NRIs based out of US and Canada can invest in Indian mutual funds. However, AMCs do not have a uniform policy to deal with US and Canadian clients.
Currently, close to 14 fund houses receive investment from investors based out of these two countries and another five AMCs receive investment only from US.
Broadly, there are two categories of fund houses here - where investors are not required to physically present in India and vice versa.
Here is the list of fund houses where investors are not required to be physically present in India:
Aditya Birla Sun Life Mutual Fund
Nippon India Mutual Fund
Quant Mutual Fund
Sundaram Mutual
UTI Mutual Fund
Interestingly, these fund houses allow such NRIs to invest in their MF schemes without any restriction that too through online transaction.
Let us look at the fund houses which insist NRIs to be physically present in India:
360 One Mutual Fund
Axis Mutual Fund
DSP Mutual Fund (Only lumpsum)
ITI Mutual Fund (Only lumpsum)
Kotak Mutual Fund
Navi Mutual Fund
NJ India Mutual Fund
PPFAS Mutual Fund
SBI Mutual Fund
Taurus Mutual Fund
White Oak Capital Mutual Fund
Similarly, here is the list of fund houses, which receive money only from US investors:
Bandhan Mutual Fund (Only US)
Edelweiss Mutual Fund (Only US)
HDFC Mutual Fund (Only US)
ICICI Mutual Fund (Only US)
Motilal Oswal Mutual Fund (Only US)
Please note that all these fund houses receive investment only through physical mode.
Also, these fund houses insist NRIs to submit application form along with a declaration form indicating their residential status.
NRIs residing in US and Canada will have to share Foreign Account Tax Compliance Act (FATCA) details and tax identification number (TIN) along with KYC details.
FATCA declaration form captures information like type of address (residence, business, registered office etc.), country of tax residence, tax identification number, Global Intermediary Identification Number (GIIN) and seek investors consent for sharing the information with relevant tax authorities.
For KYC,
NRI needs to be physically present in India for KYC.
here is the list of valid KYC documents:
PAN card
Overseas address proof
Passport
Passport size photograph
OCI Card (In case of foreign passport holder)
For transaction, an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account is a must.
Hope i have addressed Common questions/query receivedfrom US and Canadian NRI.
Please note this blog is on the basis of best efforts basis. Request reader please connect with your financial advisor or mutual fund companies for proper guidance.
Regards
Ritesh Sheth CWM®
Disclaimer:
The views are for personal use and for educational propose only. Ritesh Sheth & Family or Tejas Consultancy does not guarantee the accuracy, adequacy or completeness of any information in this emailer and is not responsible for any errors or omissions or for results obtained from the use of such information.
This BLOG is addressed to and intended for the investors of Ritesh Sheth & Tejas Consultancy only. You are advised to contact Ritesh Sheth & Tejas Consultancy to clarify any issue that you may have with regards to any information contained in this blog. Ritesh Sheth & Family or Tejas Consultancy does not have any liability to any person on account of the use of information provided herein and the said information is provided on a best effort basis. In case of investments in any of our schemes, please read the offer documents carefully before investing.
