Documents Required for NRI PMS Account Opening
Here are all the documents required for PMS account opening for an NRI by different categories:
Identity and Address Proof Documents
- Passport: A clear copy of the pages showing your name, photograph, date of birth, and place and date of issue. A visa page is also needed.
- PAN Card: PAN card is mandatory for PMS. If you don't have one, you need to apply before your account can be activated.
- Photographs: Recent passport-size colour photographs.
- Address proof: Your overseas address and Indian address (if applicable) may be required. Acceptable proofs include utility bills, bank statements, or a government ID.
Proof of NRI Status
Your NRI status is checked with the support of one of the following documents:
- Valid Employment Visa or Work Permit
- Residence Visa or Permit
- Student Visa (for NRIs studying abroad)
Bank Account Documents
Before investing in PMS, an NRI needs to open an NRE or NRO account. The following documents are required based on the account type:
- NRE account: Copy of bank passbook and statement, along with proof of funds being originated outside India.
- NRO account: Bank statement of your NRO account, proof of investment funded from income earned in India
Portfolio Investment Scheme Account Document
To invest in the securities segment of PMS, NRIs need a Portfolio Investment Scheme account which is linked with their NRI bank account. The following documents are required to open a PIS account:
- An application through your designated bank
- Passport, visa, and PAN copies
- Your NRE/NRO account details
FATCA/CRS and DTAA Documents
NRIs investing in PMS in India must submit FATCA (Foreign Account Tax Compliance Act) and CRS declaration as part of the mandatory KYC requirement by Indian authorities.
In case your country of residence has a DTAA with India, you can apply for the eligible tax benefits by submitting the following documents to your PMS provider:
- Form 10F: It is a self-declaration required under Indian tax rules and can be submitted before the financial year ends.
- Tax Residency Certificate: It is issued by the tax authority of your country of residence
How Do I Open a PMS Account?
You can open your NRI PMS account by following the steps below:
- Step 1: Select a SEBI-verified PMS provider
- Step 2: Collect and attest/notarise your documents based on your country of residence
- Step 3: Submit the PMS agreement and KYC documents, along with any other required documents.
- Step 4: Apply for Portfolio Investment Scheme (PIS) approval
- Step 5: Demat and trading accounts are opened in your name
- Step 6: Fund your account with a minimum amount of ₹50 lakh.
Mistakes to Avoid Rejection While Opening a PMS Account
Here are the common mistakes NRIs make while opening a PMS account, which lead to delays or rejections:
- Submitting an expired visa or work permit copy
- Name mismatch between passport, PAN, and bank account
- Missing attestation on documents sent from abroad
- Choosing NRE when NRO applies or vice versa, based on your fund’s source
- Skipping the FATCA declaration
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