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NRI? Get answers about your investment in India and what you can do.


Why Should NRIs or Foreign Nationals of Indian Origin Invest In India?

  1. India is the fastest growing economy in the world. India is expected to become a USD 5 trillion Dollar economy (third largest economy) by 2025. Invest in the India story to participate the massive growth
  2. Booming Market Capitalization: The market capitalization of stock markets in India is still lower than the size of the economy. Across developed countries like USA, the market capitalization is actually much more than the size of the economy. This is expected to happen in Indian as well in the next few years. Create wealth for yourself by investing in Indian Companies.
  3. High Interest Rates: The interest rates in India are high. Risk averse investors can generate better returns in higher returns yielding Debt funds which are more tax efficient by investing money in Debt funds rather than keeping money in Fixed Deposits in indian banks.
  4. Stable Currency: The Indian rupee has remained stable in the last 5 years and has outperformed several other currencies compared to the US Dollar. Diversify and hedge your currency risks by Investing

Who can invest in Indian Mutual Funds

NRIs or Foreign nationals having a valid Pan Card and holding rupee designated NRE/NRO bank accounts can invest in Indian mutual funds.

What is the documentation required to Invest in Indian Mutual Funds for NRI Investors?

The following documents are required to invest in Mutual Funds in India:
  1. Pan Card Copy
  2. Passport Copy (Front and Back page)
  3. Foreign Address proof/ Indian Address proof (For ex: if passport has foreign address then provide Indian Address proof)
  4. Bank Proof (cancelled cheque or latest bank Statement from NRE or NRO Account)
  5. Person of Indian origin (PIO) or Overseas Citizen of India (OCI) certificates. This is only required for investors who are not Indian Nationals.

How can I get my KYC done to invest in Mutual Funds

Once you complete your registration on Upwardly and submit your documents, we will get it done for FREE. As per regulatory requirement, anyone investing in India has to get their KYC (Know your Customer) registered. Once your KYC is done, you can invest in Mutual Funds through India. In case your KYC is already done as an NRI, you can start investing through Upwardly anytime.

My KYC is already done but upwardly.in is asking me to submit documents for KYC again?

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.

What instruments can NRIs invest through Upwardly.in?

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.

What instruments can NRIs invest through Upwardly.in?

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.

What is the taxation for NRIs in India for investing in Indian Mutual Funds?

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.

Is demat account required for Mutual Fund Investments?

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.

How secure are my Investments through Upwardly.in?

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.

Can USA/Canada NRIs invest in Indian Mutual Funds?

Yes, USA/Canada NRIs can invest in Indian Mutual Funds just like any other NRIs. However, there are some Mutual Funds houses which do not allow online investments for US/CANADA NRIs. According to FATCA, all financial institutions are required to share the details of any financial transaction involving US citizens with the US Government.
The good news is that quite a few of the top fund houses do allow online investments for USA / CANADA NRIs as well.These funds houses have Top performing funds across Equity / Balanced / Debt categories which Upwardly selects for you and you can invest in them to create wealth for yourself.

Can I invest through resident Indian bank account if I am an NRI?

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.

What is the difference between NRE and NRO account?

NRIs can have a Non Resident External (NRE) and Non Resident Ordinary (NRO) account to manage their incomes earned abroad and in India. Both are rupee designated accounts. NRE accounts for income deemed to have been earned out of India and NRO accounts for income deemed to have been earned from India.Repatriation of money from NRE accounts can be done freely while there are some restrictions on the same from NRO account.Also, NRE accounts are tax exempted while NRO accounts are not.

What is FATCA and how is applicable to Mutual Funds investments in India?

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.

Is there a double taxation for NRIs for investing in India?

No, if India has signed the avoidance of Double Taxation Avoidance Agreement treaty (DTAA) with the respective country. India has signed this treaty with the US & Canada, so any tax paid in India can be claimed as relief in the US/Canada tax returns. Click here to find if your India has a DTAA treaty with your tax-residency - country.