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Wednesday, October 19, 2016

How Can an NRI, PIO or OCI Invest in Mutual Fund?

 

NRI, PIO or OCI Invest in Mutual Fund


Only a few mutual funds are accepting investments from US persons and Canadian citizens at the moment


Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO) are treated on par with Non Resident Indian (NRIs) in all transactions barring the purchase of agricultural or plantation property. That means an OCI and POI can invest in Indian mutual funds. However, only a few mutual funds are accepting investments from US persons and Canadian citizens at the moment.
 
 

You can download a soft copy of the KYC form available on the websites of mutual funds, Amfi and KYC Registration Agencies (KRAs). You have to submit this form, along with the necessary documents, to a KRA's point of service in person. You can also be send it by post/courier to the KRA agency if the In-Person Verification (IPV) is completed. In the case of NRIs/PIOs, the IPV should be completed by the distributor, who is certified by NISM/Amfi and has complied with the know your distributor (KYD) formalities, or a scheduled commercial bank.

 

Here is a list of documents you may require to complete the process: A recent photograph, PAN card, identity and address proof, a certified copy of the passport, overseas and permanent address, and PIO card (for PIOs) need to be submitted. NRIs or PIOs can get the above documents attested by authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside. If the proof of identity/address or other specified documents are in a foreign language, they have to be translated into English before submission.

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