🌐 Route 5 of 5 · NRI rules
NRI platform rules — who can use what
Last verified: May 2026
Most US-stocks content is written for resident Indians. If you're an NRI, the platform eligibility, account linkage, and tax treatment are all different. This page covers what actually applies to you.
Platform eligibility by NRI status
| Platform | NRIs accepted? | Account linkage | Notes |
|---|---|---|---|
| Vested | ✓ Yes | NRE or NRO | Dedicated NRI onboarding flow. W-8BEN handled digitally. Funding via NRE/NRO bank transfer — no LRS needed for NRIs. |
| INDmoney | ⚠ Primarily residents | Resident savings only | Designed for resident Indians tracking Indian + US portfolio. NRI onboarding is murky — confirm directly with INDmoney before proceeding. |
| Stockal | ✓ Yes | NRE / NRO | NRIs can open accounts. Documentation requirements similar to Vested. Check current onboarding flow on their website. |
| Interactive Brokers (IBKR) | ✓ Yes — globally | Regional entity account | Open with the right entity — IBKR India for India-based NRIs, IBKR UAE for UAE residents, IBKR UK for UK residents, etc. W-8BEN required. Best option for NRIs in most countries. |
Eligibility can change — verify on the platform's website before starting the account opening process.
Account types for NRIs investing in US stocks
- NRE account (Non-Resident External): Fully repatriable. Best for funding US stock platforms — you can remit USD out of India from your NRE account without restriction. Interest on NRE accounts is tax-free in India. Preferred funding source for NRIs using Vested or Stockal.
- NRO account (Non-Resident Ordinary): For income earned in India (rent, dividends from Indian stocks, etc.). Repatriation capped at $1 million per financial year. Can be used to fund US stock platforms but less efficient than NRE.
- RFC account (Resident Foreign Currency): For returned NRIs who have moved back to India but want to hold foreign currency. If you're a returning NRI who already has a USD brokerage account (IBKR / Schwab), you can continue to hold it and link it to an RFC account. RFC accounts can be converted back to NRE/NRO if you re-establish NRI status.
By country — what actually makes sense
🇦🇪 NRI in UAE / Gulf
- Best option: IBKR UAE entity — institutional FX rates, regulated locally, no complications with India-based platforms.
- Vested works but the India-based funding route adds friction. If you already have a Vested account from before becoming an NRI, re-document with NRE account linkage.
- UAE has zero capital gains tax — so your US stock gains are not taxed locally. US withholding on dividends still applies (25% after W-8BEN; check if UAE's DTAA allows a lower rate).
🇬🇧 NRI in the UK
- Best option: Interactive Brokers UK, Hargreaves Lansdown, or Trading 212 — all have strong US market access and are regulated by the FCA.
- India-based platforms are not designed for UK residents. LRS doesn't apply since you're not funding from a resident Indian account.
- UK Capital Gains Tax (CGT) applies to US stock gains. US withholding on dividends can be credited under the UK–US DTAA.
🇨🇦 / 🇸🇬 / 🇦🇺 NRI
- Canada: Questrade or IBKR Canada. Local regulation, strong US access, no LRS complexity.
- Singapore: IBKR Singapore, Tiger Brokers, moomoo — all offer US stocks with competitive FX and no capital gains tax in Singapore.
- Australia: CommSec International or IBKR Australia. 50% CGT discount if held 12+ months.
🇺🇸 NRI in the US
- Use Schwab, Fidelity, or Robinhood directly. You're in the US — India-based platforms add zero value and create compliance complexity.
- US citizens and green card holders: PFIC rules apply to Indian MF/ETF holdings. Do not hold Indian mutual funds or FOFs. US stocks held directly are not PFIC. See the tax page for the full US-person treatment.
W-8BEN — the one form all non-US persons need: Every platform (Vested, Stockal, IBKR) requires Form W-8BEN before you can trade. It certifies you're a non-US person, ensuring US dividend withholding is 25% (not 30%) under the India–US DTAA, and that you're not subject to US backup withholding. Your platform handles this digitally during onboarding. It expires every 3 years — platforms usually remind you to re-certify.