USA and Canada based NRI’s are allowed to invest in Mutual Funds in India
By Santosh Kedari· · Updated · 2 min read
NRI investors based in the USA and Canada are able to invest in 14 Indian mutual funds again. Now many mutual fund houses have started accepting money from USA and Canada NRIs. 
List of Mutual Fund where USA –Canada NRI can invest in
| Sr.No. | AMC | Accepting US / Canada NRI investments – in Physical Form (Y / N) | Accepting US / Canada NRI investments on Online Platforms (NSE NMFII, BSE StarMF etc.) |
|---|---|---|---|
| 1 | SUNDARAM Mutual Fund | YES | YES |
| 2 | IDBI Mutual Fund | YES | NO |
| 3 | ICICI Mutual Fund | YES | NO |
| 4 | PRAMERICA Mutual Fund | YES | YES |
| 5 | SBI Mutual Fund | YES | NO |
| 6 | KOTAK Mutual Fund | YES | NO |
| 7 | RELIANCE Mutual Fund | YES | NO |
| 8 | BIRLA Mutual Fund | YES | NO |
| 9 | L&T Mutual Fund | YES | YES |
| 10 | UTI Mutual Fund | YES | YES |
| 11 | HDFC Mutual Fund | YES | NO |
| 12 | MOTILAL Mutual Fund | YES | NO |
| 13 | DSP Black Rock Mutual Fund | YES | No |
| 14 | PPFAS Mutual Fund | YES | YES |
Each of these fund houses has a different condition or an additional requirement to accept investments from US- or Canada-based NRIs. Almost all the fund houses require an additional document, such as a declaration, signed by the investor. Some fund houses accept investments only in paper application forms (no online access like – NSE NMFII or BSE STARMF platform etc.). Also they allow lump sum or one time investment, Systematic Investment Plan (SIP), Systematic Transfer Plan (STP), and Switches from Equity to debt and vice versa.
Many fund houses in India don’t allow NRIs from US and Canada because of the compliance requirements under Foreign Account Tax Compliance Act (FATCA). “When FATCA came into place, fund houses stopped accepting money from the USA and Canada because of the complexity associated with the compliance. After consulting each other and experts, few of them now accepting investments from USA and Canada based investors.
FATCA is compulsory for all financial institutions to share the details of transactions involving US citizens, including NRIs with the US Government. It is to ensure that there is no deliberate tax evasion by US citizens on income generated overseas. India signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for improving International Tax Compliance and implementing FATCA.
All above details as per communication till on 11 Aug 2017, for correct and accurate details contact Mutual Fund Distributor, Company or distributor etc.
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