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 with Myfirstcrore.com
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.
Can NRIs repatriate their earnings from mutual funds?
- If the investment is made on a repatriation basis: The redemption proceeds and also the net income or capital gains (after tax) arising out of investment are eligible for repatriation, subject to compliance.
- If the investment is made on a non-repatriation basis: Only the net income (the dividend after tax), arising out of investment is eligible for repatriation.
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.