Myfirstcrore supports mutual fund investing by non-resident Indians. An NRI can open an account and invest in mutual funds using their net-banking account. There are some restrictions, and a few extra/specific requirements for an NRI to transact in mutual funds in India, however.
Opening an NRI account is very similar to opening a regular investor account. The investor would need to provide details online, get the application form generated, send it in with required documentary proofs.What we would advice our prospective NRI clients to do is to send us scanned images of their documents first for verification. We can go through the documents and let you know if they are good for account opening or needs corrections. This can save time and money in terms of sending documents via overseas courier.
Most AMCs do not allow investments from investors in USA and Canada due to regulatory restrictions. Such investors can invest in all the mutual fund schemes of L&T Investment Management Limited and Sundaram Mutual Fund.
An NRI needs the following to be able to invest and be KYC compliant
The investor would need to undergo a one-time KYC registration as a regular investor using their overseas address proof.
A Non-Resident Indian is often faced with the situation of maintaining a Rupee account in India. Primarily there are two reasons for opening such account: NRI wants to repatriate overseas earned money back to India and/or NRI wants to keep India based earnings in India. NRI has the option of opening a Non Resident Rupee (NRE) account and/or a Non Resident Ordinary Rupee (NRO) account. An NRO account can also be opened by a Person of Indian Origin (PIO) and an Overseas citizen of India (OCI).
Similarities between NRE and NRO accounts: Both accounts can be opened as Savings as well as current accounts and are Indian Rupee accounts. One needs to maintain an average monthly balance of Rs 75000 in both NRE and NRO accounts.