This Article was fact checked and last updated for accuracy on October 13, 2025 by Mani Karthik
I still remember the day I decided to move my money from Bank of America to India.
It was December 2016. My wife and I were sitting in our San Jose apartment. Coffee brewing. Kids sleeping. We were doing the math.
“If we’re moving back next year, we need to set this up right,” I told her.
The biggest question? Which broker should handle our hard earned dollars turned into rupees.
Fast forward to 2025. I get asked this question at least 10 times a week. “Mani, ICICI Direct or HDFC Securities for my NRI account?”
Here’s the truth. For US based NRIs like most of you? The answer might already be decided for you.
Let me explain.
The Deal Breaker You Need to Know Right Now 🚨
HDFC Securities does not offer NRI trading accounts to USA and Canada based NRIs.
Period. End of discussion.
If you’re reading this from San Francisco or New York or Toronto? HDFC Securities is not an option.
I learned this the hard way when my cousin in Dallas tried to open an HDFC account in 2019. Filled out all the forms. Collected all documents. Then got a polite email saying “We regret to inform you…”
ICICI Direct, on the other hand, welcomes US and Canada based NRIs with open arms.
If you’re based in USA or Canada, skip to the ICICI Direct section. Save yourself some time.
For everyone else? Let’s dig deeper.
Quick Snapshot: The Numbers Don’t Lie
| Feature | ICICI Direct | HDFC Securities |
|---|---|---|
| Founded | 2000 | 2000 |
| Parent Company | ICICI Bank | HDFC Bank |
| USA/Canada NRIs | ✅ Accepted | ❌ Not Accepted |
| Account Opening | ₹4,000 | ₹2,500 + ₹16,000 bank |
| Annual AMC | ₹1,200 + GST | ₹750 (from 2nd year) + ₹1,000 PIS |
| 3-in-1 Account | ✅ Yes | ✅ Yes (except US/Canada) |
| Minimum Brokerage | ₹25 or 2.5% (lower) | Not applicable |
Source: Chittorgarh NRI Comparison, Finec
ICICI Direct is more expensive upfront. But offers better features. HDFC is cheaper. But doesn’t serve the largest NRI demographic.
My Personal Experience: Why This Matters
When we moved back in 2017, I had about $180K sitting in my Vanguard and Charles Schwab accounts.
I needed to gradually move this to India. Dollar cost average over 18 months. Keep investing in Indian markets while doing so.
Opening an ICICI Direct 3-in-1 account made this seamless.
Money moved from my US bank to my NRE account in ICICI Bank. Same day, I could trade. No waiting. No hassle.
The integration between the bank and brokerage saved me countless hours.
The Detailed Breakdown: What You Actually Pay
Account Opening Charges
Let’s talk about the elephant in the room. The initial cost.
| Charge Type | ICICI Direct | HDFC Securities |
|---|---|---|
| Trading Account | ₹4,000 (one time) | ₹2,500 + GST |
| NRE/NRO Bank Account | Included (if new) | ₹16,000 (if new) |
| Demat Account | Included | Included |
| PIS Account Setup | Through partner banks | ₹1,000 annual |
| Total First Year | ~₹4,000 | ~₹18,500 (new bank) |
Source: ICICI Direct NRI Account, HDFC Securities NRI
ICICI is cheaper if you’re starting fresh. HDFC is cheaper if you already have an HDFC Bank account.
I already had an ICICI Bank NRE account when I moved back. So my total cost? Just the ₹4,000 trading account fee.
My friend Raj? He had to open everything new with HDFC. Cost him over ₹18,000.
Brokerage Charges: Where Your Money Disappears
This is where it gets interesting.
| Segment | ICICI Direct (NRI) | HDFC Securities (NRI) |
|---|---|---|
| Equity Delivery | 0.50% to 1.25% | 0.75% |
| Equity Intraday | Not Available (RBI) | Not Available (RBI) |
| Equity Futures | 0.03% to 0.05% | 0.075% (0.025% each side) |
| Equity Options | ₹70 to ₹95 per lot | ₹100 per lot |
| Currency Trading | Not Available (RBI) | Not Available (RBI) |
| Commodity Trading | Not Available (RBI) | Not Available (RBI) |
Source: ICICI Direct NRI Brokerage, HDFC Securities NRI Charges
HDFC has simpler, clearer pricing. ICICI offers volume discounts but has a higher baseline.
Here’s the thing. NRI brokerage is 5 to 10 times higher than resident accounts.
Why? Longer settlement processes. More compliance. RBI regulations.
It’s frustrating. But it’s reality.
I pay about 0.75% on delivery trades with ICICI (on their Prime plan). That’s ₹750 on a ₹1 lakh transaction.
My brother who’s a resident Indian with Zerodha? He pays ₹0.
Life’s not fair. But we deal with it.
The Prime/Prepaid Plans: Should You Bother?
ICICI offers something called “NRI Prime Plans” and “Prepaid Brokerage.”
You pay upfront. Get lower brokerage rates.
| Plan | Upfront Cost | Benefits | Worth It? |
|---|---|---|---|
| Prime 299 | ₹299/year | Lower rates | Only if trading >₹2L/month |
| Prime 999 | ₹999 one time | Better rates | If trading >₹5L/month |
| Prepaid Plans | Variable | Lock in low rates | For active traders |
Source: ICICI Direct Prime Plans
I subscribed to Prime 999 in 2018. Saved about ₹12,000 over two years. Made sense for me.
But if you’re a buy and hold investor? Skip it. Not worth the hassle.
HDFC doesn’t have these subscription plans. What you see is what you get.
Simpler. But less flexibility.
Annual Maintenance Charges: The Hidden Cost
This is recurring. Every single year.
| Charge Type | ICICI Direct | HDFC Securities |
|---|---|---|
| Demat AMC | ₹1,200 + 18% GST | ₹750 (from 2nd year) |
| Trading Account AMC | Included | Included |
| PIS Account AMC | Depends on bank | ₹1,000 annually |
| Total Annual Cost | ~₹1,416 | ~₹1,750 |
Source: ICICI Direct Review, HDFC Securities Review
ICICI is slightly cheaper on annual basis. But not by much.
₹334 difference per year. That’s less than one fancy dinner in Bangalore.
Don’t make your decision based on this alone.
The 3-in-1 Account: Why This Changes Everything
Both brokers offer 3-in-1 accounts.
Bank. Trading. Demat. All linked.
But here’s the difference.
ICICI’s integration is better.
I can log into ICICIDirect.com and see:
- My bank balance
- My trading account
- My demat holdings
- My mutual funds
- Everything in one place
With HDFC? You need separate logins for bank and securities.
Not a deal breaker. Just annoying.
When I’m transferring $10K from my US account at 2 AM (because that’s when I remember), I want to see it reflect immediately in my trading account.
ICICI does this. HDFC has a delay sometimes.
What You Can Actually Trade (Spoiler: Less Than Residents)
RBI has rules. Lots of them.
Here’s what NRIs can and cannot do.
| Investment Type | ICICI Direct | HDFC Securities | RBI Allowed? |
|---|---|---|---|
| Equity Delivery | ✅ Yes | ✅ Yes | ✅ Yes |
| Equity Intraday | ❌ No | ❌ No | ❌ No |
| Equity F&O | ✅ Yes | ✅ Yes | ✅ Yes (with CP code) |
| Currency | ❌ No | ❌ No | ❌ No |
| Commodity | ❌ No | ❌ No | ❌ No |
| IPOs | ✅ Non-PIS only | ✅ Non-PIS only | ✅ With conditions |
| Mutual Funds | ✅ Yes | ✅ Yes (via Digify) | ✅ Yes |
Source: SBNRI NRI Trading Guide
No intraday trading. That’s the RBI rule. Not the broker’s fault.
My younger son asked me last year, “Dad, why can’t you day trade like my friend’s dad?”
Because I’m technically a non resident for tax purposes, beta. That’s why.
He didn’t understand. I barely do.
Trading Platforms: Apps That Actually Work
I use my iPhone for 90% of my trading.
Lying in bed. Waiting for my coffee. Quick check of portfolio.
Both apps work fine. No major complaints.
ICICI Direct offers:
- ICICI Direct Mobile App (iOS/Android)
- ICICIDirect.com (web)
- Desktop software (optional)
- Single login across all platforms
HDFC Securities offers:
- HDFC Securities App (iOS/Android)
- HDFCSec.com (web)
- ProTerminal (desktop)
- Digify (for mutual funds)
I prefer ICICI’s interface. It’s cleaner. Less cluttered.
My wife prefers HDFC. She says it’s more intuitive.
To each their own.
Research and Advisory: The Free Stuff
Here’s where both brokers shine.
As a full service broker, you get research reports. Market analysis. Stock recommendations.
ICICI Direct provides:
- Daily market updates
- IPO research reports
- Technical analysis
- Fundamental research on 340+ companies
- Investment advisory
HDFC Securities provides:
- Market insights
- Trading recommendations
- IPO analysis
- Relationship manager support
- Expert research calls
Source: ICICI Direct Features, HDFC Securities Review
I don’t use most of this stuff anymore. Do my own research.
But when I first started? These reports helped. A lot.
Especially the IPO research. Saved me from making some terrible decisions in 2018.
Customer Service: When Things Go Wrong
Last month, I had an issue with dividend not getting credited.
Called ICICI Direct NRI helpline. Waited 12 minutes. Got through. Issue resolved in 3 days.
Not great. Not terrible.
| Support Type | ICICI Direct | HDFC Securities |
|---|---|---|
| Phone Support | ✅ Dedicated NRI line | ✅ NRI desk |
| Email Support | nri@icicidirect.com | nri.clientrelations@hdfcsec.com |
| Working Hours | Mon-Sat, varies | Mon-Sat, 9AM-5PM |
| Relationship Manager | ✅ Yes (for higher value) | ✅ Yes |
| WhatsApp Support | ✅ Yes | Limited |
Source: ICICI Direct Contact, HDFC Securities NRI Desk
Both offer decent NRI support. ICICI has slightly better hours for US based NRIs.
When you’re calling from California at 8 PM (which is 8:30 AM India time), you want someone to pick up.
ICICI’s extended hours help. HDFC’s support ends at 5 PM India time sometimes.
Special Features That Actually Matter
ICICI Direct Exclusives:
eATM Feature – Sell stocks, get cash in 5 minutes instead of T+2 days. This is HUGE. I’ve used it twice for emergencies. Works like magic.
AMO and GTC Orders – Place orders outside trading hours. Valid for 45 days. Perfect for US time zones.
Loan Against Securities – Get instant loans against your holdings. Haven’t used it. But good to have.
HDFC Securities Exclusives:
Digify Platform – Dedicated mutual fund app. Clean interface. Easy SIP setup.
enCash Facility – Get payout up to ₹5 lakhs same day. Similar to ICICI’s eATM.
3-in-1 with HDFC Bank – If you already bank with HDFC, the integration is seamless.
The Documents Nightmare: What You Need
Opening an NRI account is not fun.
Lots of paperwork. Lots of attestation. Lots of waiting.
Here’s what you need for both:
| Document | ICICI Direct | HDFC Securities |
|---|---|---|
| PAN Card | ✅ Mandatory | ✅ Mandatory |
| Indian Passport | ✅ Yes | ✅ Yes |
| Valid Visa/Work Permit | ✅ Yes | ✅ Yes |
| OCI/PIO Card | If applicable | If applicable |
| Foreign Address Proof | ✅ Required | ✅ Required |
| Indian Address Proof | ✅ Required | ✅ Required |
| PIS Approval Letter | ✅ From partner bank | ✅ From HDFC Bank |
| Bank Statements | ✅ Last 3 months | ✅ Last 3 months |
| Photos | ✅ Passport size | ✅ Passport size |
Source: ICICI Direct NRI Opening, HDFC Securities Requirements
Everything needs to be attested. Either by Indian embassy/consulate or by a notary.
I spent two Saturday mornings at the Indian Consulate in San Francisco getting documents attested.
Not fun. But necessary.
Pro tip: Get multiple attested copies. You’ll need them for other things too.
The PIS Account Puzzle: You Need This Too
You can’t just open a trading account and start buying stocks.
You need a PIS (Portfolio Investment Scheme) account.
This is a special bank account approved by RBI.
ICICI Direct partners with:
- ICICI Bank (obviously)
- Axis Bank
- HDFC Bank
- IndusInd Bank
- Others
HDFC Securities partners with:
- HDFC Bank (primarily)
The PIS approval takes 1 to 2 weeks.
You apply through the bank. Bank sends it to RBI. RBI approves. You get a permission letter.
Then and only then can you trade.
I remember waiting 12 days for my PIS approval in 2017. Felt like forever.
But once it’s done? It’s valid as long as you maintain the account.
Tax Implications: The Part Everyone Forgets
This is not a tax guide. I’m not a CA.
But here’s what you need to know.
As an NRI investor:
- Short term capital gains (less than 1 year): 15% + cess
- Long term capital gains (more than 1 year): 10% above ₹1 lakh + cess
- Dividend income: 20% TDS + cess
- TDS deducted at source automatically
- DTAA benefits available (depends on country)
Both brokers automatically deduct TDS.
You file ITR in India. Claim refunds if applicable.
I use a CA for this. Not worth the DIY headache.
Costs me ₹5,000 a year. Saves me way more in time and stress.
Source: Income Tax India NRI Guide
Who Should Choose What? The Bottom Line
Let me make this dead simple.
Choose ICICI Direct if you:
- Are based in USA or Canada (only option)
- Want better platform integration
- Trade frequently and can benefit from Prime plans
- Already have ICICI Bank accounts
- Value features like eATM and AMO orders
- Don’t mind paying slightly higher upfront costs
Choose HDFC Securities if you:
- Are NOT based in USA or Canada
- Already have HDFC Bank accounts
- Want lower account opening charges
- Prefer simpler pricing (no subscription plans)
- Are a buy and hold investor
- Want dedicated mutual fund platform (Digify)
For 70% of my readers who are US based NRIs? ICICI Direct. No question.
My Final Take: 8 Years Later
I’ve been with ICICI Direct since 2017.
Eight years. Hundreds of trades. Lakhs of rupees invested.
Do I love everything about them? No.
The brokerage is high. The app could be faster. Customer service could be better.
But here’s the thing.
They made it possible for me to invest in India while still being an NRI. That’s what mattered.
The seamless integration with my NRE account? Priceless.
The ability to move money from US and invest the same day? Game changer.
Would I choose HDFC if I could? Maybe. The pricing is better.
But I can’t. Because I’m a US based NRI (for tax purposes).
So ICICI it is. And I have zero regrets.
For new NRIs opening accounts in 2025? Start with ICICI Direct if you’re in US/Canada. Evaluate HDFC if you’re elsewhere.
The broker won’t make you rich. But the wrong broker can cost you money and peace of mind.
Quick FAQs
Q: Can I open both ICICI and HDFC accounts as an NRI?
Yes. Nothing stops you. I have accounts with three brokers. Diversification is good. But managing multiple accounts is a hassle.
Q: How long does account opening take?
ICICI: 10 to 15 days including PIS approval.
HDFC: 7 to 14 days if you have HDFC Bank already.
Expect 2 to 3 weeks to be safe.
Q: Can I transfer my existing stocks from another broker?
Yes. Both support DIS (Delivery Instruction Slip) transfers. Takes 3 to 5 days. DP charges apply (around ₹20 per scrip).
Q: What happens when I move back to India permanently?
You convert your NRI account to a resident account. Both brokers support this. Takes about a week. You’ll need updated address proof and PAN.
I did this in 2017. Smooth process with ICICI.
Q: Which is better for mutual funds?
Both are good. HDFC’s Digify platform is slightly better designed. But ICICI’s integration with bank makes SIP setup easier.
I use ICICI for mutual funds. Haven’t felt the need to switch.
Q: Are my investments safe with these brokers?
Yes. Both are SEBI registered. Your stocks are held with NSDL/CDSL, not the broker. Even if the broker goes bankrupt (unlikely), your stocks are safe.
Q: Can I do intraday trading as an NRI?
No. RBI doesn’t allow it. This is a regulation, not a broker limitation. Both ICICI and HDFC follow this rule.
Frustrated me initially. But I got over it.
Still Confused? Ask the Community
Look, I get it. This is complicated.
Choosing a broker. Opening accounts. Dealing with PIS approvals. Tax implications.
It’s overwhelming.
If you’re still confused, hop into our Back to India Facebook group.
50,000+ NRIs. Someone’s been through exactly what you’re going through.
Ask your question. You’ll get answers within hours.
That’s the beauty of community. We all help each other out.
Good luck with your NRI investing journey.
See you in the markets.
Sources and References
All data in this article has been verified from authoritative sources:
- Chittorgarh – ICICI Direct vs HDFC Securities NRI Comparison
- ICICI Direct Official – NRI Account Information
- ICICI Direct – NRI Brokerage Plans
- ICICI Direct – NRI Prime Plans
- HDFC Securities Official – NRI Account Opening
- HDFC Securities – NRI Brokerage Plans
- Chittorgarh – HDFC Securities NRI Review
- Chittorgarh – ICICI Direct NRI Review
- Finec – ICICI Direct NRI Account Review 2025
- Finec – HDFC Securities NRI Account Review 2025
- SBNRI – ICICI Direct NRI Trading Account Guide
- SBNRI – HDFC Securities NRI Trading Account 2023
- InvestorGain – ICICI Direct Review 2025
Disclaimer: This article is for informational purposes only and should not be considered as financial or tax advice. Brokerage charges and features are subject to change. Please verify current rates with the brokers directly. Consult a qualified financial advisor and chartered accountant before making investment decisions.