E-Wealth Account Opening For NRI Clients

What are the types of E wealth accounts a NRI client can apply for ?

NRI Clients can apply for two types of E wealth account.

  1. NRE – A Non-Resident External (NRE) account is a rupee denominated account opened by an NRI to facilitate deposit of foreign currency earnings. The advantage of an NRE account is that it has high liquidity and allows for full repatriation of funds from the account to the NRI’s 
  2. NRO – A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc.

Can securities purchased under repatriable & non-repatriable categories be held in a single EWealth account?

No. An NRI must open separate Ewealth accounts for holding ‘repatriable’ and ‘non-repatriable’ securities.

How to decide if an E wealth account will be activated using ESIGN mode or Eform/Physical?

SCENARIOKYC-CKYC (NRI Status) PRESENCE OF CLIENTPROCESS
1YESINDIAESIGN
2NOINDIAEFORM/PHYSICAL FORM + KYC APPLICATION
3YESABROADEFORM/PHYSICAL FORM
4NOABROADEFORM/PHYSICAL FORM + KYC APPLICATION
  • To create an E-form Kindly submit a NRI E-form data sheet and relevant document mentioned in it. To download the NRI E-form data sheet please follow the below path:
    Partner Desk>> NJ Assist>> Download>> E Wealth Opening Form>> NRI E Wealth Data Sheet
  • To download Physical E Wealth Application please follow the below path:
    Partner Desk>> NJ Assist>> Download>> E Wealth Opening Form>>E Wealth Account Opening -Individual

What are the documents required for opening an E wealth account of NRI Clients?


Sr. No.
Document RequiredDocuments to be submitted forESIGNDocuments to be submitted for EFORM/ PhysicalImportant Note
1PANSoft copy of the PAN card.A self-signed physical photocopyIf PAN is not available, please visit https://tin.tin.nsdl.com/pan/index.html to know how to apply for fresh PAN
2KYC-CKYC application formNo Process for ESIGN incase KYC-CKYC are not in NRI StatusIF KYC-CKYC are not in NRI Tax Status, submit Physical KYC-CKYC form and physical E Wealth Application to NJ branch along with required documentsFor KYC documentation kindly refer Question Number 9 in this chapter.

If KYC-CKYC are already registered as NRI, no need to submit KYC-CKYC application futher.
3An NRE/NRO Bank ProofSoft Copy of
Signed canceled cheque copy Or,
-Bank Statement with Logo or Bank Stamp
Physical copy of 
Signed canceled cheque copy Or,
-Bank Statement with Logo or Bank Stamp
-NRE or NRO should be mentioned on bank proof.
-Upload Clear & Signed canceled cheque copy (It is advisable to upload original cheque copy).
-In case the client’s name is not available on the cheque then a copy of bank statement or bank passbook has to be attached along with the signed cancel cheque copy.
-Kindly ensure that all the uploaded copies are clear & visible. 
4Valid passportSoft Copy of
-Indian Passport Or,
-Foreign Passport
Physical copy of
-Indian Passport Or,
-Foreign Passport
PIO/OCI card will be required incase of foreign passport. If PIO/OCI is not available, client needs to opt the same as a mandatory.
5FEMA DeclarationSoft copy of the Signed DECLARATION of FEMA form.Need to sign on the Physical FEMA form.Address on FEMA Form to filled as updated on KYC
6CDC (Continuous Discharge Certificate)Soft copyPhysical photo copyAs proof of seafarers(working on Ships, Navy, Marine etc..) where client does not have any foreign address and NRI KYC registered with Indian address only.

Note: 

  1. In case of PO box number mentioned on foreign address proof , additional PO box declaration(NRI Declaration) will be required.
  2. All documents preferably to be submitted in English Language.
  3. As per SEBI Guidelines please provide the E-DIS Consent additionally along with E Wealth Application (EFORM or Physical). Please refer to the mail communication dated on 29th August.
  4. Kindly download the E-DIS Consent for Individual and NRI from NJ Assist >> Download>> DP Formats

“Video Location Partner Desk –> E – Publications –> Digital Video Gallery –> Desk Videos –> NRI DESK”

Mobile & Email verifications mandatory for the NRI Clients while opening NJ Ewealth Account?

No, Mobile number verification is not mandatory however Email verification is mandatory for NRI Clients. In case NRI clients are providing Indian Mobile numbers then mobile verification needs to be done.

Can NRI use a separate mobile number in E wealth other than Aadhaar linked mobile number?

Yes, NRI can use a separate mobile number (International Mobile Number).

What if any NRI client does not have KYC and CKYC?


Partners need to submit physical KYC/CKYC form along with Physical E Wealth A/C opening Form of the NRI client at any of our NJ Branch along with the required documents.

NRI E Wealth Account can only be processed after the KYC and CKYC both get registered in NRI Status.

Clients will receive CKYC Registration Number in mail and SMS from CERSAI once the CKYC is processed. There is no open source to get CKYC details.

What are the documents required to process KYC-CKYC applications of NRI clients?

Below are the documents required for processing NRI KYC and CKYC:

  • KYC-CKYC Application Form duly signed.
  • Recent Passport size photograph of the applicant.
  • Pan Card Copy of the applicant.
  • Valid Passport Copy of the applicant. In case of foreign passport – OCI/PIO card should be submitted.
  • Foreign address proof:
    For KRA KYC registration – any of the below
    Latest 3 Month Utility Bills / Valid Rent Agreement(on stamp paper or notarized by legal authorities)/ Accommodation letter from any govt or legal authorized body like Embassy/ Foreign Driving License / Foreign Passport/ Latest Bank statement/ TAX Invoice etc.
    For CKYC registration – any of the below
    Latest 3 Month Utility Bills / Valid Rent Agreement (on stamp paper or notarized by legal authorities)/ Accommodation letter from any govt or legal authorized body like Embassy / Foreign valid Driving License / Foreign valid Passport With OCI Card / Employer letter on official letterhead/ TAX Invoice etc.
  • Indian Address Proof (Voter Card / Valid Passport / Indian Driving License / NREGA Job Card / Masked Aadhaar card) 
  • IPV* Declaration – Need to be signed by NJ Partner

Important Note:

  • All the documents should be self attested. 
  • *NRIs or PIOs who are sending their documents via courier can get the above documents attested by public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside. In the case of NRIs/PIOs,where documents are being attested(OSV) by any off above entity.
  • The IPV declaration should be completed by the distributor, who is certified by NISM/Amfi and has complied with the know your distributor (KYD) formalities.
  • At NJ NRI KYC should be submitted along with the Physical NRI E Wealth Account opening application at NJ Branch.
  • Latest bank statement is only accepted as foreign address proof for KRA KYC not for CKYC
  • Employer letter is only accepted as foreign address proof for CKYC not for KRA-KYC

For further information you may visit

Can we open an E wealth Account of any Non KYC NRI client residing outside India ?

NJ Partner needs to submit Physical NRI E Wealth account opening application along with KYC application form and required documents at the local NJ Branch. All the forms and documents should be sent via courier by the client with all the required signatures and formalities. For KYC processing and Documents please refer Chapter No.2 Question No 9. For NRI E Wealth Documents kindly refer Chapter No2. Question No.5.

Why is the FEMA Declaration required from NRI clients ?

 A declaration duly signed by the NRI is required that he/she has complied with and will continue to comply with FEMA regulations and other applicable laws.

Will there be any impact in case a NRI changes his/her country of residence?

Yes, there will be impact on the investments subject to below mentioned points:

  • Client has to modify the KYC as per the current address proof.
  • Client needs to submit modification of address in NJ E Wealth Account along with the foreign address proof.
  • Once the above processes are completed, the investment rules and regulations will be implied as per his current residing country. For the list of AMCs with the details of restricted countries please refer to NRI Helpdesk FAQ>>Chapter 3>>Question No.6

What is the Process for E wealth account opening of NRI Clients?

What is the TAT for NJ Ewealth Account Opening for any NRI?

NJ E Wealth Account will be activated in T+1 (T= Transaction Day) for NRI clients in Esign mode. In case of physical/Eform mode the TAT is T+5 once received.

What are the important check points before submission of an E wealth application for an NRI Client?

ESIGN ApplicationEFORM / Physical Application
NRI client needs to be present in INDIA and all details should be filled correctly on digital e wealth entry. All required information are filled without any overwriting, and as per the supporting & Required documents
Applicants should have the Adhaar Card mandatorily and mobile number should be registered and active at the time of opening E Wealth.Copies of supporting documents should be clearly visible & all required documents are submitted as per the required formats 
All details should be verified with supportive documents, As the same can not be modified after client authorization.All Signatures of the client should be done as per the required numbers given on application , for all the holders.
All documents soft copies should be clearly visible & all required documents to be uploaded and should be in English language.Use the current series application form as older series applications will not be accepted.
The Tax Status in KYC & CKYC should be as NRI.The KYC & CKYC status should be updated as NRI in KYC. If Not, kindly submit the KYC-CKYC application along with required documents with the Physical E-Wealth A/C Opening Form.
In FEMA declaration full address should be mentioned as per KYC.In FEMA declaration full address should be mentioned as per KYC.

Why is Aadhaar Card mandatory for Esign Application?

As per the process, we are using Digilocker to fetch clients details from Aadhaar database and to take the digital signature (Esign), it will require OTP, received on clients registered mobile number with Aadhaar. However mobile numbers should be active while doing Esign and client needs to be present in INDIA while doing the Esign..

What if the Aadhaar is not available can NRI Apply for Aadhaar ?

YES, An NRI (whether minor or adult) with a valid Indian Passport can apply for Aadhaar from any Aadhaar Kendra. To find out the nearest Aadhaar kendra Click :- https://uidai.gov.in/ecosystem/enrolment-ecosystem/aadhaar-seva-kendra.html

What is the process to apply for NRI Aadhaar ?

The process is:

  1. Visit any Aadhaar Kendra of your convenience.
  2. Carry valid Indian Passport with you
  3. Fill details in the enrolment form
  4. Giving Email ID is mandatory for NRI
  5. The declaration for NRI enrolment is slightly different. Read and sign the same in your enrolment form.
  6. Ask the operator to enroll you as NRI.
  7. Give your Passport as Proof of Identity.
  8. You may choose to use your Passport itself as Proof of Address and Date of Birth proof or give some other valid document/s for this.
    (As per https://uidai.gov.in/images/commdoc/valid_documents_list.pdf)
  9. Complete the biometric capture process.
  10. Check all details on screen (in English and local language) before you allow the operator to submit
  11. Collect the acknowledgement slip/ enrolment slip that has your 14 digit Enrolment ID and Date & Time Stamp. You can check status of your Aadhaar from: https://resident.uidai.gov.in/check-aadhaar

Can any resident individual client update her name in an EWA account online, if she becomes NRI after marriage?

The client needs to register her KYC in NRI Tax status with after marriage name. Once the KYC status is updated in new name and tax status, she needs to send the existing E Wealth A/C Closure form, New E Wealth A/C opening form in new tax status and DIS slips for transferring all the units to new E Wealth A/C. As an additional proof, she will be required to attach her marriage certificate.

 Is it acceptable if the foreign address proof is written in foreign language?

No, the depositories allow the documents written in English Language. If the client has an address proof written in foreign language the client can approach local authority (i.e. Embassy,Local jurisdiction etc) to provide an official proforma of address in english with valid stamp and sign.

Is it necessary to write a full address as per KRA in the FEMA Declaration?

Foreign Exchange Management Act or in short (FEMA) is an act that provides guidelines for the free flow of foreign exchange in India. For this purpose, the client should mention the exact foreign address on the FEMA Declaration as per KRA.

What if any NRI client is KYC Compliant but CKYC is non compliant as NRI?

The NRI client needs to submit a fresh CKYC form with all the necessary documents to any RTA ( CAMS , Karvy etc) directly or via any AMC.

However, the NRI client can submit CKYC Additional Annexure* with necessary documents at any NJ Branch to process the CKYC as NRI. Kindly find below list of documents to be submitted along with CKYC Additional Annexure Form:

1. Pan card

2. Indian OVD Address proof (Any of below)

A) Driving License 
B) Passport 
C) Masked Aadhaar 
D) Voter ID 
E) NREGA Job Card

3. Foreign Address Proof (Any of below)

A) Driving License 
B) Deemed Proof of Address-
– Utility Bill which is not more than two months old of any service provider 
(Electricity bill, Telephone bill,Postpaid bill, Mobile phone bill, Piped gas bill, Water bill) 
– Property/Municipal Tax Receipt 
– Pension Payment Orders 
– Letter of Allotment of accommodation
– Tax Invoice

Note:

*All documents should be self attested.
*NJ will only accept CKYC additional annexure, where the NRI is already KYC compliant as NRI Tax status.
*Bank statements are not allowed as Foreign address Proof.
*Any query related to CKYC additional Annexure please contact your branch operation team.

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