SBI Mutual Funds for NRI – Online Investment

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. 

SBI Mutual Fund for NRI
SBI NRI Mutual Funds

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 

FundFund Size (Crore)5-year returnOnline Rating
SBI Small Cap FundRs. 14,04427.34%4*
SBI Magnum Midcap FundRs. 8,04325.95%3* 
SBI Contra FundRs. 5,82725.65%5*
SBI Technology Opportunities FundRs. 2,534 
25.11%NA
SBI Consumption Opportunities FundRs. 1,060 Crs21.73%3*
SBI Equity Funds

SBI Debt Funds for NRIs

FundFund Size (Crore)5-year returnOnline Rating
SBI Magnum Gilt FundRs. 3,670 7.49%5*
SBI Magnum Medium Duration FundRs. 9,245 7.43%4* 
SBI Magnum Income FundRs. 1,540 7.34%4*
SBI Dynamic Bond FundRs. 2,375 Crs7.04%4*
SBI Credit Risk FundRs. 2,9526.81%4*
SBI Debt Funds

SBI Hybrid Funds for NRIs

FundFund Size (Crore)5-year returnOnline Rating
SBI Equity Hybrid FundRs. 55,26814.96%4*
SBI Multi Asset Allocation FundRs. 588 12.06%4* 
SBI Conservative Hybrid FundRs. 6,56110.95%4*
SBI Equity Savings FundRs. 2,44310.48%4*
SBI Gold FundRs. 1,1639.48%3*
SBI Hybrid Fund for NRIs

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: You can complete the KYC process digitally. 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 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. 

Ask Indian Friend Now

FAQ

Can NRI invest in SBI Mutual Fund?

Yes, NRIs can invest in mutual funds in India from their NRE/ NRO/ FCNR account.

Which mutual fund is the best for NRIs?

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.

Do NRIs need to pay tax on mutual funds?

Gains/ income from investment in mutual funds are subject to income tax in India in the same way as resident Indians.

Is dividend from mutual fund units repatriable?

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]. 

Can NRI nominate someone in the schemes of SBI Mutual Fund?

Yes. However, a POA holder can’t nominate on behalf of the NRI investor. 

Can an NRI have a joint account with a resident Indian in a SBI Mutual Fund scheme?

Yes. NRI investors can jointly hold an SBI Mutual Fund account with a resident Indian or NRI. 

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