Gautam Sinha asked on 31/03/2020

What is the process of KYC for NRI mutual funds?

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SBNRI Team
answered on 31/03/2020

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:
      • 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

To get expert advisory on KYC of NRI Mutual Funds at SBNRI, contact us using the button below.

 

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