Mutual Funds For NRIs: Factors To Be Considered Before Investing
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Are you an NRI looking to invest in mutual funds in India?
While you can benefit from the return potential, check out some factors that should be considered.
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NRI bank account
Investment in foreign currency is not allowed. As such, you need a rupee-denominated NRE or NRO bank account to invest in mutual funds.
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KYC formality
You have to complete your KYC with KYC registration agency (KRA) to become eligible to invest.
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Direct KYC verification can be done online but if an in-person verification is needed, you can visit the Indian embassy in your domicile country for the same.
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Redemptions
When you redeem your MF investment from an NRE account, the proceeds would be transferred to your NRE bank account from where it can be repatriated fully and freely.
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Redemptions
When you redeem your MF investment from an NRO account, the proceeds would be transferred to your NRO bank account from where it can be repatriated upto $1 million per financial year.
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Know these facts when investing in MFs. For hassle-free investments, choose IDFC FIRST Bank NRI accounts and earn interest up to 7.00% p.a. too.