for answers to their queries. The number is 022-67079999.

What documents are needed to open a Choice Broking NRI Account?

Submit these Documents like PAN Card of NRI, NRI Account Opening Form, Indian Address Proof, Overseas Address Proof, NRE or NRO Bank a/c Cancelled Cheque, Valid Passport, OCI / PIO Card, Valid VISA, Passport Size Photograph, PIS Letter from Bank, Demat Opening Fee Cheque, and Account Opening Charges Cheque.