US & CANADA NRIs

NRIs of USA and Canada can invest in..

There are certain restrictions imposed on USA and Canada based NRI. They are allowed to invest in mutual funds schemes of specific fund house only. This limitation is due to strict FATCA compliance rules. The fund house that allows investment from USA and Canada based NRI is given below.

1. Birla Sun Life Mutual Fund
2. SBI Mutual Fund
3. UTI Mutual Fund
4. ICICI Prudential Mutual Fund
5. DHFL Pramerica Mutual Fund
6. L&T Mutual Fund
7. PPFAS Mutual Fund
8. Sundaram Mutual Fund
NRI are allowed to invest in all types of mutual funds scheme including equity, debt, balance.

Tax liability on mutual funds is same as that of a resident. Both long term and short term capital gain tax are applicable to mutual fund.


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How can NRIs Invest in India

NON RESIDENT INDIANS (NRIs) & OVERSEAS CITIZENS OF INDIA (OCIs) - STEPS TO INVESTING

PAN, KYC, BANK ACCOUNT 

1. To commence investing in India requires a PAN number. 
   • If you are already holding a PAN card it is applicable.
   • If you do not have a PAN card apply using form 49AA.
2. To make an investment for NRI/OCI, you must undergo one-time KYC process. You need to declare your residency detail as part of KYC.
3. Additionally, you will need to have an NRI Bank account to enable any investment transaction. Banks dealing in foreign exchange can open an account for you. NRI has three options for such bank accounts: NRO, NRE AND FCNR.

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TYPES OF BANK ACCOUNT 

NRO:

• Non-Resident Ordinary (NRO) account is a rupee based account mainly used for managing Indian income.  It can include rent, dividend, or interest income.  Typically you can deposit both rupee and foreign currency in NRO account, but the foreign currency is then converted into rupees. The interest income on this account is taxable. Further, an existing saving bank account can be converted into an NRO account.

NRE: 

• Non-Resident External (NRE) account is also rupee based. The money from this account is freely repatriable. This account is primarily intended for income earned outside India. This account is primarily intended for income earned outside India. It does not permit for deposit of Indian currency (earned in India) but only foreign currency which is converted to Indian currency. NRE do not incur income tax.

FCNR:

• Foreign Currency Non Resident (FCNR) account is like a term deposit with fixed maturity period.  It avoids the fluctuations in exchange rate. Interest earned is tax-free and fully repatriable. 

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Once you are done with prerequisites PAN card, KYC and choosing the appropriate bank account, we will provide financial planning as a foundation to the proper investment strategy tailored to each client. http://www.fundaquity.com