Non-Resident Indians who wish to invest in mutual funds in India to diversify their portfolio need to complete KYC for NRI mutual funds as Non-Resident Indians. The process of KYC for NRIs is slightly different from that for residents. Here are some steps you need to follow:
How to Check Mutual Fund KYC Status
Asset management companies (AMCs) need to complete the KYC process in compliance with the Prevention of Money Laundering Act, 2002 and SEBI guidelines. Whether you are a resident or NRI, this process is compulsory for seamless transactions linked to the investor. As a Non-Resident Indian, you need to have an NRI PAN Card as an identity proof to complete the KYC process.
You can check your KYC status by visiting the website of any of the KYC Registration Agencies (KRAs) – KRAs are CVL KRA, NDML KRA, DOTEX KRA, CAMS KRA, and Karvy KRA. Enter your PAN card number and captcha code to check the status of your KYC. If you used other documents to complete your KYC, you can enter your name, date of birth, and the PAN exempt category to check the KYC status. After the validation, you will be able to see the date of initial KYC registration, and checkbox of IPV or In-Person verification.
Is KYC Mandatory for Mutual Funds
Yes. Currently it is mandatory for all prospective investors who wish to open an account with a mutual fund house for investing in mutual funds in India, irrespective of the investment amount.
What is the Additional Requirement for NRI to Complete KYC
NRIs need to submit a certified copy of proof of their overseas address and permanent address in addition to a certified true copy of the passport. If the overseas documents, including address proof, are in a foreign language, the same needs to be translated into English before submission. The overseas documents need to be attested by overseas branches of scheduled commercial banks registered in India or Indian Embassy/ Consulate.
How to apply for Mutual Fund KYC for NRI Online
Following are two ways of getting your KYC done as an NRI:
1. Conventional method
2. SBNRI App
Note: SBNRI is an authorised Mutual Fund Distributor platform & registered with Association of Mutual Funds in India (AMFI). ARN No. 246671. NRIs willing to invest in mutual funds in India can download SBNRI App to choose from 3000+ mutual fund schemes or to ask any questions related to mutual fund investment.
1. Conventional Method
NRIs need to complete a few important steps and submit supporting documents to get their KYC done.
- KYC Form: Submit the duly filled KYC Form along with required supporting documents to the SEBI registered intermediate by courier/ post.
- Documents: The following documents need to be submitted:
- Overseas address proof
- Permanent address proof
- A copy of passport (Only relevant pages with name, DOB and address)
- Recent photographs
- Current address proof (must)
NRIs working in the Merchant Navy must submit a mariner’s declaration or certified copy of CDC (Continuous Discharge Certificate).
- Attestation: NRI or OCI applicants need to get documents attested by any of the following authorities: Officials of overseas branches of scheduled commercial banks registered with the RBI/ court magistrate/ public notary/ or Indian embassy/ consulate in the country of their residence.
- In-person verification (IPV): If the AMC or bank insists on an in-person verification (IPV), the NRI investor needs to visit the Indian embassy in the country of their residence.
2. Mutual Fund KYC through SBNRI App
Download the SBNRI app to complete the KYC process seamlessly and invest in mutual funds in India from the country of your residence without the hassle of attestation or physical paperwork. Download the SBNRI app and:
- Complete your KYC: Provide your personal details and attach required documents.
What are Mutual Fund e-KYC Documents
- PAN Number
- Overseas address proof: Any of – Water/ electricity bill, postpaid mobile/ internet bill, rent agreement, driving license, etc.
- Passport – front and back
- Passport size photograph
- Signature
If all details are found to be correct, you can expect the approval of your KYC within 7 to 8 business days.
Onboarding
- Onboarding: Once the KYC is done, you need to share the following details to complete onboarding process and start investing in mutual funds:
- City and country of birth
- NRO/ NRE bank account statement/ canceled cheque for the latest 3 months
- Nominee details
Note: *NRI investment in mutual funds in India is subject to certain terms and conditions, and AMCs change their policies from time to time.
To get expert advisory on online KYC of Mutual Funds or invest in mutual funds in India, contact market experts using the button below. You will get detailed mutual fund advisory from experts at SBNRI. You can also ask any other questions related to mutual fund investment, NRI account opening online and tax filing in India. Also visit our blog and YouTube channel for more details.
