NJ E-Wealth
In Indian Financial Market a lot of products are on offer for investors, among all investors Non Resident Indian (NRI) is an important group of investors who want to invest in Indian Security Market. So it is very much required to know the basic compliances & regulations applicable for NRI clients.
NRI Helpdesk
Ans: Yes, Non Resident Indians (NRI) can invest in Mutual funds in India.
Ans: "A non Resident Indian ( NRI) means a person residing outside india but is a citizen of India or is a person of Indian Origin (PIO)."
Ans: A PIO refers to a citizen of any country if:
  1. He/She holds an Indian passport
    OR
  2. He/She or either of his/her parents or any of his grandparents was a citizen of India
    OR
  3. The person is a spouse of an India citizen or a person referred to in (A) or (B)
Note:- The specified countries whose nationals are ineligible to grant of PIO Card are Pakistan, Bangladesh, Sri Lanka, Bhutan, Afghanistan, Iran, China and Nepal.
Further, if the applicant himself/herself or either of his/her parents, grandparents or great grandparents held the nationality of these specified countries at any time, he/she will not be granted a PIO Card.
Ans: No, only a citizen of India or a person of Indian Origin can invest in Mutual Funds in India.
Ans: In order to determine whether an individual is a non resident in india or not, his/her residential status is to be determined as per section 6 of the Income Tax Act. As per section 6 of the income tax act, an individual is said to be non-resident in India if he/she is not a resident in India.
An individual who is a citizen of India or is a person of Indian origin is deemed to be resident in India in any previous year if he/she satisfies following conditions else he/she will be treated as non-resident.
If the Income from India is below 15 Lakhs
  • He/she must stay in India for at least 182 days in the financial year.
If the Income from India is more than 15 lakhs
  • He/she must stay in india for at least 182 days in the financial year
    OR
  • He or she is in India for at least 120 days in the financial year and 365 days in preceding 4 years.
Only applicable to India Citizen
If Income from india is more than 15 lakhs and not liable to pay tax in any other countries
  • In the above case he/she would be treated as Resident Indian irrespective of his/her number of days stay in India.
Ans: Yes, It is mandatory to have a PAN to invest in Mutual Funds in india.
Ans: NRI is required to submit the copy of passport (alongwith PAN application Form) as proof of identity. He/She is also required to submit any of the following documents as proof of address:
  1. Copy of passport;
    OR
  2. Copy of the bank account statement in country of residence; OR
  3. Copy of NRE bank account statement (showing at least two transactions in last six months period and duly attested by Indian Embassy/Consular office/high commission or Apostille or by the manager of the bank in which the account is held. The applicant may be a joint holder).
Ans: OCI is actually a card that the government of India gives to certain foreigners who can prove their eligibility as per the criteria given below.
  1. An OCI refers to a Person of Indian Origin who was a citizen of India on January 26, 1950 or thereafter or was eligible to become a citizen of India on January 26, 1950 or who belonged to a territory that became part of India after 15.08.1947.
  2. A person who is a child or grandchild or a great grandchild of such a citizen mentioned above.
  3. Spouse of a foreign origin of a citizen of india or spouse of foreign origin of an overseas citizen of india cardholder registered under section 7A of the Citizenship act 1955 and whose marriage has been registered and subsisted for a continues period of not less than 2 years immediately preceding the the presentation if application.
Note 1:- No person, who or either of whose parents or grandparents or great grandparents is or had been a citizen of pakistan, Bangladesh or such other country as the central government may , by notification in official Gazette Specify, shall be eligible for registration as an Overseas Citizen of india cardholder.
Note 2:
  • As per the Gazette of India (Part-I, Section-I) published on 09.01.2015, all the existing Persons of Indian Origin (PIO) card holders registered as such under the new PIO Card scheme 2002, shall be deemed to be Overseas Citizens of India Cardholder.

    All PIO card holders with valid PIO cards as on 09.01.2015 are advised to apply for conversion of their PIO card to OCI card.
Source: https://boi.gov.in/boi/public/content/pages/2484ead3-2c0b-4c05-af7f-f885726496d4
Ans: NRI Clients can apply for two types of E wealth account.
  1. NRE - A Non-Resident External (NRE) account is a rupee denominated account opened by an NRI to facilitate deposit of foreign currency earnings. The advantage of an NRE account is that it has high liquidity and allows for full repatriation of funds from the account to the NRI's
  2. NRO - A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc.
Ans: No. An NRI must open separate Ewealth accounts for holding 'repatriable' and 'non-repatriable' securities.
Ans: Yes, Resident individual can be the second holder in an E wealth account. However the account will be treated as an NRI account.
SCENARIO KYC-CKYC (NRI Status Validated) PRESENCE OF CLIENT PROCESS
1 YES INDIA ESIGN
2 NO INDIA PHYSICAL FORM + KYC APPLICATION
3 YES ABROAD PHYSICAL FORM
4 NO ABROAD PHYSICAL FORM + KYC APPLICATION
In case the client's KYC is not registered the client will have to submit their foreign address proof.
In case the client's KYC is registered as RI the client has to update their KYC in NRI tax status on KYC.
SCENARIO KYC-CKYC (NRI Status Validated) PRESENCE OF CLIENT PROCESS
1 YES INDIA ESIGN or PHYSICAL FORM
2 NO INDIA PHYSICAL FORM + KYC APPLICATION
3 YES ABROAD PHYSICAL FORM
4 NO ABROAD PHYSICAL FORM + KYC APPLICATION
In case the client's CKYC is not registered the client will have to submit their foreign address proof.
In case the client's CKYC is registered as RI the client has to update their CKYC in NRI tax status on CKYC.
Ans:
Sr. No. Document Required Documents to be submitted for ESIGN Documents to be submitted for Physical Important Note
1 PAN PAN Number for application A self-attested physical photocopy with verified with original stamp in case on KYC/CKYC non-compliant If PAN is not available, please visit https://tin.tin.nsdl.com/pan/index.html to know how to apply for fresh PAN
2 Aadhar Aadhar number to access digilocker & mobile no. should be linked for E-Sign OTP A self-attested physical copy of masked Aadhar card with verified with original stamp in case on KYC/CKYC non-compliant In order to validate the KYC status Aadhar is required and PAN-Aadhar should be linked
3 KYC-CKYC application form Incase KYC-CKYC are not in NRI Status, E-Wealth account cannot be opened through E-Sign IF KYC-CKYC are not in NRI Tax Status, submit Physical KYC-CKYC form and physical E-Wealth/E-MF Application to NJ branch along with required documents For KYC documentation kindly refer Question Number 9 in this chapter.

If KYC-CKYC are already registered as NRI, no need to submit KYC-CKYC application futher.
4 An NRE/NRO Bank Proof Soft Copy of
-Signed canceled cheque copy Or,
-Bank Statement with Logo or Bank Stamp		 A self-attested physical copy of
-Signed canceled cheque copy Or, -Bank Statement with Logo or Bank Stamp with verified with original stamp in case on KYC/CKYC non-compliant		 -NRE or NRO should be mentioned on bank proof.
-Upload Clear & Signed canceled cheque copy (It is advisable to upload original cheque copy).
-In case the client's name is not available on the cheque then a copy of bank statement or bank passbook has to be attached along with the signed cancel cheque copy. -Kindly ensure that all the uploaded copies are clear & visible.
- Kindly provide bank request letter if the client is 2nd holder in bank account
5 Valid passport Soft Copy of
-Indian Passport Or,
-Foreign Passport		 A self-attested physical copy of
-Indian Passport Or,
-Foreign Passport with verified with original stamp in case on KYC/CKYC non-compliant		 PIO/OCI card will be required incase of foreign passport. If PIO/OCI is not available, client needs to opt the same as a mandatory.
6 FEMA Declaration Soft copy of the Signed DECLARATION of FEMA form. Need to sign on the Physical FEMA form. Address on FEMA Form to filled as updated on KYC
7 CDC (Continuous Discharge Certificate) Soft copy Physical photo copy As proof of seafarers(working on Ships, Navy, Marine etc..) where client does not have any foreign address and NRI KYC registered with Indian address only.
Note:
  1. In case of PO box number mentioned on foreign address proof , additional PO box declaration(NRI Declaration) will be required.
  2. All documents preferably to be submitted in English Language.
  3. As per SEBI Guidelines please provide the E-DIS Consent additionally along with E Wealth Application. Please refer to the mail communication dated on 29th August.
  4. Kindly download the E-DIS Consent for Individual and NRI from NJ Assist >> Download>> DP Formats
"Video Location Partner Desk --> E - Publications --> Digital Video Gallery --> Desk Videos --> NRI DESK"
Ans: Same as E-wealth Account, please refer Chapter No.2 Question No 6
Ans: No, Mobile number verification is not mandatory however Email verification is mandatory for NRI Clients. In case NRI clients are providing Indian Mobile numbers then mobile verification needs to be done.
Ans: Yes, NRI can use a separate mobile number (International Mobile Number).
Ans:

Partners need to submit physical KYC/CKYC form along with Physical E Wealth A/C opening Form of the NRI client at any of our NJ Branch along with the required documents.

NRI E Wealth Account can only be processed after the KYC and CKYC both get registered in NRI Status.

Clients will receive CKYC Registration Number in mail and SMS from CERSAI once the CKYC is processed. There is no open source to get CKYC details.

Ans: Below are the documents required for processing NRI KYC and CKYC:
  • KYC-CKYC Application Form duly signed. (Not required for Esign Cases)
  • Recent Passport size photograph of the applicant. (Not required for Esign Cases)
  • Pan Card Copy of the applicant. (Not required for Esign Cases)
  • Valid Passport Copy of the applicant. In case of foreign passport - OCI/PIO card should be submitted.
  • Foreign address proof- Utility Bill, Rent Agreement, Valid Foreign Passport or OCI Card, Driving Licence, Tax Invoice, Bank or Credit Card Statement, Letter from the Indian Embassy, etc.
  • Indian Address Proof -Voter Card / Valid Passport / Indian Driving License / NREGA Job Card
  • TIN Proof (If Tax Residency is other than India)
  • IPV* Declaration - Need to be signed by NJ Partner and client
Important Note:
  • All the documents should be self attested by the client.
  • *NRIs or PIOs who are sending their documents via courier can get the above documents attested by public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside. In the case of NRIs/PIOs,where documents are being attested(OSV) by any off above entity.
  • The IPV declaration should be completed by the distributor, who is certified by NISM/Amfi and has complied with the know your distributor (KYD) formalities.
  • NRI KYC should be submitted along with the physical NRI E-Wealth or E-Wealth MF Account opening application at the NJ Branch if the KYC status is non-compliant.
  • Employer letter is not acceptable as foreign address proof for KRA-KYC.
  • The foreign address proof should not be older than 3 months or the validity should be mentioned.
For further information you may visit
Ans: NJ Partner needs to submit Physical NRI E Wealth account opening application along with KYC application form and required documents at the local NJ Branch. All the forms and documents should be sent via courier by the client with all the required signatures and formalities. For KYC processing and Documents please refer Chapter No.2 Question No 11. For NRI E Wealth Documents kindly refer Chapter No2. Question No.6.
Ans: A declaration duly signed by the NRI is required that he/she has complied with and will continue to comply with FEMA regulations and other applicable laws.
Ans: Yes, there will be impact on the investments subject to below mentioned points:
  • Client has to modify the KYC as per the current address proof.
  • Client needs to submit modification of address in NJ E Wealth Account along with the foreign address proof.
  • Once the above processes are completed, the investment rules and regulations will be implied as per his current residing country. For the list of AMCs with the details of restricted countries please refer to NRI Helpdesk FAQ>>Chapter 3>>Question No.6
NJ Help Desk
Ans: NJ E Wealth/EMF Account will be activated in T+1 (T= Transaction Day) for NRI clients in Esign mode. In case of physical mode the TAT is T+5 once received.
ESIGN Application Physical Application
NRI client needs to be present in INDIA and all details should be filled correctly on digital e wealth entry. All required information are filled without any overwriting, and as per the supporting & Required documents
Applicants should have the Adhaar Card mandatorily and mobile number should be registered and active at the time of opening E Wealth. Copies of supporting documents should be clearly visible & all required documents are submitted as per the required formats
All details should be verified with supportive documents, As the same can not be modified after client authorization. All Signatures of the client should be done as per the required numbers given on application , for all the holders.
All documents soft copies should be clearly visible & all required documents to be uploaded and should be in English language. Use the current series application form as older series applications will not be accepted.
The Tax Status in KYC & CKYC should be as NRI. The KYC & CKYC status should be updated as NRI in KYC. If Not, kindly submit the KYC-CKYC application along with required documents with the Physical E-Wealth A/C Opening Form.
In FEMA declaration full address should be mentioned as per KYC. In FEMA declaration full address should be mentioned as per KYC.
Ans: As per the process, we are using Digilocker to fetch clients details from Aadhaar database and to take the digital signature (Esign), it will require OTP, received on clients registered mobile number with Aadhaar. However mobile numbers should be active while doing Esign and client needs to be present in INDIA while doing the Esign..
Ans: YES, An NRI (whether minor or adult) with a valid Indian Passport can apply for Aadhaar from any Aadhaar Kendra. To find out the nearest Aadhaar kendra Click :- https://uidai.gov.in/ecosystem/enrolment-ecosystem/aadhaar-seva-kendra.html
Ans: The process is:
  1. Visit any Aadhaar Kendra of your convenience.
  2. Carry valid Indian Passport with you
  3. Fill details in the enrolment form
  4. Giving Email ID is mandatory for NRI
  5. The declaration for NRI enrolment is slightly different. Read and sign the same in your enrolment form.
  6. Ask the operator to enroll you as NRI.
  7. Give your Passport as Proof of Identity.
  8. You may choose to use your Passport itself as Proof of Address and Date of Birth proof or give some other valid document/s for this.
    (As per https://uidai.gov.in/images/commdoc/valid_documents_list.pdf)
  9. Complete the biometric capture process.
  10. Check all details on screen (in English and local language) before you allow the operator to submit
  11. Collect the acknowledgement slip/ enrolment slip that has your 14 digit Enrolment ID and Date & Time Stamp. You can check status of your Aadhaar from: https://resident.uidai.gov.in/check-aadhaar
Ans: As per Section 139AA (3) of Income Tax Act 1961 Non-Resident Indian (NRI) are exempt from quoting Aadhaar if they do not have Aadhaar Number and their NRI status is captured in Pan database. If you are Non-Resident Indian (NRI) and do not have Aadhaar Number then kindly go to the Income Tax website and Submit Grievances to update your Resident Status as Non-Resident Indian (NRI) at the earliest otherwise the PAN will become inoperative if a client failed to inform his/her NRI Status to Income Tax Officer.

Kindly follow below steps to Submit Grievances from Income Tax website
Step 1 - Click on the following link and login to the Income Tax portal buy using your Pan Number and Password https://eportal.incometax.gov.in/iec/foservices/#/login
Step 2 - Then go to Grievances option on menu bar and click on Submit Grievances
Step 3 - On Submit Grievances page select Department as AO.
Step 4 - On next page select Category as Pan related application and Sub-Category as Change of Citizenship Flag and click on Continue.
Step 5 - In Grievances Description box you need to write following message – "I am Indian Citizen and Non-Resident Indian (NRI). As per Section 139AA (3) of Income Tax Act 1961, NRI are exempt from quoting Aadhaar if they do not have Aadhaar. I do not have Aadhaar. Please mark my residential Status as NRI in Pan Database so my Pan does not become inoperative.
"Attach documents such as Passport, Residence Permit or OCI Card as a proof of your NRI Status and then click on Submit Grievance.
Please go to the below link to watch video on how to change the resident status on income tax
portal: https://www.youtube.com/watch?v=Yph4rkfLZBQ
Ans:The client needs to register her KYC in NRI Tax status with after marriage name. Once the KYC status is updated in new name and tax status, she needs to send the existing E Wealth A/C Closure form, New E Wealth A/C opening form in new tax status and DIS slips for transferring all the units to new E Wealth A/C. As an additional proof, she will be required to attach her marriage certificate.
Ans:No, the depositories allow the documents written in English Language. If the client has an address proof written in foreign language the client can approach local authority (i.e. Embassy,Local jurisdiction etc) to provide an official proforma of address in english with valid stamp and sign.
Ans:Foreign Exchange Management Act or in short (FEMA) is an act that provides guidelines for the free flow of foreign exchange in India. For this purpose, the client should mention the exact foreign address on the FEMA Declaration as per KRA.
Ans: Currently NRI can invest only in Mutual Funds from NJ Ewealth Account.
Transaction Type E-Wealth E-Wealth MF
  NRE NRO NRE NRO
Purchase YES YES YES YES
Redemption YES YES YES YES
AMC Switch YES YES YES YES
SIP YES YES YES YES
SWP YES YES YES YES
STP NO NO YES YES
MARS NO YES NO YES
Physical Folio Redemption YES YES YES YES
Please note MARS is not available for USA and Canada based NRI clients.
To understand in details, please check our video on "MUTUAL FUND TRANSACTIONS FROM NRI E WEALTH ACCOUNT" from below mentioned path:
Partner Desk --> E – Publications --> Digital Video Gallery --> Desk Videos --> NRI DESK
Ans: NRI client can transact as per transaction modes given below
  • Online
  • Mobile application
  • Partner initiated Transaction (Email / Whatsapp)
Ans:
Payment Mode available in NJ EWA Banks Available
Netbanking HDFC,ICICI,AXIS,YES, SBI, KOTAK, Allahabad, AU Small Finance, BOB, Bandhan, BOI, Central Bank of India, City Union Bank, Canara, Corporation, Catholic Syrian, Development Bank of Singapore, DCB Bank, Deutsche Bank, Dhanlaxmi, Equitas Small Finance, Federal Bank, IDBI, IDFC First Bank, Indian Bank, Indusind Bank, Jammu & Kashmir Bank, Jana Small Finance Bank, Karnataka, Karur Vysya Bank, Lakshmi Vilas Bank, Bank of Maharashtra, Punjab National Bank, RBL Bank, Standard Chartered, South Indian Bank, Saraswat Co-Operative Bank, Shamrao Vithal Co.Operative Bank, Tamilnadu Mercantile Bank, Union Bank of India, UCO Bank, Ujjivan Bank
ACH Mandate All Banks, registered with National Payments Corporation of India (NPCI)*.
NEFT /RTGS All Banks
UPI All UPI enabled Banks

Note: To check the list of member banks with ACH facility, please visit: https://www.npci.org.in/what-we-do/nach/live-members

Ans: Yes, partners can initiate transactions from partner desk for NRI clients , However client has multiple options such as, Ewealth account/ E wealth mobile app to authorize these transactions.
Ans: Yes, There are restrictions by certain AMC's for transactions depending on the country of NRI client currently residing in, We have updated the list of AMC along with their restricted countries on partner desk >> Client Services >> CRM >> Resources >> Stock Exchange >> Exchange related Notifications >> AMC List of Restricted country for NRI.
Ans: The compliance requirements in the United States of America and Canada are more stringent as compared to other nations.Under FATCA, it is compulsory for all financial institutions to share details of all transactions involving US citizens, with the US government. FATCA ensures that there is no deliberate tax evasion on the income generated by US citizens overseas. India signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for improving International Tax Compliance and implementing FATCA. Due to this reason, most of the mutual fund houses stopped taking investments from the USA and Canada.
Ans: As on 25th April 2025, the below mentioned AMC's are accepting investment from US & Canada clients. (Kindly refer the question no 7 for latest list of AMC for NRIs at any point of time)
Sr. No. AMC Name United States Canada
1 Groww Mutual Fund YES YES
2 ITI Mutual Fund YES YES
3 Quant Mutual Fund YES YES
4 Sundaram Mutual Fund YES YES
5 TRUST Mutual Fund YES YES
6 UTI Mutual Fund YES YES
7 Aditya Birla Mutual Fund YES YES
8 Edelweiss Mutual Fund YES NO
9 NJ Mutual Fund YES YES
10 Nippon Mutual Fund YES YES
Please ensure no solicitation of mutual fund schemes is made to clients currently located in the U.S. or Canada, in accordance with local jurisdictional regulatory guidelines.
Ans: Currently on the stock exchange only a few AMCs are accepting the transactions for US & CANADA NRI Clients. We will enable the other AMCs as soon as they start accepting the transactions on the stock exchange.
Ans: Yes, NRI Clients can transact their physical portfolio from E-Wealth/E-MF account.
Ans: NRI investors can dematerialize existing physical folios from NJ Ewealth with ESign Mode by following the path: NJ Ewealth >> Mutual Fund >> Utility >> Destatementization. Incase Esign can not be done, the client needs to submit a Dematerialization form (DRF) to the nearest NJ branch.
Type of Transaction NRO NRE
Off Market - IN Allowed Not Allowed
Off Market - Out Allowed Allowed
Ans: No currently Capital market segment is not offered to NRI Clients.
Ans: E-wealth account does not offer a capital market for NRI Clients as it will be required to sell the securities, hence IPO is not offered to NRI clients in E wealth account.
Ans: No such permission is required.
Ans: No, as of now in NJ Ewealth a NRI can invest from NRE/NRO banks account with Indian Currency only.
Ans: Yes, any NRI can have a resident individual as nominee for his investments done in India
Ans: Yes, NRI clients can open PMS accounts through physical mode only.
  • To invest in PMS, an NRI needs to open:
    - NJ PMS A/C
    - Custodian A/C with ORBIS
    - PIS A/C with Indusind Bank along with (NRE/NRO CA)
  • Minimum ticket size is 50 Lakh.
  • Client can invest only in Bluechip Portfolio & Multicap Portfolio currently.
Ans: No, currently LAS facility is not introduced for NRI clients.
Ans: No, currently NRI clients can not invest in NPS from NJ Ewealth Account.
Ans: Yes,transmission of all the units of all AMCs will be done. Incase of redemption, the client needs to use the "redemption through DP" process, available in NJ E Wealth A/C.
Ans: In indian Mutual funds , It is mandatory to have KYC Registered for any kind of transactions. Incase KYC is/are non compliant, the nominee/nominees should complete the KYC registration process, before submitting the transmission request. If the nominee is foreign citizen by residency, OCI cards will be mandatory for the KYC registration process. To check eligibility for applying for an OCI card please refer to the question "What is an OCI Card?"
Ans: Currently NRIs cannot invest in Sovereign Gold Bonds from NJ E Wealth A/C.
Ans:

Any NRI client may check the consolidated portfolio reports, invested through both NRE and NRO accounts.

In case any client wants to view the investments separately for NRE and NRO A/C, then the client needs to follow the below path:

Login NJ E Wealth A/C>> Report>> Mutual Fund Report>> Click on Filter and mention the required UCC ( NRE or NRO) and Apply.

Partner can also check the investments separately for NRE and NRO A/C, via following the below path:

Login Partner Desk>> Client Service>> View Client Investments>> Select E-Wealth>> Select the client UCC>> Apply>> Client's E Wealth Desk will be opened then Click on Report>> Mutual Fund Report>> Click on Filter and mention the required UCC ( NRE or NRO) and Apply.

Ans: Existing clients holding E-Wealth or E-MF account can convert the tax status from resident individual to non resident individual or vice versa.

As per compliance, change of tax status from resident individual to non resident repatriable (NRE)is not allowed.
Existing Tax Status New Tax Status Change of Tax Status
Allowed
RI NRO YES
RI NRE NO
NRO RI YES
NRE RI YES
Ans: NRI clients can change tax status from RI to NRI-NRO in the existing E-Wealth or E-MF account by submitting the required documents as mentioned below to the nearest NJ branch.
  1. KYC form along with required documents to change KYC status from RI to NRO
  2. Cancelled cheque or Bank Statement of NRO Bank account
  3. Account Details Addition/Modification/Deletion Request Form
  4. FEMA, P. O. Box (In case of P. O. Box Address) & FATCA declaration.
  5. Copy of PAN Card
  6. Copy of Passport and OCI Card in case of Foreign Passport
  7. Letter of Declaration for change of status from RI to NRO
  8. CDC Certificate in case of Seafarer
The request shall be processed in T+7 working days from the date received at HO. So old E-Wealth will be closed and a new E-Wealth account with the new tax status will be activated as per investor's request.
Note:
  • Client has to give physical application to modify tax status from RI to NRI in case of physical investment to the respective AMC.
  • Off market transfer requests from Individual to NRE accounts are not allowed. In such a case, client can submit Rematerialization request (demat to physical) or redeem the same.
  • Clients can not have two E-Wealth accounts in both tax status (NRI & Resident Individual) at a time.
  • Clients having the units under lockin period will not be able to request the OFF Market transfer from Resident Individual Account to any NRI(NRE/NRO) status. Such units should be converted to an offline mode first by submitting Rematerialization request.

Video instruction for Change of Tax Status - Video Location Partner Desk --> E - Publications --> Digital Video Gallery --> Desk Videos --> NRI DESK

Ans: Client needs to provide Rematerialization of the folios to convert the same from Demat to Physical and close hi NJ E-Wealth A/C by providing closure request. Once the account is closed, the client can open a fresh NJ E-Wealth MF account. Currently, there is no option of shifting the investment directly from NJ E-Wealth A/C to NJ E-Wealth MF A/C.
Ans: Even after change in status from RI to NRI the client can continue to hold the securities which he/she had purchased as a resident Indian, on a non-repatriable(NRO)basis.
Ans: No, incase of any client has changed to Non resident of india (NRI) from resident indian or vice-versa, there will be no capital gain tax applied at the time of transferring all the holding from old tax status to the new tax status.
Ans:Clients having the units under lockin period will not be able to request the OFF Market transfer from Resident Individual Account to any NRI(NRE/NRO) status. Such units should be converted to an offline mode first by submitting Rematerialization request.
Ans: If you reside & work abroad, the NRI income tax you pay will depend on your residential status for the financial year. If you fit the Resident Indian criteria, your total global income is taxable under Indian tax laws Subject to DTAA/Tax Treaties. But if your status for the year is 'NRI', only the income earned or accrued or received in India is taxable.
Note :- A non resident indian has to pay tax only when the income is either earned or received in india.
Ans: NRIs can avail specific tax deductions under Section 80C. Currently, a maximum deduction of up to Rs 1.5 lakh is permissible.
Following assets/securities to claim benefit under this section:
  • Principal repayment of housing loan.
  • Tuition Fees of maximum two children.
  • Premium on Life Insurance Policies.
  • Investment in ELSS.
  • Term deposit of not less than five years.
Note :- Other deductions under section 80D,80E,80TTA & 80G are also available for NRI clients.
Ans: As per the current practice AMCs deduct the TDS at the time of redemption of the MF units. The details are furnished below:
TAX IMPLICATION
Fund Type Holding Period Tax Slab Indexation Benefit TDS Rate
Equity oriented Funds Short Term (Less than 1 Year) 20.00% NA 20.00%
Long Term(More than 1 Year) 12.5% if Capital gain is more than 125000 NA 12.50%
Debt Oriented Funds Short Term (Less than 3 Year) As per applicable slab rates NA 30.00%*
Long Term(More than 3 Year) 12.50% NA 12.50%
Source: https://www.amfiindia.com/investor-corner/knowledge-center/tax-corner.html
Note: *Assuming that the client is falling under the highest Tax Bracket.
TDS rates mentioned here are exclusive of Surcharge & Cess.
The TDS is a flat rate as mentioned above. However, if you fall in a lower tax bracket, you are entitled to a refund. while filing your income-tax returns in India.
Ans: Short term/ long term capital gain tax (along with applicable Surcharge and Health and Education Cess) will be deducted at the time of redemption of units in case of NRI investors.
Ans: No, there is no wealth Tax in India.
Ans: A TDS certificate (Form 16 A) is issued in the name of the investor mentioning the details of the transaction and the tax deducted. Once in a quarter, these digitally-signed TDS certificates are dispatched to you by the mutual fund. An Investor can also view his tax credits in form 26AS.
Ans: From April 1, 2020, Income Tax Department has abolished Dividend Distribution Tax (DDT) that was levied on the dividends paid by the mutual fund. The dividends are now taxable in the hands of the unitholders. TDS rate for NRI is 20% plus surcharge and cess.
Ans: A capital gain can be set-off (netted) against a capital loss made during the year.
  • A short-term capital loss can be set-off against both LTCG and STCG.
  • A long-term capital loss can be set-off only against LTCG.
Also, you can carry forward unadjusted losses after separating them into short-term and long-term capital losses for up to eight subsequent years.
Ans: If the tax liability exceeds Rs 10,000 in a financial year, then it is required to pay advance tax. Interest under Section 234B and Section 234C is applicable when the advance tax is not paid on time.
Source: https://incometaxindia.gov.in/tutorials/6-interest%20payable%20by%20the%20taxpayer.pdf
Ans: NRI, like any other individual taxpayer, needs to file his return of income in India if his Gross Total Income received in India exceeds Rs 2,50,000 (Irrespective of his/her age) for any given financial year.
Ans: 31st July is the last date to file Income tax return in India for NRIs.
Ans: An NRI in receipt of income from in India, is taxable in India on such income i.e. India as a source state has the right to tax such income. However, the country of which such NRI resides, will also have a right to tax such income as it is the residence state. This situation leads to Double Taxation. In the process, the NRI will end up getting taxed twice on the same income. To overcome this, India has entered into DTAAs with various countries** which provide exemption or credit of foreign taxes paid while filing their return of income in the home country to avoid double taxation.
Note: ** List of the countries you can find in-
https://incometaxindia.gov.in/Pages/international-taxation/dtaa.aspx
Ans: No, there is no capital gain in case of gifting the mutual fund units or any securities.
KYC Registration & Modification Process for NRI Clients
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Note : FAQs Updated as on May 2025
NRI Desk Contact Details: For further query please contact NJ NRI Desk on +91-9099029981 or mail us at nridesk@njgroup.in
Disclaimer : NJ India Invest Private Limited ("NJ") is a mutual fund distributor registered with AMFI. In accordance with the applicable laws, NJ is permitted to only render incidental advice with respect to mutual fund products only to its mutual fund distribution client. For every other purpose, including distribution of non-mutual fund products, this material is for informational purposes only. Further, it is not intended as investment advice or an opinion concerning securities or a public offer proving a basis for an investment decision. This material is intended for internal circulation and information purposes only. The information/data contained in this material is taken from various sources for which the sender neither assume any responsibility/liability nor do guarantee its accuracy, suitability, completeness and adequacy. The content of this material including images, charts, graphics and pictures are protected intellectual properties and cannot be amended, copied, reproduced, replicated, republished, uploaded, posted, published, transmitted, displayed or distributed for any non-personal use without obtaining prior written permission, Any non-adherence of which may attract appropriate legal action. Mutual Fund investments are subject to market risk, read all scheme related documents carefully. The past performance of the scheme is not indicative of future performance. Investors are advised to seek appropriate advice from experts before taking any investment decisions. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities. Nothing in this material is intended to construe an advertisement or an investment, financial advice and/or solicitation, advice to buy, sell or deal in any financial product.