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kyc-for-Nris

Mutual Fund KYC for NRIs: 10 Most Important Things to Know

by Holistic 11 Comments

Listen to this article


Are you an NRI who wants to invest in Mutual Funds in India?

But being an NRI, are you afraid of the tedious process of getting your KYC done?

Wondering if there would be an easier way to get your KYC done without having to travel to India?

If yes, then you’re at the right place. 

With Online KYC Registration for NRIs, you can now invest in Indian Mutual Funds with ease. All you need to do is provide the necessary KYC documents online and verify them through an OTP sent on your registered mobile number.

In this article, we will discuss the step-by-step procedure of how to do Online KYC Registration for NRIs. Apart from explaining how an NRI can get their KYC Registration done Online to be a mutual fund KYC compliant, this article will discuss the 10 most important points to know for an NRI to get Online Mutual Fund KYC done without hassle.

First, let’s start with the definition of KYC.

KYC is a procedure laid down by SEBI for its financial institutions, intermediaries, and depositories. KYC is nothing but the short name (acronym) for “Know Your Client”. It is essential for an NRI as well as a resident investor to be KYC compliant (A person who has fulfilled the eligibility criteria laid down by KYC procedure) in order to invest in India.

Failing to do it, investor will be restricted from investing in financial market whether it is equity market or mutual funds.

This KYC procedure follows the prevention of the money laundering act, 2002. In addition, the organization responsible for the infrastructure of this procedure is CSDL ventures limited, which fully owned subsidiary of central depositary services of India.

It is essential for an NRI as well as a resident investor to be  KYC compliant (A person who has fulfilled the eligibility criteria laid down by KYC procedure) to invest in India. 

Table of Contents:

  • 10 Most Important Points for NRIs to be a Mutual Fund KYC Compliant
  • How to check NRI KYC Status?
  • Mutual Fund KYC: Advantages

10 Most Important Points for NRIs to be a Mutual Fund KYC compliant?

1) Where to Start? Since you are an NRI, you can get the soft copy of Mutual Fund KYC Form online through the websites of mutual fund companies, AMFI, CDSL and KYC Registration Agencies (KRA) where KYC is registered. Take a print out of that Form, fill it up and submit it along with the required documents at Registration agencies, personally! If your In-Person Verification (IPV) has already been done then you can send the required documents by post or courier.

2) Documents Required for Mutual Fund KYC for NRI: Documents, you need to submit along with the application are your

  • Recent photo (passport size)
  • Identity Proof
    • ⇨ Passport
      ⇨ PAN Card
      ⇨ Driving License
  • Address Proof (permanent & overseas certified address proof)
    • ⇨ Electricity Bill
      ⇨ Bank Account Statement
      ⇨ Life Insurance Policy
  • *If you are from merchant Navy then you need to submit a mariner’s declaration or certified copy of Continuous Discharge Certificate too!

3) Attestation of documents: The NRI should get all the documents attested by officials of overseas branches of

Online Mutual Fund

scheduled commercial bank registered in India, public notaries or Indian embassy/consulate general of their respective country.

4) You should submit the certified true copies of all the required documents during the IPV (In-person Verification). If you are doing IPV through Video conferencing, you may be required to upload the documents on the AMC/KRA’s website before starting the video call and may also be asked to show the hard-copy for a few seconds in the video call. Also, you will be asked a few questions about the details in the documents you have uploaded for cross-verification.

5) In-Person Verification (IPV),which is necessary for NRI, PIO, & OCI investors can be completed by NISM or AMFI certified distributor (who fulfills the criteria of knowing your distributor) or scheduled commercial bank. Traditionally, In-Person Verification (IPV)  was the process of physically meeting the official representative (from the distributor or mutual fund house or NISM or AMFI) with the original documents that you have submitted. 

But IPV can now be done seamlessly on a video call (Skype, Zoom, Google Meet, etc.). 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 Process:

  • KYC registration agency (KRA) 
  • The AMC (Asset Management Companies in India) Mutual fund agent 
  • MF’s registrar transfer agent like CAMS or Karvy

Major agencies now offer mobile apps for fast authentication using biometrics or OTP.  

Know more in detail about In-Person Verification (IPV) of KYC Documents.

6) If any of the documents (you are submitting) are in a language other than English then convert it to English before submission.

7) If a Power of Attorney is appointed by an NRI/PIO/OCI for investments in India, then both the parties should be KYC compliant in India.

8) PIO’s and OCI’s: Other than all required documents, a PIO (Person of Indian Origin) and OCI (Overseas Citizen of India) should submit the attested true copy of the PIO card and OCI card respectively.

9) Free of Cost: Mutual Fund KYC compliance procedure is free as of now so you do not have to pay anything while submitting an application.

10) Keep your fund house informed: Last but not least, as soon as you get your KYC compliance intimate it to the mutual fund houses where you are holding folios. So that they can update their records too!

During the video call, make sure there are no contradictions in the information you filled out on the form, as your application may be canceled if there are

These are the 10 important points that will help an NRI who is going to apply for a Mutual fund KYC.

How to check NRI KYC status?

You can check whether your KYC status has been approved or not, by entering your PAN card number and captcha on the websites of the Registered KRAs at

CAMS Investor Services

CDSL Ventures

It normally only takes a few business days to update your status online, following which you may begin your mutual fund investment journey in India.

Mutual Fund KYC: Advantages

  • If you have completed KYC once, then you can invest in any mutual funds any number of times with the same KYC.
  • If you need to change your address in all your mutual fund investments, you need not do it separately. If you update a change in the KYC, it will automatically reflect in all the mutual fund folios.

Though the Mutual Fund KYC procedure may look complicated for an NRI from the outside, it is actually a very simple procedure if you are aware of the above 10 points.

As an NRI you can consider these points before applying KYC. If you have any queries or feedback please mention it in the comment box below.

Hope this gives you a good starting point for completing the KYC formalities. If you want to proceed further in creating a financial plan, you can make use of

Budget

Reader Interactions

Comments

  1. J Swaminathan says

    December 2, 2020 at 7:23 am

    how to update the status in KYC from RI to NRI

    Reply
    • Holistic says

      October 23, 2021 at 5:01 pm

      “NRI KYC details are maintained by KYC Registration Agencies in India, while all investments and earnings on real estate go through banks. All KYC Registration Agencies accept KYC documents in a scanned format. Investors may update their details in the system by filling out the KYC update form with any KRA.

      Email:
      A scanned copy of the re-KYC Form along with the requisite documents can be submitted through the registered email ID of the NRI to the bank.

      Courier
      NRIs can also send the re-KYC documents and the necessary documents via courier.

      Branch
      Submission of the re-KYC form and required documents can also be made in person by the NRI to their respective home branch.”

      Reply
  2. Siama says

    July 14, 2020 at 7:37 pm

    Hello,
    I had a KYC done and invested in mutual fund while being Indian citizen. Now I am an NRI, do I need to re do the KYC?

    Thanks.

    Reply
    • Holistic says

      October 23, 2021 at 5:01 pm

      As per the guidelines laid down by the Reserve Bank of India (RBI), all banking institutions have to update their account holders’ customer identification details periodically. During these times, account holders need to undergo re-KYC and submit the necessary documents again.

      Reply
  3. NISHANTH says

    November 9, 2018 at 10:10 pm

    Can i do my ckyc in bank????? My acin fedaral bank. Now iam in nri????

    Reply
    • Holistic says

      June 28, 2019 at 10:37 am

      KYC needs to be completed through respective mutual fund companies or their RTAs. We can assist you. You can take advantage of our complimentary consultation (https://www.holisticinvestment.in/complimentary-financial-plan-consultation/)

      Reply
  4. mahendra khandhedia says

    July 23, 2018 at 5:12 pm

    PIO is not compalsory for NRI and hence all NRI may not have PIO.
    If any NRI does not have PIO and local address proof as they do not have any property in India then how they can complete KYC procedure?

    Reply
    • Holistic says

      September 12, 2018 at 4:23 pm

      KYC procedure can be completed for an NRI even without an Indian address. You can give proof only for your overseas address.

      Reply
  5. TRIPATHI says

    March 31, 2018 at 11:24 am

    Thanks.

    Reply
    • Tintin says

      January 17, 2021 at 5:20 pm

      What if Nri doesn’t have pan card but is born in India and birth certificate? Is that sufficient?

      Reply
      • Holistic says

        October 23, 2021 at 5:01 pm

        If you don’t have PAN Card, then you need to use Form 60

        Reply

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