30 Aug Documents you need for your KYC as a NRI
If you are an NRI and are looking at investing into Mutual funds in India, then as per SEBI rules effective from 1st April, 2024; new KYC rules will be applicable for you. While there is a lot of news floating around KYC documents required, which obviously leads to some confusion; we at NRImantra are bringing to you a consolidated list of documents that you would need to complete your KYC process smoothly. We hope you find this information useful and don’t forget to share it in your NRI community so that more people can get access to the right information.
Here are the standard set of documents that all NRIs need to provide to complete their KYC process:
● Passport: You will need to submit attested copies of your Passport’s front and back page, that includes primary details like name, date of birth, photo and address
● PAN Card: An Indian PAN Card is a mandatory requirement to complete KYC requirement
● Address Proof: A valid document that reflects the NRI’s current residential address for example: utility bill, agreement of rent, driver’s licence or Aadhar card
● Passport size photo: A recent passport sized photograph
● Signature photo: A photo of a signature by hand on a white paper.
Further to this if you are opening a NRE/NRO account you will have to complete your KYC in accordance with the requirements of the bank you are planning on opening your account with. Apart from the above documents, additional documents that you are likely to require for completing your KYC for account opening include:
● Overseas address proof: A company ID, a letter from your employer, offer letter, overseas driving licence or a utility bill that includes your full address abroad all serve as valid overseas address proofs
● Account Statement: You will be required to submit the original account statement from your overseas bank account for a period of the last three months.
● PIO/OCI card: If you are a citizen from another country of Indian origin you will be required to submit this card along with your KYC documents.
KYC for NRIs investing in Mutual Funds
As of June 2024, new KYC rules for NRIs investing in mutual funds have been brought in. These include the following:
● KYC status: All NRIs now will need to have an Aadhar based “KYC Validated” status to be able to transact in mutual funds. NRIs with a “KYC Registered” status showing on the KRA websites, need to complete their KYC process, but will be able to continue MF transactions till June 2025. For those whose status shows as “KYC On-hold” will be required to go through the KYC process again.
● KYC Validation: SEBI has also relaxed the KYC validation process for NRIs by now allowing one to validate the KYC using their phone number or their email address, instead of both, which was the case earlier.
We at NRImantra work with our clients and guide them through the KYC process enabling seamless investments for them while staying compliant. If you have further doubts about the KYC process or would just like to work on planning your investments feel free to reach out to us, and our team of experts will be happy to assist you with your queries end to end.
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