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.
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
- Address Proof (permanent & overseas certified address proof)
- *If you are from merchant Navy then you need to submit a mariner’s declaration or certified copy of Continuous Discharge Certificate too!
⇨ PAN Card
⇨ Driving License
⇨ Electricity Bill
⇨ Bank Account Statement
⇨ Life Insurance Policy
3) Attestation of documents: The NRI should get all the documents attested by officials of overseas branches of
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.
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
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