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Can NRI buy direct mutual funds?

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Yes, NRIs can invest in direct mutual funds. They need to open an NRE or NRO bank account, an NRI demat account and pay for funds in Indian currency. The rest of the process for buying direct mutual funds for NRIs is the same as that of resident Indians.

However, there are quite a few AMCs in India that do not accept applications from the US and Canada-based NRIs due to extra compliance owing to the Foreign Account Tax Compliance Act (FATCA). For example, NRIs aren't allowed to invest in mutual funds at Zerodha.

So please check with the stockbroker before opening a Mutual Fund account.


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