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FAQ

04. Non Resident Indian (NRI)

1) What are the requirements for opening a Non Resident Indian (NRI) account with Fundsupermart.com?
2) What are the types of accounts that I can open?
3) How many accounts can I open?
4) What are the forms / documents required to open an account with no Power of Attorney (PoA)?
5) What are the forms / documents required to open an account with Power of Attorney (PoA)?
6) What documents are accepted as address proof?
7) Who can attest the documents for NRI investors?
8) Do I need to have an NRE account in a particular bank to transact on Fundsupermart.com?
9) Are 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 with Fundsupermart.com?

A: -NRO or NRE bank account
-PAN card
-Overseas address proof
-Passport
-KYC verified letter
 
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Q: What are the types of accounts that I can open?

A: -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)
 
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Q: How many accounts can I open?

A: 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 to open an account with no Power of Attorney (PoA)?

A: NRI

1. Self certified copy of verified KYC letter
2. Self certified copy of PAN card
3. Self certified copy of address proof
4. Self Certified copy of a cancelled cheque of the bank account registered with Fundsupermart.com

Overseas address

a.Overseas address proof is mandatory
b.All the overseas documents have to be submitted in original or attested
c.Original overseas address proof has to be self attested
d.NRI merchant navy professionals can submit a Mariner's declaration or a certified copy of the Continuous Discharge Certificate (CDC)
e.If you are sending photocopy of the overseas address proof then it has to be self attested and also attested by authorities (explained in following question)

Indian address

Indian Address proof is optional. If you have mentioned the Indian address in the account opening form, please submit the proof.

PIO /OCI

All the above documents as required in the case of an NRI in addition to:
1. Photocopy of foreign passport attested
2. Self certified copy of PIO or OCI card

In the case of joint applicants, the above documents are required for all the applicants
 
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Q: What are the forms / documents required to open an account with Power of Attorney (PoA)?

A: All the documents mentioned above, in addition to:

1. Self certified copy of KYC verified letter
2. Self certified copy of PAN card
3. Original or notarised copy of PoA

Address Proof: Refer to the question "What documents are accepted as address proof?" Document Attestation: Refer to the question "Who can attest the documents for NRI investors"?
 
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Q: What documents are accepted as address proof?

A: 1.Passport/ voters ID / ration card/ registered lease or sale agreement of residence/ driving license/ flat maintenance bill/ insurance policy copy

2.Utility bills not more than three months old as on the date of submission: Telephone (only landline) / electricity / gas

3.Bank account statement or passbook (not more than three months old as on the date of submission)

4.Self-declaration by High Court or 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 banks /multinational foreign banks
- Gazetted officer/ notary public/ elected representatives to the Legislative Assembly or Parliament/ documents issued by any government or statutory authority

6.ID 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
-Professional bodies such as ICAI, ICWAI, ICSI, Bar Council etc. to their members

7.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 or the consulate general in the country where you reside.
 
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Q: Do I need to have an NRE account in a particular bank to transact on Fundsupermart.com?

A: The following banks are available for NRI investors to transact through NRE bank accounts:

-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

* Banks available only for open-ended non-liquid fund and with limited AMC's
 
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Q: Are there any fund houses which restrict NRI inventors from investing in their funds?

A: A few mutual fund houses restrict US and Canadian investors from investing into the schemes of their AMCs. The mutual fund houses that restrict NRIs residing in the US and Canada from investing in their funds are:

-Baroda Pioneer Asset Management Company Limited
-Birla Sun Life Asset Management Company Limited
-BNP Paribas Asset Management India Private Limited
-BOI AXA Investment Managers Private Limited
-Canara Robeco Asset Management Company Limited
-Deutsche Asset Management (India) Pvt. Ltd.
-DSP BlackRock Investment Managers Private Limited
-Edelweiss Asset Management Limited
-Franklin Templeton Asset Management (India) Private Limited
-Goldman Sachs Asset Management (India) Private Limited
-HDFC Asset Management Company Limited
-HSBC Asset Management (India) Private Ltd.
-ICICI Prudential Asset Mgmt.Company Limited
-IDBI Asset Management Ltd.
-IDFC Asset Management Company Limited
-India Infoline Asset Management Co. Ltd.
-Indiabulls Asset Management Company Ltd.
-ING Investment Management (India) Pvt. Ltd.
-JM Financial Asset Management Private Limited
-JPMorgan Asset Management India Pvt. Ltd.
-Kotak Mahindra Asset Management Company Limited(KMAMCL)
-L&T Investment Management Limited
-LIC NOMURA Mutual Fund Asset Management Company Limited
-Mirae Asset Global Investments (India) Pvt. Ltd.
-Morgan Stanley Investment Management Pvt.Ltd.
-Motilal Oswal Asset Management Company Limited
-Peerless Funds Management Co. Ltd.
-PineBridge Investments Asset Management Company (India) Pvt. Ltd.
-Pramerica Asset Managers Private Limited
-Principal Pnb Asset Management Co. Pvt. Ltd.
-Quantum Asset Management Company Private Limited
-Reliance Capital Asset Management Ltd.
-Religare Invesco Asset Management Company Private Limited
-SBI Funds Management Private Limited
-Sundaram Asset Management Company Limited
-Tata Asset Management Limited
-Union KBC Asset Management Company Private Limited
-UTI Asset Management Company Ltd

You are advised to read the Offer Document/Scheme Information Document of the individual fund to confirm the above.
 
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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).