Ravi Kumar asked on 16/11/2020

I am an NRI and want to invest in mutual funds, need to do KYC. I have an NRE account in ICICI Bank. What’s the procedure to do KYC and invest in mutual funds?

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SBNRI Team
answered on 16/11/2020

Online Mutual Fund KYC for NRI is a seamless online process through which NRIs can easily complete their KYC requirements for Mutual Funds by submitting the documents online and verifying them through In-Person Verification (IPV).

 

There are various documents that are required in order to register successfully:

  • Completely filled and signed KYC Form (you can download the form from any KRA website like https://www.cvlkra.com/ or Mutual Fund Registrars like CAMS: https://camskra.com/)
  • Identity Proof: Passport and PAN Card (Self-Attested) -Address Proof: Mandatory for NRIs. (Includes both correspondence and overseas address)
  • In-Person Verification Process: The verification is done for NRIs by a certified entity for the acknowledgement of the fact that the investor has in his/her possession, all the original documents that he/she has mentioned in the KYC Form. It can be done by the following process:
  • The IPV can be done seamlessly on a video call (Skype, Appear.in etc.). Earlier, NRIs were required to visit the offices or someone visited the investor to verify the papers at their home or workplace You can set a time for the video call with the agencies and carry on with the IPV.

Only the following entities have the authorization to carry out IPV:

  • KYC registration agency (KRA)
  • The AMC (Asset Management Companies in India) Mutual fund agent
  • Mutual fund distributor or advisor
  • MF’s registrar transfer agent like CAMS or Karvy

Major agencies have their mobile apps now for instant authentication through biometrics or OTP

 

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