Over 75 lakh customers have invested in Indian markets through various SBI Mutual Fund Schemes. Not only resident Indians, but NRIs and FIIs can also invest in mutual funds in India. SBI Mutual Fund continuously strives to meet the expectations of its NRI customers with new products and services. Here we will explain the different aspects of SBI NRI Mutual Funds to help NRIs understand the investment process better.
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.
SBNRI is an authorised Mutual Fund Distributor platform & registered with Association of Mutual Funds in India (AMFI). ARN No. 246671
SBI NRI Mutual Funds
SBI Mutual Fund is one of the biggest asset management companies by asset size in India. Mutual fund is one of the SBI NRI investment plans. NRIs can choose from a variety of mutual fund schemes including equity, debt and hybrid funds by SBI to meet their goals.
Top SBI Mutual Funds for NRIs
SBI Equity Mutual Funds for NRIs
| Fund | Fund Size (Crore) | 5-year return | Online Rating |
|---|---|---|---|
| SBI Small Cap Fund | Rs. 15292.33 | 13.02% | 4* |
| SBI Magnum Midcap Fund | Rs. 8,436 | 12.27% | 4* |
| SBI Contra Fund | Rs. 7936.63 | 13.54% | 5* |
| SBI Technology Opportunities Fund | Rs. 2879.97 | 20.45% | NA |
| SBI Consumption Opportunities Fund | Rs. 1189.67 | 11.21% | 4* |
SBI Debt Funds for NRIs
| Fund | Fund Size (Crore) | 5-year return | Online Rating |
|---|---|---|---|
| SBI Magnum Gilt Fund | Rs. 4142.52 | 7.69% | 5* |
| SBI Magnum Medium Duration Fund | Rs. 7137.52 | 7.35% | 4* |
| SBI Magnum Income Fund | Rs. 1511.48 | 3.27% | 4* |
| SBI Dynamic Bond Fund | Rs. 2393.69 | 7.03% | 4* |
| SBI Credit Risk Fund | Rs. 2816.01 | 4.25% | 4* |
SBI Hybrid Funds for NRIs
| Fund | Fund Size (Crore) | 5-year return | Online Rating |
|---|---|---|---|
| SBI Equity Hybrid Fund | Rs. 55611.34 | 9.60% | 4* |
| SBI Multi Asset Allocation Fund | Rs. 607.77 | 8.36% | 4* |
| SBI Conservative Hybrid Fund | Rs. 7215.89 | 8.15% | 5* |
| SBI Equity Savings Fund | Rs. 2329.58 | 6.85% | – |
| SBI Gold Fund | Rs. 1284.9 | 11.38% | – |
Note: Mutual fund investment is subject to market risks. Read all policy related documents before investing.
The returns and fund size are updated on 27 Feb 2023
How can NRI Invest in SBI Mutual Fund
There are two ways for NRIs to invest in mutual funds in India:
1. SBI Mutual Fund Portal
2. SBNRI App
SBI Mutual Fund Portal
NRI investors need to submit/ post a duly filled common application form along with a Rupee cheque or draft to any of the official points of acceptance of transactions designated by SBI Mutual Fund. After completing the application forms with an appointed distributor, you can send the application form for onward submission to any of the Investor Service Centers. Cheques or demand drafts must be drawn in favor of ‘Name of the Scheme’ and crossed ‘A/c payee’ only, and payable at the center where the application is submitted at the official point of acceptance.
Note NRI investment in SBI mutual funds can’t be made in a foreign currency. They need to give a cheque or DD in INR from their NRE or NRO bank account in India. A Rupee cheque or DD issued by an exchange house abroad drawn on its correspondent bank in India is also acceptable. However, you must maintain a bank account in India to invest in mutual funds as an NRI.
NRI investors investing through a banker’s cheque/ Rupee draft need to attach any of the following documents along with SBI Mutual Fund application form:
- A photocopy of the Rupee draft/ banker’s cheque
- A foreign inward remittance certificate (FIRC)
- A letter issued by the bank confirming the source of funds
If the investment is made using an INR cheque from an NRE/ NRO bank account, a photocopy of the same should be attached along with the application form. Please note that post-dated cheques are not accepted.
KYC Process
NRI investors need to undergo the KYC process to invest in an SBI Mutual Fund scheme. You need to submit a duly filled KYC form to the SEBI registered intermediate via courier.
Documents required
- PAN Number
- Address proof of your country of current residence
- Resident proof in India
- A copy of passport
- A recent photograph
NRIs employed with merchant navy need to submit a mariner’s declaration or a certified copy of the Continuous Discharge Certificate (CDC).
An NRI needs to get the KYC documents attested by one of the following entities – authorized officials of overseas branches of scheduled commercial banks registered with the RBI, judge/ court magistrate, Public Notary, or the Indian Embassy/Consulates in the country of your residence.
Invest in Mutual Funds through SBNRI App
NRIs/ OCIs can use the SBNRI app to invest in mutual funds in India without the hassle of attestation or physical paperwork. Download the SBNRI app and:
- Complete your KYC: Enter your personal details and attach required documents, like:
- 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 correct, your KYC will be approved within 7 to 8 business days.
- Onboarding: After KYC, you need to share the following details to complete onboarding process and start investing:
- City and country of birth
- NRE/ NRO bank account statement/ canceled cheque for the latest 3 months
- Nominee details
Mode of Payment for NRIs
NRI can invest in mutual funds on both repatriable and non-repatriable basis:
Investment on Repatriable Basis
You can invest on a repatriable basis by submitting an NRE account cheque or a demand draft from an FCNR account held with an RBI registered bank. Send the payment along with the application form at SBIMF’s investor service center i.e. SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai – 400 001.
Investment on Non-Repatriable basis
For investment on non-repatriable basis, an NRI investor can use a cheque from his/ her NRO account maintained with an authorized bank in India. Send the payment with application form to SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai – 400 001.
After the confirmation of payment, SBI Mutual Fund will allot the units of the scheme at the NAV based prices prevailing on that day. In case the payment is made through foreign currency draft, the units will be allotted on the date of realization.
Power of Attorney (POA)
An NRI investor can appoint a Power of Attorney (POA) holder to transact and sign documents for initial and additional purchases, as well as, redeeming units from the account on his/ her behalf. The Power of Attorney must be signed by both NRI investor and POA holder. A clause in the Power of Attorney should empower the POA holder to invest in mutual funds on behalf of the NRI investor.
Before investing in the Indian market, NRIs must consult market experts to make informed decisions. You can get detailed mutual fund advisory from experts at SBNRI. You can download SBNRI App from the Google Play Store or App Store to ask any questions related to mutual fund investment, NRI account opening online and tax filing in India. To ask any questions related to Mutual Funds, click on the button below. Also visit our blog and YouTube channel for more details.
FAQ
Yes, NRIs can invest in mutual funds in India from their NRE/ NRO/ FCNR account.
Some of the top AMCs that allow NRI to invest in mutual in India are:
– Aditya Birla Sun Life Mutual Fund.
– L&T Mutual Fund.
– SBI Mutual Fund.
– UTI Mutual Fund.
– ICICI Prudential Mutual Fund.
– DHFL Pramerica Mutual Fund.
– Sundaram Mutual Fund.
– PPFAS Mutual Fund.
Gains/ income from investment in mutual funds are subject to income tax in India in the same way as resident Indians.
Yes. The income/ dividend received on investment in a mutual fund is fully repatriable if the investor continues to be an NRI in terms of [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000].
Yes. However, a POA holder can’t nominate on behalf of the NRI investor.
Yes. NRI investors can jointly hold an SBI Mutual Fund account with a resident Indian or NRI.
