Kritika Pandey asked on 30/03/2020

What are the documents required for US/UK/Middle-East NRIs to invest in mutual funds?

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SBNRI Team
answered on 30/03/2020

Here is a checklist of the Mutual Fund Documents for NRI from US/UK/Middle-East 2020:

  • KYC Form (filled and signed)
  • Recent color photo (signed across the photo)
  • Copy of PAN Card, notarized (On an A4 size paper)
  • Copy of exact proof of overseas address, notarized (On an A4 size paper)
  • Copy of first and last pages of passport, notarized (If you are an Indian citizen)
  • Copy of foreign passport, notarized (If you are a foreign citizen)
  • Copy of PIO or OCI Card, notarized (If you are a foreign citizen)

(In case of NRIs, All the documents can be attested by officials of overseas branches of scheduled commercial banks registered in India, public notaries or Indian embassy/ consulate general of their respective country.)

 

List of Mutual Fund Documents for NRI needed for KYC:

  • Copy of your passport with name, photograph, address and Date of Birth
  • PAN Card
  • Current Residential Proof (temporary or permanent) (Mandatory)
  • Cancelled Cheque of NRE/NRO Account

Here is a list of Mutual Fund Houses that accept investments from US:

  • DHFL Pramerica Mutual Fund
  • Birla Sun Life Mutual Fund
  • ICICI Prudential Mutual Fund
  • SBI Mutual Fund
  • UTI Mutual Fund
  • L&T Mutual Fund
  • PPFAS Mutual Fund (Parag Parikh Financial Advisory Services)
  • Sundaram Mutual Fund

Note: Some fund houses may insist on in-person verification (IPV) for which you have to follow the following procedure:

  • 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
  • The video call might include questions about the details you have filled in the form and the application can be cancelled if any contradictions occur

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