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This Year, Trade Plus Brings Good News To NRIs Who Trade On NRO Basis


Posted on 21-Feb-2018 Comments  0

Tradeplus wishes you and your family a very Happy New Year.

As you are aware, the recent notification from Reserve Bank of India had exempted reporting of transactions executed by NRIs in NRO mode. This is a major change to facilitate easy investments for NRIs in non repatriable mode. We at Tradeplus are happy to inform you that we have worked extensively on this to help you experience the benefits of it in the real sense and to capitalize on it.

As a result of this, we are glad to inform you that you may now trade by just transferring funds from your NRO Savings bank account to your Trading ledger using our online payment gateway available on our trading platform. When you make a purchase/sale transaction your purchase/ sale would be debited/credited to your trading ledger with Tradeplus. You can withdraw the free balance available in your trading account at any time by placing a payout request or this amount would be automatically transferred to your bank account if you have not traded for 90 days as per running account settlement process. Know more about running account settlements.

All that you got to do is:

  1. Transfer funds from your NRO Savings bank account through NEFT or using Infini Power, our trading platform, by just clicking on Fund Transfer option on the Exe version. To know how to transfer funds from Infini Power – Web Version, Click Here.

  2. Execute transactions with the funds thus transferred.

Click Here to know about our feature-rich trading platform, Infini Power.

The benefits you get are:

  1. You can invest in the Secondary and Primary market by just setting up a Trade and Demat account within 1 day.

  2. Choose to map any of your NRO bank accounts from a wider basket (refer to our List of Banks Supported to link it with your Trading account). Note that while you can have only one PIS bank account, you are allowed to have multiple NRO bank accounts. This means that even if you have PIS account setup with some other broker you can open an NRO trading account with Tradeplus and enjoy the benefits.

  3. Save Rs. 15,000 per year. Save the transaction charges that you were paying to banks so far for RBI Reporting and TDS. Assuming that you transacted 2 times a month buying and selling for Rs. 5 lakhs each time you would have paid your banker approx. Rs.15,000 as charges. The charges would be higher if you transact more frequently or for w higher value. We at Tradeplus charge you zero for this. Tradeplus will calculate transaction wise tax wherever applicable, deduct them from your ledger and remit them to Income Tax department once in a month or quarter as required. Capital gains calculation and TDS deduction are done at zero cost to you by us. We will also assist you to file your Income Tax returns at the end of the year at nominal cost.

Tradeplus brings all these benefits to you to make your investment experience the most relaxed and seamless one.

Now another good news is that you can also repatriate the amount available in your NRO account. As per Government Regulations, you may repatriate up to 2 million Dollar in a financial year by providing necessary Auditor’s certificate. We at Tradeplus, will help you in that too. We will assist you obtaining Form15CA and CB from Auditors and repatriate money in accordance with Auditor’s certificate.

If you already have an existing NRE account with Tradeplus or any other broker, you need not miss out the benefits and cost savings of the NRO account. We help you in that too. Just email us at nri@tradeplusonline.com or contact us at 91 7338822169 (Whats App available) for opening an NRO account. It takes just 24 Hrs to set it up once we receive the completed documents. If you have an Aadhar card we can digitally sign the account opening document.

If you are an existing NRO client of Tradeplus you need not do anything now. Effective March 1, 2018, we will start implementing the new process and you can start saving and availing the benefits of the new process instantly.

To implement this, we request our existing NRO clients to transfer funds from your NRO Savings Bank account to your ledger with us using our Infini Power, the trading platform. We will stop uploading your Special account (formerly NRO PIS account) balance from 1st March 2018 onwards. Hence, we request you to transfer funds and intimate us through an email to nri@tradeplusonline.com.

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