Zerodha reduces brokerage fees on non- Portfolio Investment Scheme (PIS) for NRIs

Zerodha CEO Nithin Kamath

Zerodha, a pioneer of the discount broking model in India, has cut charges for non-Portfolio Investment Scheme (PIS) accounts, aiming to attract Non Resident Indians (NRIs) keen on Indian equities but at the same time wary of the cumbersome onboarding process.

PIS and Non-PIS accounts refer to investment channels through which NRIs can buy and sell stocks in India. These routes decide how investments are reported and regulated by the RBI. You are considered an NRI if you have stayed outside India for more than 182 days in a financial year.

NRIs can invest through PIS account with Zerodha using both NRE and NRO bank accounts. If NRI wishes to invest using a Non-PIS route then only NRO account can be used. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts are designed for NRIs' banking needs. NRE accounts are for funds earned abroad, while NRO accounts are for income generated in India.

In a post on X (formerly Twitter), Nithin Kamath, co-founder and CEO of Zerodha, shared that the brokerage gets daily queries through messages from NRIs requesting an easier method of opening accounts. He noted that NRI accounts are much more valuable—at least 10 times—than resident accounts. But the existing paperwork requirements, especially the necessity of visiting an Indian embassy in person, are still a significant impediment.

The number of NRIs who want to invest in India but don't because of the complex account opening process is quite high. NRI accounts are also much higher in value compared to resident Indian accounts, by at least 10 times.

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Hardly a day goes by without emails or messages from… pic.twitter.com/qEH8RsiNQd

— Nithin Kamath (@Nithin0dha) August 4, 2025

Additionally, Kamath made it clear that owing to operational issues, NRIs who invest through the standard PIS route will still be charged Rs 200 or 0.5%, whichever is less.

"Rarely goes by without emails or messages from NRIs requesting us to simplify account opening," Kamath wrote in his X (formerly Twitter) post.

The step marks a strategic move by Zerodha to increase its NRI customer base, powered by tech-savvy solutions and positive regulatory reforms.