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04. Non Resident Indian (NRI)
1) What are the requirements for opening a Non Resident Indian (NRI) account?
2) What are the types of accounts and how many accounts can I open with Fundsupermart.com?
3) What are the forms / documents required for NRIs to open an account (with or without POA)?
4) What documents are accepted as address proof?
5) Who can attest the documents for NRI investors?
6) What is KYC verified letter or KYC acknowledgment letter?
7) Are NRIs from any country restricted from mutual fund investments in INDIA?
8) What is KYC?
9) Who does the KYC verification?
10) Who needs to be KYC verified?
11) I will not invest more than Rs.50000; do I need to be KYC verified?
12) I have given my details in your application form and attached the supporting documents. Are these not sufficient for KYC verification?
13) How do I become KYC compliant? What are the documents required for Non-Resident investors for KYC verification?
14) Can the KYC application documents be scanned and sent through email?
15) How much time does it takes for the KYC verification process to be completed?
16) How will I be informed about my KYC status?
17) Are there any charges that I need to pay for KYC procedure?
18) How will I be informed about my KYC verification status?
19) Do I need to have an account in a particular bank to transact on Fundsupermart for NRI investors through NRE bank account?
20) Is there any fund houses which restrict NRI inventors from investing in their funds?
| Q: |
What are the requirements for opening a Non Resident Indian (NRI) account? |
| A: |
You need to have an NRO bank account, PAN card, Overseas address proof, passport and KYC acknowledgment letter or KYC verified letter* to open an NRI account with Fundsupermart.com.
*Please refer to the question "What is KYC verification letter or KYC acknowledgment letter". |
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| Q: |
What are the types of accounts and how many accounts can I open with Fundsupermart.com? |
| A: |
You can open the following types of accounts with Fundsupermart.com:
"Individual Investor (NRI with or without POA)
"Joint Account (NRI with or without POA)
"Joint Account (PIO with or without POA)
"Individual Investor (PIO with or without POA)
You can open up to four accounts with a single PAN number. However, each PAN number can have only one "Individual" account. So, if you have an existing "Individual" account with us, you can open three additional joint accounts. |
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| Q: |
What are the forms / documents required for NRIs to open an account (with or without POA)? |
| A: |
The following documents are required to open an NRI account with Fundsupermart.com:
A. Non Resident Indian (NRI)/ Person of Indian Origin (PIO)/ Overseas Citizen of India (OCI) (WITHOUT POA)
1. Self Certified Copy of Verified KYC Letter or KYC acknowledgment letter*
2. Self Certified Copy of PAN Card
3. Self Certified Copy of Address Proof** (Overseas Address is mandatory)
a. Overseas Address proof** is mandatory (All the Overseas documents have to be submitted in original or attested***)
-If you are sending original overseas address proof then it has to be self attested***
-In case of NRI Merchant Navy professionals, a Mariner's declaration or a certified copy of CDC (Continuous Discharge Certificate) is to be submitted
-If you are sending photocopy of overseas address proof then it has to be self attested and also attested by authorities (explained in following question)
b. Indian Address proof** is optional. If you have mentioned Indian address in Account Opening Form, please submit the proof.
4. Self Certified copy of cancelled cheque of the bank account registered with Fundsupermart.com
In case of PIO or OCI, in addition to above, the following additional documents are required:
1. Photo copy of Foreign Passport attested***
2. Self Certified Copy of PIO or OCI card
In case of joint applicants, the above documents are required for all the applicants.
B. Non Resident Indian (NRI)/ Person of Indian Origin (PIO)/ Overseas Citizen of India (OCI) (WITH POA)
In addition to the above mentioned documents, the following documents of POA holder will be required:
1. Self Certified Copy of KYC Verified Letter or KYC acknowledgment letter*
2. Self Certified Copy of PAN Card
3. Original or Notarised copy of Power of Attorney
* KYC verification letter or KYC acknowledgment letter: Please refer to the question "What is KYC verified letter or KYC acknowledgment letter?"
Address Proof**: Please refer the question "What documents are accepted as address proof?"
Document Attestation***: Please refer the question "Who can attest the documents for NRI investors"? |
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| Q: |
What documents are accepted as address proof? |
| A: |
Following documents are accepted as address proof:
1. Passport/Voters Identity Card/Ration Card/Registered Lease or Sale Agreement of Residence/Driving License/Flat Maintenance bill/Insurance Copy.
2. Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill (Not more than 3 months old as on date of submission).
3. Bank Account Statement/Passbook (Not more than 3 months old as on date of submission).
4. Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts.
5. Proof of address issued by any of the following:
-Bank Managers of Scheduled Commercial banks/Scheduled Co-Operative Bank/Multinational Foreign Banks
-Gazetted Officer/Notary public/elected representatives to the Legislative Assembly/Parliament/Documents issued by any Govt. or Statutory Authority.
6. Identity card/document with address, issued by any of the following:
-Central/State Government and its Departments,
-Statutory/Regulatory Authorities,
-Public Sector Undertakings Scheduled Commercial Banks,
-Public Financial Institutions,
-Colleges affiliated to Universities and
-Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc. to their Members.
7. The proof of address in the name of the spouse may be accepted along with relationship proof
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| Q: |
Who can attest the documents for NRI investors? |
| A: |
Documents can be attested by authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, and Indian Embassy/Consulate General in the country where you reside. |
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| Q: |
What is KYC verified letter or KYC acknowledgment letter? |
| A: |
To know your KYC status, you can login to the CVL India website > Click on Inquiry on KYC> enter your PAN card number and click on submit. The website displays your KYC status as verified, where VERIFIED means you are KYC verified. Any of the following status remarks mean that your KYC verification is in process:
-Front Office & Physical Verification Done
-KYC in Process - Documents Yet to be Received
KYC verified letter: After entering the PAN Card number if the KYC status shows as VERIFED it means you are KYC verified. Take the print out of the web page sign and submit it along with the application form and other documents.
KYC acknowledgment letter: Upon submitting your KYC documents you receive an acknowledgement letter, stating that your KYC is in process. This can be submitted for account opening. And also after entering the PAN Card number if the KYC status shows as Front office & Physical verification Done, or KYC In process -Document yet to be received, it means client is KYC is in process. Take the print out of the web page sign and submit along with the application form and other documents.
In case you have not applied for KYC, the website status shows as "Invalid" after entering the PAN card number. You need to fill in the KYC form, attach the required documents (self attested & also attested by authorised person) and send it to us along with fundsupermart application form. |
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| Q: |
Are NRIs from any country restricted from mutual fund investments in INDIA? |
| A: |
A few mutual fund houses restrict NRIs based in US and Canada from investing in the schemes of their AMCs.
Please read the Offer Document/Scheme Information Document of the individual fund to confirm this.
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| A: |
Know your client (KYC) is the due diligence that financial institutions and other regulated financial intermediaries must perform to identify their clients and ascertain relevant information before doing financial business with them.
KYC policies are becoming increasingly important globally to prevent identity theft, fraud, money laundering and terrorist financing. One aspect of KYC checking is to verify whether the customer is on any list of known fraudsters, terrorists or money launderers, such as the Office of Foreign Assets Control's Specially Designated Nationals list.
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| Q: |
Who does the KYC verification? |
| A: |
Currently CDSL Ventures Limited ("CVL") and NSDL Database Management Limited ("NDML") does the KYC verification of the investors in India. CVL and NDML have registered as KYC Registration Agencies (KRA) under the new SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011 |
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| Q: |
Who needs to be KYC verified? |
| A: |
KYC is required for all categories of investors. The list covers Individuals and all joint account holders, Corporate Investors, Societies, Trusts, Partnership Firms, HUF-Hindu Undivided Families, Non Residents of India, Persons of Indian Origin, and Overseas Citizens of India. |
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| Q: |
I will not invest more than Rs.50000; do I need to be KYC verified? |
| A: |
As per SEBI regulations all investors investing through channel partners have to be KYC verified irrespective of the investment amount. |
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| Q: |
I have given my details in your application form and attached the supporting documents. Are these not sufficient for KYC verification? |
| A: |
For the purpose of KYC verification, an additional copy of PAN Card and address proof is required along with the KYC application form. |
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| Q: |
How do I become KYC compliant? What are the documents required for Non-Resident investors for KYC verification? |
| A: |
Please download KYC application form and refer to CVL India website for complete details:
http://www.cvlindia.com/. In case you are sending the KYC application documents to DISPL through courier from the country of your residence, all the documents need to be attested*.
*For attestation: Documents can be attested by authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, Indian Embassy/Consulate General in the country where you reside are permitted to attest the documents.
Note: in case you are in India, you can personally submit the KYC form at the nearest DISPL center. You need to carry the self-attested documents along with the original. Original will be returned to you over the counter after verification.
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| Q: |
Can the KYC application documents be scanned and sent through email? |
| A: |
No. Hard copy of the KYC application form along with supporting documents is mandatory as the KYC application cannot be processed on the basis of scanned images. |
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| Q: |
How much time does it takes for the KYC verification process to be completed? |
| A: |
On submission of the KYC form along with the required documents it will take approximately 30 days for the verification process to be completed. |
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| Q: |
How will I be informed about my KYC status? |
| A: |
You can log onto CVL India website and enter your PAN card number; you will get to see the status of your KYC verification.
Once you are KYC verified, the website status will be updated to 'VERIFIED' -http://www.cvlindia.com/
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| Q: |
Are there any charges that I need to pay for KYC procedure? |
| A: |
There are no charges currently for KYC procedure. |
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| Q: |
How will I be informed about my KYC verification status? |
| A: |
There are three stages of checking your KYC verification status:
1. KYC under process: You can log onto CVL India website and enter your PAN card number the status will be shown as In-Process
2. KYC Complete: You can log onto CVL India website and enter your PAN card number the status will be shown as Verified
3. KYC rejected: on www.cvlindia.com website when you enter your PAN card number, you will not get any update. The message will be 'Invalid data'.
You need to get in touch with your Point of Service where you have submitted your KYC form or refer to CVL India website for further details - http://www.cvlindia.com/ (can this be converted into a link).
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| Q: |
Do I need to have an account in a particular bank to transact on Fundsupermart for NRI investors through NRE bank account? |
| A: |
Following banks are available for NRI investors to transact through NRE bank account:
-Andhra Bank*
-Axis Bank
-Corporation Bank*
-HDFC Bank
-ICICI Bank
-IDBI Bank
-Jammu and Kashmir Bank
-Karur Vysya Bank
-State Bank of Hyderabad
-State Bank of India
-State Bank of Mysore
-State Bank of Travancore
-Yes Bank
Please note: Banks with * mark are available only for Open Ended Non Liquid Fund and with limited AMC's. |
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| Q: |
Is there any fund houses which restrict NRI inventors from investing in their funds? |
| A: |
There are a few mutual fund houses that restrict NRI s residing in the US and Canada to invest in their funds. The lists of restricted AMC are as follows:
- PineBridge Investments Asset Management Company (India) Pvt. Ltd.
- Baroda Pioneer Asset Management Company Limited
- BOI AXA Investment Managers Private Limited
- BNP Paribas Asset Management India Private Limited
- Deutsche Asset Management (India) Pvt. Ltd.
- Franklin Templeton Asset Management (India) Private Limited
- Goldman Sachs Asset Management (India) Private Limited
- HSBC Asset Management (India) Private Ltd.
- ICICI Prudential Asset Mgmt.Company Limited
- IDBI Asset Management Ltd.IDFC Asset Management Company Limited
- IDFC Asset Management Company Limited
- ING Investment Management (India) Pvt. Ltd.
- Indiabulls Asset Management Company Ltd.
- JM Financial Asset Management Private Limited
- Morgan Stanley Investment Management Pvt.Ltd.
- Pramerica Asset Managers Private Limited
- Quantum Asset Management Company Private Limited
- SBI Funds Management Private Limited
- Sundaram Asset Management Company Limited
In order to confirm this, please read the Offer Document/Scheme Information Document of the individual fund. |
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For further assistance, call our helpline at +91 22 4219 9494 from 9.30 am to 5.30 pm on Monday to Friday, (excluding Saturday, Sunday and public holidays).
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