Simply register on Mutualfundswallet.com or give us a call @ 9999259892 and get started! You just need to have a valid PAN Card and hold an NRE/NRO account; you can start investing through us. We at Mutualfundswallet.com, will also get your KYC (Know Your Customer) done, for FREE.
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. And yes, US/Canada NRIs can invest in indian Mutual Funds.
The following documents are required to invest in Mutual Funds in India:
- Pan Card Copy
- Passport Copy (Front and Back page)
- Foreign Address proof/ Indian Address proof (For ex: if passport has foreign address then provide Indian Address proof)
- Bank Proof (cancelled cheque or latest bank Statement from NRE or NRO Account)
- Person of Indian origin (PIO) or Overseas Citizen of India (OCI) certificates. This is only required for investors who are not Indian Nationals.
You can just upload these simply drop a mail on firstname.lastname@example.org and we will do the rest.
Taxation for NRIs for investing in Indian Mutual Funds is same as taxation of resident Indians. The only difference is that there is a 10% TDS (Tax Deducted at Source ) for NRIs at the time of redemptions. 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. 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.
NRIs can invest through either NRE or NRO account in Indian Mutual Funds. While creating an account with us, 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 Mutualfundswallet.com customer care.
Once you complete your registration on Mutualfundswallet.com and submit your documents, we do it for you. As per regulatory requirement, all the investors have to get their KYC (Know your Customer) registered. Once your KYC is done, you can invest in Indian Mutual Funds and can become the part of growth. In case your KYC is already done as an NRI, you can start investing through us anytime.
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. At Mutual Funds Wallet you can check your KYC status if you are registered as a resident Indian or NRI. In case the KYC needs to get modified to NRI get in touch with our customer care, we will be happy to help you to begin your investment journey.
NRIs can invest in top Indian Mutual Funds (Equity, balanced, Debt) through us 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 recommended by an NRI investment expert.
Taxation for NRIs in investing in Indian Mutual Funds is same as taxation of resident Indians. The only difference is that there is a 10% TDS for NRIs at the time of redemptions. 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 registering at Mutual Funds Wallet in a totally electronic format without Demat Accounts.
Your investments with Mutualfundswallet.com are done in a totally safe and hassle free way. Your investments records are kept safe with the Mutual Fund houses that you are investing in and we provide you the convenience of investing in the top mutual funds from our digital platform. You can invest, monitor and redeem your investments online anytime totally online.
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 we recommend for you and as per your requirement and you can invest in them to create wealth for yourself.
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.
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.
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.