KYC Requirements for NRIs Across Banks and Mutual Funds

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Banking for NRIs
KYC Requirements for NRIs Across Banks and Mutual Funds

If you’re an NRI looking to invest or manage finances in India, KYC (Know Your Customer) compliance is your first essential step. Whether you’re opening a bank account or investing in mutual funds, understanding the specific KYC requirements for NRIs will help you avoid delays, rejections, or compliance issues later.

Why KYC is Mandatory for NRIs

KYC is a regulatory requirement imposed by SEBI (Securities and Exchange Board of India), RBI (Reserve Bank of India), and other financial regulators to prevent fraud and money laundering. It involves verifying your:

Identity
Address
NRI status

Without KYC, you cannot open NRI bank accounts, invest in mutual funds, or carry out many financial transactions in India.

KYC for NRI Bank Accounts (NRE/NRO/FCNR)

To open an NRI account, banks typically require:

📄 Documents Needed:

Valid passport (copy of relevant pages)
Valid visa/work permit
Overseas address proof (utility bill, bank statement)
Indian address proof (if applicable)
Passport-size photograph
PAN Card
FATCA Declaration (mandatory under U.S. compliance)

✅ In-Person Verification (IPV) is sometimes required; some banks allow video KYC or embassy attestation for NRIs.

KYC for Mutual Fund Investments

You need to be KYC compliant with SEBI before investing through any Asset Management Company (AMC) or platform.

📑 KYC Options:

CKYC: Centralised system. One-time KYC across all AMCs.
Offline KYC: Submit notarised or embassy-attested documents.
eKYC: Limited to ₹50,000 per AMC per year. Not sufficient for full-scale investments.

If you’ve converted from resident to NRI, update your KYC with “KYC Status Change” form and fresh documentation.

Common Mistakes NRIs Should Avoid

Using resident KYC details after becoming NRI
Not updating address change (foreign and Indian)
Ignoring FATCA/CRS declaration requirements
Submitting expired visa/passport documents

✅ NRI Nivesh Tip:

Complete your KYC before initiating investment or account setup. Use CKYC for seamless access across banks and mutual fund platforms.

📚 Need a KYC Readiness Checklist?

At NRI Nivesh, we help simplify your compliance journey. During our expos and virtual ‘BAATCHEET’ consults, we walk you through what you need, why it matters, and how to avoid red tape.