Procedure for NRI to Invest in Best Mutual Funds in India

A mutual fund is one of the sectors that has been gaining popularity over the recent years. NRIs can also invest in India's mutual funds as long as they adhere to the Foreign Exchange Management Act (FEMA). If you're an NRIs actively seeking mutual fund investment, below is the procedure.

NRIs looking for the best mutual funds to invest in SIP have to follow a step-by-step procedure:

1. Fill an application form with the required detailsand submit it to the Mutual Fund Company or Asset Management Company (AMC) with relevant money instruments.
2. Double for the bank details of your Indian account when you submit the application form.
3. Make sure you have an updated KYC, to begin with, mutual fund investment. You can update it through AMC, KRA, or AMFI.
4. As an NRI, you cannot start an investment with a foreign currency. It should either be in rupee cheques drawn from your bank account in India, or rupee drafts purchased in a foreign country payable at the city where the application for investment is made.
5. If you're starting investment through a cheque or a draft, remember to attach Foreign Inward Remittance Certificate or (FIRC) or avail a letter from the bank to verify the source of funds.
6. As an investor, you have the option to choose a nominee or appoint a Power of Attorney.

NRI investors who want to grow wealth and want to benefit from the Indian market can opt for the best mutual funds. You can start investing through SIPs. One of the advantages of investing through SIPs is that you can earn good returns with comparatively lesser risks.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.