New Delhi, July 1 -- Zerodha's co-founder Nithin Kamath has flagged lengthy account-opening procedures as a major hurdle that may prevent non-resident Indians (NRIs) from taking advantage of FCNR deposits, which he described as a "no-brainer" investment opportunity amid favourable interest-rate conditions.

"Onboarding for NRIs has always been a pain. Right now, the FCNR deposit scheme is a total no-brainer: the RBI is bearing the currency hedging bill, allowing you to get local, FD-like rates while your money stays in dollars with zero rupee risk," Kamath said in a LinkedIn post on Wednesday.

Despite how good the deposit scheme is, it offers little benefit if opening an account takes 60 days, he added. "By the time the paperwork clears,...