A to-do list on how to manage your Mutual Fund investments when your residential status changes from Resident to Non-Resident or if you are already an NRI.
1. Bank Account
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- Convert your existing Resident Savings Accounts to NRO (Non-Resident Ordinary A/C). This type of bank account allows for receiving funds in both Indian and Foreign Currency. This is where you can maintain and manage your income earned in India such as rent, dividends, pension etc.
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- Set-up an NRE Account and use that to invest funds generated from your Overseas income: This type of bank account allows for receiving funds only in Foreign Currency. Except for Indian Currency received from specified sources such as proceeds from Mutual Fund redemptions.
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- You can read more about differences between NRO & NRE account types here.
2. KYC: Update your KYC status from Resident individual to Non Resident (NRI)
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- You can get this done by asking your previous intermediary to update your KYC status in the centralized KYC database, OR
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- Visit the nearest CAMs/Karvy office when you are in India. Submit the documentation in person.
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- KYC Update Documentation is simple and usually includes a Proof of Overseas Address and a copy of your Passport
3. Update your Non-Resident(NRI) status in all your existing Mutual Fund folio(s)
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- All your existing investments should be tagged to your NRO account and your residential status should be updated in all your Mutual Fund Folio(s),
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- AMC(s) do not accept this update request electronically. The fastest option: visit the nearest CAMs/Karvy office when you are in India and submit the documentation in person. An account statement(NRO) copy and a refresh of your KYC information is adequate and within a few days.
4. Further investments as an NRI
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- Use the NRO account and your updated Folio(s) mapped to your NRO account for:
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- Managing your existing investments
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- Further Mutual Fund purchases made using funds generated from any continuing income in India.
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- Use the NRE account and create new Folio(s) for Mutual Fund purchases made using funds generated from any continuing income in India.
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- DO NOT: Invest in an Folio linked to your NRE account using your NRO account and vice versa as this inconsistency may lead to order rejection(s) by AMCs, redemption issues and even laborious/delayed refund(s) in case of an order rejection.
The above is only an indicative outline of managing your investments for when you become a Non-Resident. Please don’t treat this as legal and tax advice. Do consider consulting a tax expert to get expert advice most suited to your specific circumstances. Further, some of the content in this note links to external websites.
If you are KYC compliant and have an active Non-Resident Bank account, you can get started today on Kuvera.in. Just create your login and go from there.
Blog last updated on 25.03.2023
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Kapil Mehta
December 15, 2018 AT 05:30
I am NRI living in dubai, can i invest in mutual funds using your platform.
Why cant i use NRE account ??
Phone no. in dubai not getting your Message/otp ??
Kapil
Gaurav Rastogi
December 16, 2018 AT 04:45
We send email OTP or email verification where required and that should work everywhere.
Neelkanta
January 29, 2019 AT 06:01
Hello,
Currently I am planning to immigrate to Australia on Permanent residence Visa and hold a lot of MFs mapped to few different saving accounts in India.
How Can I update bank details for all MFs so that when I redeem it going to a single account.
Also, can I convert same saving account to NRO account for MFs before moving to Australia and becoming NRI.
Gaurav Rastogi
February 2, 2019 AT 07:26
Please email us at support@kuvera.in with the details so we can help.
Anubhav
February 7, 2019 AT 11:15
Hi,
I am a POI FROM CANADA , recently opened an account …. but i was reading T&c, it doesn’t allow investment from usa or canada … can you please clarify if i can inveat through kuvera if so which AMC’s i can buy into
Gaurav Rastogi
February 8, 2019 AT 00:31
Only UTI and L&T reliably allow online investments from US / Canada based NRI.
Prakash Joshi
February 8, 2019 AT 10:30
My sister is a citizen of Australia but having also a status of OCI in that case can she use KUVERA platform to invest in any open ended equity mutual fund of her choice?
Gaurav Rastogi
February 11, 2019 AT 00:48
If she has an NRE account and is KYC verified to invest in India then she can invest through Kuvera.
RAVI KUMAR
February 10, 2019 AT 06:28
Hi Sir, I am working as a seamen(onboard ship our ship sailing world-wide)I have nre account and I am already registered with kuvera but I need to update my pan card for that I am waiting for my sign off in the month of april then I will visit karvy office for updating my pan and start investing through kuvera,I want to know is there any limit for nre account holders ,I want to invest in direct mutual funds and elss fund’s ……Thanks
Gaurav Rastogi
February 11, 2019 AT 00:46
No, there is no limit to NRE account investments.
Kunal Singh
March 4, 2019 AT 12:45
Hi so how shud I convert my residency status as NRI status please help
Gaurav Rastogi
March 4, 2019 AT 14:27
Please update your KYC to reflect your updated residency status. You can ask your bank RM (where you have NRE / NRO account) to help you do the same.
Kunal Singh
March 26, 2019 AT 00:40
Hi I would like to know bring an NRI and investing through nre account ! Is it safe to do so ? Will there be any issues incase of redemption after the maturity of the investment?
Thank you
RAJEEV
April 16, 2019 AT 16:52
I am an NRI ( Merchant Navy) and have shown same on profile. I am not a resident of USA /Canada. However when I try to invest /switch your platform it says that ( Investment from USA/Canada people in these funds not allowed and instead choose these funds !!). I know that you guys have to generate some revenue to survive but forcing unwanted funds is not the right way. Apart from this, your app is quite user-friendly.
Gaurav Rastogi
April 22, 2019 AT 05:34
Hello Rajeev, we checked and while account setup you set your Tax residency as the US. Thus the restriction within the app. If you would like to change this setting we request you to email support@kuvera.in for help.
Alok Pagariya
June 16, 2019 AT 22:48
Do mention that not all funds are available for investment to NRI as per rule. Better if you give list of funds available to NRI on your platform.
Gaurav Rastogi
June 26, 2019 AT 02:01
You are right, a few restrictions apply but mostly for US / Canada based NRIs. Only UTI and L&T reliably process online investments for US / Canada based NRIs.
For NRIs from other countries, there are no restrictions.
Ps: do note AMCs keep changing these rules over time, so they are not set in stone.
Purvil
July 31, 2019 AT 09:50
Hello, do you allow investment in direct schemes of MF for OCI (from netherlands)?
Gaurav Rastogi
August 5, 2019 AT 02:44
Yes, as long as you are KYC approved to invest in India and have a bank account in India, you can invest in MF on Kuvera.
Chaitanya
August 7, 2019 AT 00:16
Even for NRIs not from US/Canada, some fund houses (e.g. Franklin India) restrict investments by NRIs, and this is only displayed on the cart page while making the payment. Suggest to add such restrictions as a filter in explore funds page, so that we do not try to invest in such funds to begin with.
Satya
October 17, 2019 AT 17:49
Do you allow direct investments for NRI’s from US/Canada? I saw a reply below that Only UTI and L&T are allowed for NRI’s from US/Canada. Are they direct or regular funds? Please advise.
Gaurav Rastogi
October 18, 2019 AT 02:29
Yes, Satya we allow investment into Direct funds from US / Canada based investors in UTI and L&T.
maneesh manoharan
October 23, 2019 AT 07:22
Hi am working in Dubai and i need to invest in gold . How can i buy gold with Dubai rate ?
Gaurav Rastogi
November 6, 2019 AT 02:04
You will have to find a local seller for the Dubai rate.
Vineet
December 31, 2019 AT 21:00
Do you permit investments in Digital Gold from NRIs based in the US?
Gaurav Rastogi
January 2, 2020 AT 01:42
Yes
Sabeesh
January 30, 2020 AT 14:27
Need help to complete bank one click mandate
Gaurav Rastogi
February 3, 2020 AT 03:59
Please email support@kuvera.in and we will help.
Aneesh Alex
February 17, 2020 AT 11:57
Hi,
Am an NRI. While updating KYC. In verify Pan section saw Mobile number by default my indian number. Is it possible to update there with abroad contact number, coz I won’t be using the Indian number abroad.
Gaurav Rastogi
February 23, 2020 AT 14:02
We need an India based number for KYC.
Gaurav Kumar
April 18, 2020 AT 11:57
I am a citizen of Australia, holding OCI card and NRE bank account in India.
Can I invest via Kuvera?
If yes, what should I select in the Tax Identification Type on the Kuvera registration page?
Gaurav Rastogi
April 21, 2020 AT 13:37
Yes, OCI card holders can invest in India using their NRE account. If there is no PAN equivalent tax identifier in Australia then you can submit your Residence Permit or similar document. Alternatively, write to us on support@kuvera.in with your query and our team will assist you.
R Shankar
June 11, 2020 AT 09:15
Can NRI complete video kyc on Upwardly and then open account in Kuvera and do transactions?
Gaurav Rastogi
June 16, 2020 AT 02:32
Yes, sure
suman
July 26, 2020 AT 22:34
hi i am working in kuwait,if i register with my kwt mob number ,will that be accepted?
Gaurav Rastogi
July 27, 2020 AT 05:26
Yes it will be
Seetharam Reddy
September 10, 2020 AT 09:10
If an NRI is investing in a long term plan like 20 years and returns to India for good in 8 years, will the future payments and future sell off redemption go to only the NRE account that was used while registering on Kuvera ? Thanks in advance.
Gaurav Rastogi
September 15, 2020 AT 02:44
Not if you update your status with the RTA and the fund house to resident and update bank account as well.
kishorkumar
September 13, 2020 AT 12:19
how should I convert my NRI status to Resident status please help
Gaurav Rastogi
September 14, 2020 AT 03:16
Your CA or tax advisor will be best positioned to answer this.
Utpal
October 4, 2020 AT 02:42
How do you invest in mutual fund is it directly via the AMC or via the stock exchange utilizing demat account?
Gaurav Rastogi
October 5, 2020 AT 03:40
We invest directly. No demat account is needed.
Jasmine Filipe
November 5, 2020 AT 07:08
Could you please tell me what are the Pros and Cons of investing MF’s in Kuvera from an NRI POV ?
Sandeep
January 5, 2021 AT 10:38
Can NRIs from Europe also invest in stocks in addition to Mutual funds?
Madhu
January 7, 2021 AT 10:46
Hi, Can NRIs invest in Stocks in addition to Mutual Funds or only investments in mutual funds are supported?
Brijith Elizabeth Joseph
February 15, 2021 AT 21:50
Hi i am living in Ireland . My nationality is Indian, Can i create a kuvera account with my Irish bank account ? i dont have an indian back account
Gaurav Rastogi
February 21, 2021 AT 05:41
Please email us support@kuvera.in
Manu jacob
April 11, 2021 AT 19:51
I’m NRI living in Qatar.I have federal bank NRE account.Can I use this same account for kuvera.
Or should I change NRE account to NRO account?
Joseph c Thomas
June 29, 2021 AT 12:04
Sir,
I made almost are requirements to register with Kuvera. But in last step : “OTP to verrify your mobile registered with us” & OTP to Adhaar not completed. Pan & Adhaar taken years ago and the ph number submitted for that, is not active. so i gave my UAE ph number in Kuvera. How can i solve this issue to complete my registration with you?
NewKuveraian
July 6, 2021 AT 12:01
Can you explain why ‘Tax Harvesting’ service is not offered to NRI customers (customer with NRE/NRO account)?
Seetharama Nadoor
July 29, 2021 AT 14:47
Add to this article: WHICH FUND HOUSES ACCEPT NRI ACCOUNTS? Again, which ones want to deal with NRI only when in India, and which ones don’t (e.g. ICICI, SBI vs. Birla, Motilal (later 2 require only one time declaration).
Bishwambhar Sen
August 14, 2021 AT 03:13
Hello,
I became an NRI recently. I have existing mutual fund investments via Groww. But since Groww doesn’t support NRE accounts as of now I need to migrate to another platform. I am planning to cancel all my SIPs on Groww and would like to start new SIPs from Kuvera for my existing MFs. I would like to link all my existing MFs to my NRE account so that I can repatriate them easily when I redeem. Also, I am planning to close my existing bank account (linked to MFs) and open a new NRO and NRE account. Kindly advise on how to do this.
Gaurav Rastogi
August 20, 2021 AT 04:19
Pls email us at support@kuvera.in for detailed steps.
Nagaraj
September 5, 2021 AT 20:13
HI !
I am an NRI , I created an account in Kuvera and completed the setup process , How do I am ready to start my investment , I have added my NRO account details , where can I find details how to add complete the bank mandate process for SIP , How can add NRE account details.
Gaurav Rastogi
September 6, 2021 AT 01:09
Please email us at support@kuvera.in
Srinivasan
September 9, 2021 AT 15:42
I have an account in Kuvera. How do I change my residential address? currently it reflects my previous house address.
Gaurav Rastogi
September 13, 2021 AT 01:29
Pls email us the request at support@kuvera.in
prem
December 5, 2021 AT 11:02
Hi Team,
I am residing in UAE. How can I give Tax identification number if it is tax free country?
Gaurav Rastogi
December 15, 2021 AT 01:46
Pls email us at support@kuvera.in
Saikat
January 2, 2022 AT 11:55
I have existing MF purchased through Kuvera while I was resident Indian, I am still holding it. I do not have NRO account yet, as I will move back to India soon, but date not confirmed yet. Now, I am NRI as per FEMA & IT tax. Can I open NRE account and withdraw the Mutual fund in the NRE account for repatriation?
Gaurav Rastogi
January 3, 2022 AT 07:27
Pls email us at support@kuvera.in
rizwan
February 25, 2022 AT 17:20
sir
i want invest Kucera app
how to invest
Ajay
April 2, 2022 AT 13:19
If NRI invests from a n NRE account, an proceeds from redemption be directly credited to same NRE account
Gaurav Rastogi
April 5, 2022 AT 03:39
Yes
joseph kurian
April 7, 2022 AT 07:44
hi ,I am living in Kuwait . I want to invest in mutual fund. I want provide Aadhaar card number???
provide NRE OR NRO account.
Chandru Raghani
July 15, 2022 AT 17:57
Hi how can I invest from abroad, I don’t have NRI account.. I having savings account in India
Please…
Asish Kumar Basu
September 4, 2022 AT 00:18
My son living in Germany. He does not have any bank account in India.
He wd like to start invest in India through Kuvera.
Could you please let me know the formalities to get registered. He does have neither PAN or Aadhar card
Saibal Kumar Banerjee
December 18, 2022 AT 11:10
Hi, I am NRI. I almost completed my application. But while adding Nominee, I am not getting OTP in my overseas mobile. Can you help ?
Mohammad Aasmeen
January 4, 2023 AT 04:03
I would like to request kuvera team that arrange for me a call my number is +971543338075 I am working in dubai thanks
Alok
January 22, 2023 AT 21:17
I don’t see L&T Mutual funds in Kuvera “invest” search. for US/Canadian customers only UTI mutual funds are an option. is that correct?
Dhayananth
June 5, 2023 AT 21:47
Dear Team, I am having multiple Mutual Funds SIPs were debited from various dates in a month in ICICIDIRECT. Recently i converted from resident individual to NRI status and account got converted. However i want to convert my few mutuals funds to kuvera. Kindly share the process on the same for migrating.
Kunal Upadhyay
June 8, 2023 AT 19:55
Hi there,
I am based in United Kingdom and have NRI status. Can I invest in direct mutual fund using your platform via my NRE account in India?
Amit
July 27, 2023 AT 12:26
Does NRI invest in direct mutual funds using Kuvera and NRE account includeding NRIs from UsA and Canada? Does list of AMCs increased for usa and can
SANTHOSH
September 17, 2023 AT 19:33
How can I update KYC by online
Maulik
March 25, 2024 AT 09:54
HI,
I am an OCI card holder from Australia. I have NRE account and would like to invest in MF through Kuvera. How can I do KYC online and open account in Kuvera?