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nri mutual funds icici

Invest in the best mutual funds recommended by Scripbox that are scientifically and algorithmically selected that best suit your needs. Let’s take a look at the top mutual funds to invest this year. Be it long-term, short-term, tax saving or your emergency needs. We have you covered.

Scripbox algorithm recommends 2-4 funds for investment for an investment asset class such as large cap, diversified, liquid etc. When you invest for an objective, the algorithm suggests the appropriate asset class and funds.

ABOUT ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED

ICICI Prudential Asset Management Company Limited manages assets worth 393,821 crores and was set up on 22 June 1993. It’s current offering of mutual fund schemes includes 104 equity,526 debt and 64 hybrid funds.See top ICICI Prudential Asset Management Company Limited funds

ICICI Mutual Fund, incorporated in 1998. It is a joint venture between ICICI Bank and Prudential Plc. Prudential Plc is a UK based financial services company.

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Funds recommended by Scripbox for 2021

ICICI Prudential Savings Fund (G)

ICICI Prudential Savings Fund (G)

Low Duration

Recommended

Top Ranked

₹ 26,705 Cr

Fund Size

8%

3Y returns

ICICI Prudential Bluechip Fund (G)

ICICI Prudential Bluechip Fund (G)

Large Cap

Recommended

Top Ranked

₹ 25,513 Cr

Fund Size

11.8%

3Y returns

NRI Mutual Funds Questions & Answers

Frequently asked questions

Can an NRI invest in ICICI mutual funds?

All NRIs can invest in ICICI mutual funds. However, With effect 08 Dec 2008 “US Persons and Persons of Canada” are not allowed to start any new investment, purchase, or switch in any scheme of ICICI Prudential Mutual Fund. However, they can hold their current investments with the maturity date.

Can US NRI invest in mutual funds?

Generally, an NRI is allowed to invest in mutual funds like Indian residents. However, for the USA and Canadian residents, there are few restrictions. There are only a few fund houses that accept investments from NRIs based in the US and Canada

Are mutual funds taxable for NRI?

Taxation for NRIs investing in Indian Mutual Funds is the same as taxation of resident Indians. The only difference is that for NRIs, there is a TDS of 15% for short term (< 1 year) and 10% for long term (> 1 year) in the case of Equities and a TDS of 30% for short term (< 3 years) and 20% post indexation benefit for long term (> 3 years) in case of Debt/Gold funds at the time of redemptions.

How NRI can invest in direct mutual funds?

NRI can invest in mutual funds provided that they have an NRO or NRE account with an Indian bank since investment is allowed only in the local currency. Once the bank account is activated the NRI can invest in the direct mutual fund through any of the available channels like mobile apps or online.

What happens to the mutual funds when you become NRI?

Any mutual fund held by an investor remains unchanged after the change in the residential status of the investor. Once an investor becomes an NRI for India, he/ she must ensure to:

  1. Change the residential status to NRI and update the KYC details
  2. Pay taxes as per the rules applicable to an NRI taxpayer

Lastly, many AMCs do not allow an NRI to purchase/ switch mutual funds. Hence it is important to update the KYC compliance.

Can NRI buy SIP in India?

Yes, an NRI can invest in SIP under the condition of having an NRE or NRO account with an Indian bank as systematic Investment plans do not accept any currency other than the local one according to the regulations set by FEMA.

What is the best investment for NRI in India?

There are several investment options for NRI in India like the ones for Indian residents, some of those options are:

  1. Fix Deposit Bank Accounts: Providing interest better than interest on saving account balance 
  2. Mutual Funds: Invest in mutual funds after analyzing your financial goals
  3. Direct Equity: An investor must gain a good understanding of the market before investing
  4. Real Estate: A better investment option for long term investments
  5. Bonds and Non-Convertible Debentures (NCDs): NCD is another option for NRIs who are looking for investments apart from mutual funds or the stock market.
  6. Certificate of Deposit: These are basically short term investments for retail investors with fixed returns
  7. National Pension Scheme (NPS): NPS is a retirement plan. The maturity benefits from an NPS are taxable.
  8. Government Securities: Government securities are generally considered a low-risk investment.