Gautam Sinha asked on 31/03/2020
What is the process of KYC for NRI mutual funds?
KYC refers to Know your Customer. KYC of Mutual Funds for NRIs is a simple process of verifying the details provided by the customer.
The following documents are needed for KYC of Mutual Funds for NRIs:
- 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:
- 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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