Process for shifting NRE Trading and Demat Account from Existing Broker to ProStocks and NRE PIS Bank Account from Existing Bank to IndusInd Bank.
Open NRE Savings and PIS bank Account with IndusInd Bank. ProStocks will coordinate the opening of your NRE Savings and PIS Bank Account with IndusInd Bank.
Write to your Present Stock Broker for providing you Close and Transfer Instruction Form for the closure of Demat Account and keep ready. It will zero cost for closure as well as shifting of your entire holding to your new Demat Account with ProStocks.
Write to your Present Bank for Closure Form of PIS Bank Account and keep ready.
Fill ProStocks Account opening form so same can be given to IndusInd Bank Courier, after verification by ProStocks Team on scan image of the form and we give confirmation "Good to courier"
We will coordinate the opening of your NRE Savings and PIS Bank Account with IndusInd Bank.
ProStocks will open your NRE Trading and Demat Account as soon as Your IndusInd Bank Savings Bank Account gets opened and IndusInd Bank confirms that your PIS Bank Account documents are good to open.
Go and submit close and transfer instruction to your Present Stock Broker. As soon as your shares move to your New Demat Account with ProStocks, you can sale the shares but you would need to wait for the payment till IndusInd Bank open your bank account.
Submit PIS Bank Account closure letter to your Present Bank. (This may be given to IndusInd Bank also for the further courier to your Present Bank and coordination but your help will be very important as this is your Bank Account).
Day your Present Bank Close your PIS Bank Account, next day IndusInd bank open your PIS bank Account and a day after ProStocks allows you to start investing. Your Present Bank will also give PIS certificate to IndusInd Bank (This is a normal process and this is given by every Bank in the normal course, per RBI regulation).
In the entire, process there maybe 3 to 7 working days as Blackout Day where you would not be able to sale and do fresh buy. However, IF you already have NRO Trading and Demat Account with us, so fresh buying will not get affected.