Avilash Choudhary asked on 16/11/2020

What is the online process to change mutual fund tax status to NRI and update NRO bank account for all mutual funds in one go? Is the process same as updating existing KYC or new KYC needs to be done?

answered on 16/11/2020

For updating your mutual fund tax status as NRI, you need to opt for a KYC (Know your Customer) followed by the In-Person Verification(IPV).


Once you update your KYC, your NRI status will be updated for all mutual funds you have subscribed to. After that, you can use your NRO Account for investing in the mutual funds.


With SBNRI app you can complete your Mutual Fund KYC digitally. The process is completely online. Download SBNRI App – https://sbnri.app.link/97iJKSMg0ub


The documents required for KYC of Mutual Fund as an NRI are as follows:

  1. Completely filled and digitally signed KYC Form
  2. Identity Proof: Passport and PAN Card (Self-Attested)
  3. Address Proof: Mandatory for NRIs. (Includes both correspondence and overseas address)

You also have to undergo the 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 through the following process:

  • The IPV can be done seamlessly on a video call (Skype, Appear.in etc.).
  • 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:
  1. KYC registration agency (KRA)
  2. The AMC (Asset Management Companies in India) Mutual fund agent
  3. Mutual fund distributor or advisor
  4. MF’s registrar transfer agent like CAMS or Karvy

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

For your KYC, you can visit the website of any mutual fund KRAs like Cams and Karvy or depository websites like AMFI or CDSL.

You can choose any one of these providers and go ahead with your KYC. These are central databases wherefrom the AMCs can import your KYC details.


How to update your NRO Account for all Mutual Funds?

You have to use the bank mandate form to update your NRO Account for all mutual funds. You need to share it with the respective Asset Management Company. For example you have invested in 5 mutual funds through HDFC, then in order to update your NRO bank account with HDFC, you need to share the mandate form with them and they will update your NRO Account for all of the 5 mutual funds in one go. That’s how it works. Fill and share the bank mandate form with each AMC you are investing through and the associated MFs will be updated with your NRO Account.


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