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
- -Birla Sun Life Mutual Fund
- -SBI Mutual Fund
- -UTI Mutual Fund
- -ICICI Prudential Mutual Fund
- -DHFL Pramerica Mutual Fund
- -L&T Mutual Fund
- -PPFAS Mutual Fund
- -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