NRIs in USA/Canada can invest in Indian mutual funds


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Good News for USA/Canada based NRIs….!  NRIs based in USA and Canada can invests in mutual funds in India now.

Due to FATCA(Foreign Account Tax Compliance Act) and  due to stringent rules in the USA, most of the fund houses in India were not accepting applications. But now India signed the Inter-Governmental Agreement (IGA) with USA to improve international tax compliance.

List of fund houses that currently accepting investments from NRIs based in US and Canada

  1. -Birla Sun Life Mutual Fund
  2. -SBI Mutual Fund
  3. -UTI Mutual Fund
  4. -ICICI Prudential Mutual Fund
  5. -DHFL Pramerica Mutual Fund
  6. -L&T Mutual Fund
  7. -PPFAS Mutual Fund
  8. -Sundaram Mutual Fund

Some Important points:

  • Documentation required and process for investments is same for all the investors. KYC, Additional KYC & FATCA details are compulsory for all mutual fund investors.
  • For offline investments for NRIs, some fund houses may ask for additional declaration signed by client.
  • L & T mutual fund house does not allow USA/Canada NRIs to invest in closed ended funds.

 

 Source: Economic Times

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4 comments

  1. Thanks for the article – i was struggling to find this information … few days back I got to know that Indian mutual fund companies accepting money from US nris but did not find any valid and trusted news related same.
    I have a question – I am a NRI from USA and can I invest in the mutual funds from my NRE account ?and the fund returns are repatirable?
    Thanks,

    Like

  2. Thanks you Mr. Prashant.
    Yes.. you can invest in mutual funds through NRE a/c.investments made through NRE accounts and earnings made by redeeming the units or dividends are fully repatriable.

    Like

  3. Hi I don’t see this new any where. Can you please confirm the source. Also wanted to invest some money in mutual funds looking for financial planning advisor. Let me know how to approach you.

    Like

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