RupeeVest NRI Services

• NRIs can invest in all Mutual Funds open for investments through RupeeVest.
  However, NRIs of USA and Canada have the provision to invest in only eight Indian mutual fund houses. This constraint is due to the regulatory compliances under FATCA that the AMCs have to go through. The Mutual Fund houses they can invest in through RupeeVest are mentioned below:

  • IDBI Mutual Fund
  • Indiabulls Mutual Fund
  • Nippon India Mutual Fund
  • PPFAS Mutual Fund
  • Quant Money Managers Limited
  • Samco Mutual Fund
  • Sundaram Mutual Fund
  • UTI Mutual Fund

• It is mandatory for every NRI investor to have an NRE or NRO account with an Indian Bank.

• PAN or PERMANENT ACCOUNT NUMBER is mandatory for financial transactions in India.
  If you do not have a PAN, kindly follow the link below to get registered.
  https://incometaxindia.gov.in/Pages/tax-services/apply-for-pan.aspx

Opening an account with RupeeVest is simple and free. KYC Compliant Individuals, Minors and NRI Investors can simply register online and confirm the "IIN confirmation" and "FATCA activation" links in the email sent by NSE NMFII. Account is usually activated within 1 working day.

Note: If any individual account is not activated within 1 working day, then please upload a copy of PAN Card and Cancelled Cheque of the bank from your dashboard as there may be a Name Mismatch with the bank or PAN details.

For non-KYC compliant investors, please complete your online eKYC here, as your account will become active for investments only when you are KYC compliant. Once your KYC is completed online, then you can proceed for account opening.

The documents required for NRI are:

If KYC Compliant	If Non-KYC Compliant
No Documents required. However, if account not activated within 1 working day, then please upload a copy of PAN Card and Cancelled Cheque from your dashboard.	You need the following documents IN ADDITION TO the documents required for KYC compliant investor: PAN Card Aadhaar Card with registered mobile number Applicant signature on a plain white paper

KYC is mandatory for all investors. For non-KYC compliant investors, please complete your online eKYC here, as your account will become active for investments only when you are KYC compliant. Once your KYC is completed online, then you can proceed for account opening.

For minors, the guardian must be KYC compliant. Proof of Date of Birth is also required along with the above mentioned documents.

• Net Banking: Investor can make the payment through our website or choose to pay later through the payment link which will be sent to the registered email.

• RTGS / NEFT: Investor needs to register the NSCCL account in his beneficiary list to make the payment.

  RTGS / NEFT beneficiary details:

  • Beneficiary Name: NSE Clearing - New Mutual Fund Platform
  • Beneficiary Bank Name: HDFC Bank Ltd
  • Beneficiary Branch Name : Fort, Mumbai
  • Virtual Account No: NSEMF2110558 + IIN (10 digits)
    For e.g. If IIN is 1234567890; then Virtual Account Number becomes NSEMF21105581234567890
  • IFSC Code: HDFC0000060
  • Account Type: Current Account

• One Time Mandate (OTM) / E-Mandate: Investor can confirm the payment by clicking on the link received on his registered mobile number / email or sending the 4-digit OTP to 561614.

• Cheque / DD: Investor can deposit the cheque at any branch of HDFC Bank along with the Pay-in-slip sent to the investor through email.

  Cheque payment details:

  • Beneficiary Name: NSE Clearing - New Mutual Fund Platform
  • Beneficiary Bank Name: HDFC Bank Ltd
  • Beneficiary Bank Branch Location: Mumbai
  • Account No: 50200009635552
• UPI

Note: The online payment link is valid for 48 hours and on expiry of the same, a fresh transaction needs to be initiated.

The following table elaborates the taxation pattern for NRIs:

What is DTAA (Double Taxation Avoidance Agreement)?

An important aspect of taxation for NRIs is the Double Tax Avoidance Agreement (DTAA). It is essentially a bilateral agreement entered into between two countries that aims to avoid or eliminate double taxation of the same income in two countries.

To give an example, India has a DTAA with the US. If an NRI based in the US makes short-term capital gains from equity investments in India, he pays 15% tax. Let’s assume the rate for such gains is 30% in the US. The investor will need to pay tax only for the difference in rate i.e. 15% in US. This means he gets a deduction on the tax paid in India from his tax payable in the US.

India has Double Taxation Avoidance Agreement (DTAA) with around 85-90 countries.

Repatriation is the process of converting a foreign currency into the currency of one's own country. The NRI investor has the option to invest either on a repatriable or non-repatriable basis according to their choice. The following conditions must be met while choosing:

• Repatriable Basis
  • The customer must have an NRE account in India.
  • The investment must be made to the AMC by inward remittance through normal banking channels, or by debit to an NRE account of the investor.
  • The dividend / interest and maturity proceeds of units may be remitted through normal banking channels or credited to NRE account of the investor, as desired by him subject to payment of applicable tax.
    NRE account is freely repatriable (Principal and interest earned).
• Non-Repatriable Basis
  • Investments must be made through NRO Bank account.
  • The investment must be made to the AMC by inward remittance through normal banking channels or by debit to the NRO account.
    The current income in the form of dividends is allowed to be repatriated. NRO account has restricted repatriability of principal amount i.e. permitted remittance allowed is up to USD 1 million net of applicable taxes in a financial year.

Can an Indian resident be my nominee?
Yes, an Indian resident can be your nominee.

Can I invest from a foreign bank account?
No, since Indian mutual fund houses are only allowed to take investments in Indian currency, NRIs can only invest either from NRE or NRO accounts with Indian Banks.

When will the TDS certificate be issued to me?
TDS Certificates (Form 16A) will be dispatched to the investors once every quarter by the respective AMCs.

How is an NRE account different from an NRO account?
NRE account is used to park the foreign earnings of an NRI. They are exempt from tax and both the principal amount and interest can be repatriated.
NRO account is used to manage the earnings of an NRI originating in India. It is taxable and has limited repatriability, the interest amount can be repatriated entirely but the principle amount is subject to repatriation upto USD 1 million net of applicable taxes in a financial year.

Can I appoint a Power of Attorney on my behalf?
No, this provision is not allowed to NRIs as of now.