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We invite NRIs to invest in india

We, at SBI Mutual Fund, consistently strive to ensure our investors get value for their investments and have won several accolades from the industry. The trust of over 57 lakh investors is a genuine tribute to our fund management expertise. Keeping in mind the changing market scenario we continuously strive to meet your expectations with new products and services. You too can be a part of this and get started, here is what you will need:

  • KYC Verified PAN Card
  • NRE/NRO Bank Details
Apply Now FAQs

How can an NRI start investing?

An NRI (except for citizens or residents of US/Canada) can start investing online right away. A KYC verified PAN and an NRE/NRO bank account is all thats needed.

Online investments are not allowed for residents/citizens of US/Canada. For offline investment procedures please write to us at nriservices@sbimf.com or mumbai.isc@sbimf.com

An NRI choosing to invest in SBI MF currently cannot make the investment in foreign currencies. The NRI Investor needs to give a cheque or draft in rupees from his/her NRE, NRO bank account in India. The NRI investor May also send a rupee cheque/draft issued by an Exchange house abroad drawn on its correspondent bank In India. However, for an NRI to invest it is mandatory that he/she maintains a bank account in India.

All existing transaction facilities offered to a resident individual are available to an NRI except for residents/citizens of US/Canada. These include Purchase, SIP, Redemption, Switch, Systematic Withdrawal Plan, and Systematic Transfer Plan.

Why invest with SBI Mutual Funds ?

100% Paperless

Online investment is 100% paperless, all you need is a KYC verified PAN and NRO/NRE account details.

Real Time In Depth Fund Information

Track investments online using your user ID or check the monthly fact sheets put up on the website

Manage Multiple Portfolios with one login

You can now manage all your accounts with your user profile

Your NRI Guide

An Indian citizen or a foreign citizen of Indian origin who has stayed abroad for employment/carrying out business or vocation for 182 days or more or under circumstances indicating an intention for an unknown duration of stay abroad is a Non-Resident Indian (NRI). Those who stay abroad on business visits, for medical treatment, study or such other purposes, which do not indicate an intention to stay there for an indefinite period, are not considered as NRIs.

A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan ), if He/She at any time has held an Indian passport or He/She or either of his/her parents or grandparents was a citizen of India by virtue of the constitution of India or Citizenship Act, 1955 (57 of 1995) or He/She is a spouse of an Indian citizen or of a person referred to in (a) or (b) above.

FII means an institution established or incorporated outside India , which proposes to make investments in Indian securities and is registered with SEBI.

Yes. NRIs (except from USA and Canada) and FIIs can invest in mutual funds in India.

The NRI investor can log on to www.sbimf.com and request for a customer ID through which he can manage his investments online. Apart from these, the fact sheets are put up on a monthly basis, which contains details like portfolio and performance for a given period.

No special approval is required. NRIs/FIIs have been granted a general permission by RBI [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000] for investing in/redeeming units of the schemes subject to conditions set out in the aforesaid regulations.

Person of Indian Origin (PIO) Cards are issued by Ministry of External Affairs (CPV Division), Government of India to persons of Indian origin through Indian missions abroad. Specific information on rules, forms, particular offices, missions is available on the website www.passport.nic.in

Yes. An NRI can be a nominee subject to the RBI Exchange Control Regulations from time to time.

No. Overseas bank account details are not accepted as the payment is in Indian rupees by way of cheque/direct credits.

Yes. NRIs can maintain bank accounts in rupees as well as in foreign currency. However, accounts in foreign currencies can be maintained with authorized dealers/ banks only.

Non-Resident (External) Rupee (NRE) account is a rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds maintained in NRE/ FCNR accounts, which can be remitted abroad. The deposits can be used for all legitimate purposes. The balance in the account is freely repatriable. Interest credited to the NRE accounts is exempt from tax in the hands of the NRI. Non-Resident Ordinary Rupee (NRO) account is a rupee account and can be opened with funds either remitted from abroad or generated in India. The amounts in such an account are generally non-repatriable. However, funds in NRO accounts can be remitted abroad subject to/as per various directives in force at the time of repatriation. More details can be found on the Reserve Bank of India (RBI) website www.rbi.org.in

The application form of SBI Mutual Fund has a provision for local address, but the NRI/FII Overseas Address is mandatory. If the local address is also provided, in such cases, the Indian address is registered for the purpose of contact and the foreign as an alternative address. The Statement of Account will reflect the Indian address and the communication will be sent to this address only. However, if the investor wants the foreign address for the purpose of communication, the same can be registered accordingly.

The three types of rupee accounts permitted, that can be maintained by NRIs are as follows: NRE: Non-Resident (External) Rupee Account NRO: Non-Resident (Ordinary) Rupee Account FCNR- B: Foreign Currency (Non -Resident)

Balances held in NRE accounts can be repatriated abroad freely, while funds in NRO accounts cannot be remitted abroad but have to be used only for local payments in rupees. Funds due to the non-resident accountholder which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.

Yes. An NRI investor can have a joint holding with a Resident Indian or a Non-Resident Indian in a scheme of SBI Mutual Fund.

NRIs can invest in units of the schemes on a fully repatriable basis or a non-repatriable basis where the principal is non-repatriable but the income distributions are repatriable.

  • • Purchase on Repatriable Basis: You are requested to make the payments by using the cheque from an NRE account or draft from an FCNR account maintained with banks authorized to deal in foreign exchange in India. NRE accounts can be opened in public sector or private sector banks in India. Send your application forms along with the payment at our Investor Service Center at the following address: SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai - 400 001 . On confirmation of the documents sent by you, we will allot the units of the scheme at the NAV based prices prevailing on that day. If the payment is through foreign currency draft, the units will be allotted on the date of realization. Thereafter an account statement will be mailed to you within 5 working days.
  • • Purchase on Non-Repatriable Basis : Please use cheque from an NRO account maintained with banks authorized to deal in foreign exchange in India. NRO accounts can be opened in public sector or private sector banks in India. Send your application forms along with the payment at the following address: SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai - 400 001. On confirmation of the documents sent by you, we will allot the units of the scheme at the NAV based prices prevailing on that day. If the payment is through foreign currency draft, the units will be allotted on the date of realization. Thereafter an account statement will be mailed to you within 5 working days.
  • • Special Instruction:
  • • You are requested to instruct the bank branch through which you plan to make the remittance as to whether you have the NRE/ FCNR/ Special Non-resident Rupee Account to send the necessary FIRCs in original on security paper to the registrars to enable early processing of the application. A copy of these instructions to the bank may also be enclosed along with the application to expedite the follow-up by the registrars.
  • • FII Investors: FIIs may pay for their subscription amounts by way of Indian rupee drafts purchased abroad or out of the funds held in their Foreign Currency account or Non-Resident Rupee account maintained in a designated branch of an authorized dealer. The Rupee drafts/cheque should be made payable at a city where the application is accepted by any of the SBI MF official points of acceptance of transactions.

The cheque/DD should be payable or drawn on the location where the application is submitted and accepted i.e. at the official points of acceptance of transactions of SBI Mutual Fund.

No. Overseas bank account details are not accepted as the payment is in Indian rupees by way of cheque/direct credits.

A Common Application Form duly completed along with Rupee cheque or Rupee draft should be submitted / mailed to any of the Official Points of Acceptance of Transactions specified by SBI Mutual Fund (SBI MF). Investors can send their completed application forms with distributors appointed by SBI MF from time to time for onward submission to any of the Investor Service Centres. All cheques/DDs must be drawn in favour of "Name of the Scheme" and crossed "A/c payee" only and payable at the place where the application is submitted at the official point of acceptance.

An NRI choosing to invest in SBI MF currently cannot make the investment in foreign currencies. The NRI investor needs to give a cheque or draft in rupees from his/her NRE, NRO bank account in India. The NRI investor may also send a rupee cheque/draft issued by an exchange house abroad drawn on its correspondent bank in India. However, for an NRI to invest it is mandatory that he/she maintains a bank account in India.

Documents to be attached:

If an NRI investor invests in SBI Mutual Fund Schemes through Rupee draft/Bankers cheque, then any of the following documents should be attached along with the Application Form :

  1. • A Foreign Inward Remittance Certificate (FIRC) or
  2. • Confirmation letter issued by the bank confirming the source of funds or
  3. • A photocopy of the Rupee draft/Bankers cheque

When the investment is made by a Rupee cheque issued out of a NRE/NRO bank account in India, a photocopy of the NRE/NRO cheque should be attached along with the Application Form. Post-dated Rupee cheque will not be accepted. Please ensure that the cheques are correctly dated at the time of submission of the application forms

1st Option - Apply Online

Currently investors can only purchase units of our schemes online with redemption and switching possible only through conventional means.

If you would like to purchase units of our schemes and are a first time visitor to our site please take some time to register with us. Investors who have already registered with us can enter their username and password to transact online.

You would require an Internet Banking account login and pin with banks we have partnered with like SBI, HDFC Bank, IndusInd Bank, IDBI Bank and UTI Bank (more to be added soon). Read the Offer Document, risk factors and disclaimers for the fund. Fill the online application and transfer funds through the banks available, purchase will be recorded and processed as per the cut off time of respective scheme. Print a copy of the submitted online form which will be emailed to you, sign it (all holders as per the form) and mail it to our registrar.

2nd Option - Conventional

Once an account is opened, the NRI investor may transact by filling up the Common Transaction Form or by simply filling the details in the transaction slip attached to the statement of the account or transaction slip downloaded from the website and mailing the same to any of the official points (As mentioned in the application form which may change from time to time) of acceptance of transactions, along with the cheque or the bank draft in case of an additional purchase.

If an application is received at the official point of acceptance before the specified cut-off time on any business day, the allotment of units at the NAV of the business day shall be applicable, with adjustments for any entry load, if any, as per the provisions of the Offer Document of the relevant scheme. All applications received after the prescribed time will be treated as having been received on the next business day and the units shall be allotted accordingly.

A switch has the effect of redemption (based on the redemption price on the business day of acceptance of switching request) from one scheme/plan/option and the net proceeds will be invested in the other scheme(s) at the prevailing Purchase Price for units as purchase in the other scheme/plan/option to which the switching has been done. However, the differential applicable Entry Load will be payable. (The entry load, of the scheme into which the investor is switching in to will be reduced by Entry and/or Exit Load already paid by the investor in the scheme he/she is switching out from as per the provisions in the Offer Documents of the relevant/respective schemes.)

Yes. In a mutual fund the POA holder has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as request for redeeming units from the account. While applying for purchase of units the POA holder needs to submit the original POA or an attested copy duly notarized. The POA should contain the signature of both the NRI investor and the POA holder. Only then the POA is registered and the POA holder has the right to transact on behalf of the NRI investor. The POA holder's signature will be verified before and for processing any transaction/request.

Attestation of the photocopy of the POA can be done by:

The Notary himself or The Branch Manager of the bank where the NRI has his NRE/NRO Bank account.

The name and the designation/code of the Bank Manager should be clearly mentioned. The Branch Manager of SBI Mutual Fund post verification with the original. POA should contain a clause empowering the POA holder to invest in securities on behalf of the NRI. Please note that a POA holder cannot nominate on behalf of the NRI.

In order to redeem funds the investor needs to submit the redemption request in original at the nearest official point of acceptance of transactions. All the redemption request forms must contain the investor's folio number, the amount/name of the schemes/unit he/she would like to redeem and should be duly signed by the unit holders on record or their Power Of Attorney (POA) holders. Redemption requests that lack valid signatures will not be accepted.

Redemption on Repatriable basis: In order to redeem your investments from the scheme partly or fully, fill up the redemption form which is send along with the account statement. Send it to us the following address: SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai - 400 001. We will process your request on the date on which we receive your redemption application at our office. We will send the redemption proceeds (with tax deduction at source) to the bank branch where you have your NRE account. An account statement will be sent to you at your address. You can repatriate the proceeds with the choice of currency from the bank.

Redemption on Non-Repatriable basis: In order to redeem your investment from the schemes partly or fully, fill up the redemption form which is with the account statement. Send it to us the following address: SBIMF Investors Service Centre, Ilaco House, 2 nd Floor, Sir P.M Road, Fort, Mumbai - 400 001. We will process your request on the date on which we receive your redemption application at our office. We will send the redemption proceeds (with tax deduction at source) at a bank branch where you have your NRO account. An account statement will be sent to you at your address.

The entire income/dividend received on investment will qualify for full repatriation provided the member continues to be a Non-Resident Indian in terms of [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000]

We’re here to assist you, always.

We, at SBI Mutual Fund, consistently strive to ensure our 57 lakh + investors get value for their investments.

Keeping in mind the changing market scenario we continuously strive to meet your expectations with new products and services.

If you need our help with your NRI account or have questions for us, For more details please write to us at nriservices@sbimf.com or mumbai.isc@sbimf.com

Mumbai

SBI Funds Management Pvt. Ltd

(A joint venture between SBI and AMUNDI)

SBIMF Fort Office,
Forbes Building, 2nd floor,
Charanjit Rai Marg, Fort ,
Mumbai - 40000

022-66532800

Dubai

SBI Funds Management Pvt. Ltd

(A joint venture between SBI and AMUNDI)

SBIMF Representative Office,
704, AI Mussalla Tower,
Khalid Bin Al Waleed Road Bur Dubai,
P.O. Box-114225, Dubai, U.A.E.

+971 4 3973959

+971561790156 | +971564468030

+971 4 3973958