Richa Bhatt asked on 27/09/2022

What is the process of online mutual fund KYC for NRIs?

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SBNRI Team
answered on 27/09/2022

Investing in mutual funds is a great way of wealth creation and portfolio diversification. Like resident Indians, NRIs can also invest in mutual funds in India. An NRI investor must fulfill KYC formalities before investing in mutual funds in India. Here is how an NRI can complete the KYC process to invest in mutual funds from their country of residence. 

 

The process of mutual fund KYC for NRIs living abroad is different from that for resident Indians. 

How can NRIs Get Their Mutual Fund KYC Done

There are primarily two ways of getting your mutual fund KYC done as an NRI:

 

1. Conventional process

2. SBNRI App

1. Conventional Process

NRIs need to complete certain important steps and submit supporting documents to fulfill KYC requirements.

  • KYC Form: Submit the duly filled KYC Form along with necessary documents to the SEBI registered intermediate by courier/ post.
  • Documents: The following documents need to be submitted:
    • Overseas address proof
    • Indian address proof
    • A copy of passport (Only relevant pages with name, DOB and address)
    • A recent photograph
    • Current address proof (must)

NRIs employed in the Merchant Navy must submit a mariner’s declaration or certified copy of Continuous Discharge Certificate.

  • Attestation: NRI or OCI investors need to get documents attested by any of the following entities: Officials of overseas branches of scheduled commercial banks registered in India, court magistrate, public notary, or Indian embassy/ consulate in the country of their residence.
  • In-person verification (IPV): If the fund house or bank insists on an in-person verification (IPV), the NRI investor needs to visit the Indian embassy in the country of their residence. 

2. Mutual Fund KYC through SBNRI App

NRIs/ OCIs can download the SBNRI app to complete the KYC process seamlessly and invest in mutual funds in India from their country of residence without the hassle of attestation or physical paperwork. Download the SBNRI app and:

 

  • Complete your KYC: 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
    • NRO/ NRE bank account statement/ canceled cheque for the latest 3 months
    • Nominee details

For example, AMCs like Nippon India, UTI Mutual Fund and Navi Mutual Fund currently accept the digital declaration* from NRIs.

Note: *NRI investment in mutual funds in India is subject to certain terms and conditions, and AMCs change their policies from time to time.

Non-Resident Indians or NRIs can invest in mutual funds for wealth creation.

 

SBNRI is an authorised Mutual Fund Distributor platform & registered with Association of Mutual Funds in India (AMFI). ARN No. 246671. 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.

For more queries like “Online Mutual Fund KYC for NRI”, click here.

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

 

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