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What is the difference between an NRE account, NRO account and FCNR account?
Non-Resident (External) Rupee (NRE) account is a Rupee account on a repatriable basis. It can be opened with either fund remitted form abroad or local funds, which can be remitted abroad. Ordinary Non-Resident Rupee (NRO) account is a Rupee account and can be opened in with funds either remitted from abroad or generated in India. The amount in such account is non-repatriable. Fully Convertible Non-Rupee (FCNR) account is similar to the NRE account except that the funds are held in foreign currency like US$, Dm etc.
How much an NRI can invest in India?
There is no such Limit.
Can NRI Can Invest in Indian Mutual Fund ?
Yes. NRI can invest in Indian Mutual Fund through their NRE / NRO / FCNR account. The investment has to be made in Indian rupees only.
Do I need Permanent Account Number to Invest in India?
Yes. Every person who is investing in Mutual Fund is required to have PAN No. NRI required to apply for PAN No. stating status as NRI.
How to purchase the Mutual Fund?
A person / NRI who wish to purchase MF he has to fill-up an application form stating his status as NRI. He has to provide the bank details of his NRE / NRO accounts in that form. A person can buy MF by putting lump sum amount in MF or through SI P through sending the same to our Offices.
Important: A person who wish to take money back in his country has to provide details of his NRE accounts as only NRE accounts money can be repatriable.
How to Redeem MF Investments?
The redemption proceeds will get processed by submitting the Redemption request form to our Offices.The money will be paid by means of a Rupee cheque payable to the NRE account of the investor, or else by a US dollar draft drawn at the prevailing dollar to rupee conversion rate. The cheque will be in the name of first unit holder name.
Can a Person Take away money to Abroad ?
If the investment has been made on a repatriable basis. A person can take away all his money along with profits / dividends (aftertax) subject to some compliance. If the investment has been made on a non-repatriable basis. A person can take away only profit arising out of an investment made in India and no the principal amount of investment.
Can an Indian resident invest through POA of NRI ?
Yes. Unlike banks where a POA holder cannot open an account on behalf of the NRI, in a mutual fund the POA has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as redemptions. While applying for purchase of units the POA holder needs to submit the original POA or a copy duly attested. The Power of attorney document should contain the signature of both the first holder and the POA holder. Only when the POA is registered does the POA holder have the right to transact on behalf of the NRI investor. His signature will be verified for processing any transaction/request.
Can I gift units to my Indian relatives ?
Yes.
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