Most people believe that only Indian citizens can invest in ELSS mutual funds but No, an NRI can invest in ELSS mutual funds as well. There are just certain steps to be followed in that case. So if you are trying to find the answer of can NRI invest in ELSS mutual funds, be sure you will get it here. Also note that only NRIs that complied with the
Foreign Exchange Management Act (FEMA) rules can invest in ELSS mutual funds.
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What are the rules for investing in ELSS for NRI?
There are two important aspects that an NRI needs to look at before investing in ELSS funds like
NRIs who visited India for less than 120 days in a financial year can only invest in ELSS mutual funds
If the total income of the NRI must be more than Rs 15 lakhs during a financial year then only this 120 days rule will imply
Mutual fund Asset Management companies in India do not accept investments in foreign currency. So to invest in ELSS mutual funds, an NRI will need to
Open an NRE or NRO account and activate it. After that they can start investing by some methods like
Self or direct-An NRI can carry out credit/debit or other transactions through normal banking channels
Their application with their KYC must state that the investment is on a repatriable or non-repatriable basis
Another method of investing in ELSS funds is by having someone else to invest on behalf of an NRI. However, in such a case, both the NRI investor and PoA should be present on the KYC documents and then only can proceed with the investment.
I hope this answers can NRI invest in ELSS funds or not and how.
Mutual Funds are hence one of the best investments an NRI can apply for. This is what I can say to answer- can NRI invest in ELSS mutual funds.
Read More:ELSS vs Mutual Fund which is Better?
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Authors Of The Question
Can NRI Invest in ELSS Mutual Funds?
Anonymous
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1 Year
2023-03-05T19:36:16+00:00 2023-03-13T14:23:50+00:00Comment
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