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NRIs or Foreign nationals having a valid Pan Card and holding rupee designated NRE/NRO bank accounts can invest in Indian mutual funds.
NRIs investing in Mutual funds in India need to get their KYC registered as an NRI. In some cases the KYC of the investors is done as Resident Indian. Upwardly checks the KYC status of the client at the time of registration and in such case the KYC needs to get modified to NRI KYC before NRIs can invest through NRE or NRO account.Therefore fresh documents are required for the KYC modification.
NRIs can invest in top Indian Mutual Funds (Equity, balanced, Debt) through Upwardly from the comfort of their homes/office in a totally secure and online mechanism. Depending on their tax- residency, only the relevant funds from relevant Mutual Fund Houses(AMC: Asset Management Company) will be shown.
NRIs can invest through either NRE or NRO account in Indian Mutual Funds. While creating an account with Upwardly, you can choose either of the two options. NRIs who wish to invest through both NRE and NRO account can invest through two separate accounts (one for NRE and other for NRO) by getting in touch with Upwardly customer care.
Taxation for NRIs in investing in Indian Mutual Funds is same as taxation of resident Indians. The only difference is that for NRIs, there is a TDS of 15% for short term (< 1 year) and 10% for long term (> 1 year) in case of Equities and TDS of 30% for short term (< 3 years) and 20% post indexation benefit for long term (> 3 years) in case of Debt/Gold funds at the time of redemptions. In case the TDS amount is more than the actual taxation, the investor can claim refund of the excess TDS at the time of filing the returns. Equity investments in India are taxed at 15% for short term (less than 1 year of holding) and 10 % for the long term(more than 1 year of holding).Debt investments in india are taxed as per the tax slab for the short term(less than 3 years of holding) and at 20% post indexation benefits for the long term(more than 3 years of holding).The tax indexation benefit is a great way to reduce your tax outgo and generate much better returns than Fixed Deposits for NRI clients.
No, demat account is not mandatory for Mutual Fund investments. Investments in indian Mutual funds can be made through Upwardly in a totally electronic format without Demat Accounts.
Your investments with Upwardly are done in a totally safe and hassle free way. Your investments records are kept safe with the Mutual Fund house that you are investing in and Upwardly provides you the convenience of investing in the top mutual funds from the platform.You can invest, monitor and redeem your investments online anytime totally online.
If you are registered as an NRI, you are required to invest only either through NRE or NRO accounts and not resident bank account. NRIs are required to convert their resident indian Accounts to NRO accounts. However, in a scenario a NRI is returning to india shortly and his NRI status is going to change to Resident Indian, you can get in touch with our customer care team for further details on this to seek assistance.
Foreign Account Tax Compliance Act (FATCA) is a US government tax policy to which India is also a signatory. As per this act, the Indian Financial Institutions like Indian Mutual Funds are required to report investment transactions of US Persons and Entities to the US government. These transaction reporting is used by the US government to determine the tax liability of their persons and entities as per their domestic tax policies and laws. Due to this, all Indian Investors including NRIs are required to declare FATCA details at the time of their investments to the Mutual Fund houses.