sundaram mutual funds for nri

Question 1

Can NRI invest in mutual funds?

Accepted Answer

NRI can invest in mutual funds in India as long as they adhere to the Foreign Exchange Act. However, mutual fund asset management companies in India accept only local currency, based on the fact that the NRI has to open an NRO or NRE account with an Indian bank. The investment can start once the account is activated whether as a direct investment or indirect through a power of attorney

Question 2

What happens to mutual funds when you become NRI?

Accepted Answer

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:

Change the residential status to NRI and update the KYC details
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.

Question 3

How can I withdraw money from Sundaram Mutual Fund?

Accepted Answer

In order to redeem Sundaram Mutual funds and withdraw money, you need to fill the redemption form and submit it. The easier option for NRI is to apply online through the Website and money will be transferred to the bank account linked to your registration.

Question 4

Can US-based NRI invest in mutual funds in India?

Accepted Answer

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

Question 5

Do NRI pay tax on mutual funds?

Accepted Answer

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.

Question 6

Where can I invest my NRI money?

Accepted Answer

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

Fix Deposit Bank Accounts: Providing interest better than interest on saving account balance
Mutual Funds: Invest in mutual funds after analyzing your financial goals
Direct Equity: An investor must gain a good understanding of the market before investing
Real Estate: A better investment option for long term investments
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.
Certificate of Deposit: These are basically short term investments for retail investors with fixed returns
National Pension Scheme (NPS): NPS is a retirement plan. The maturity benefits from an NPS are taxable.
Government Securities: Government securities are generally considered a low-risk investment.

Question 7

Can NRI hold a normal savings account?

Accepted Answer

NRI is not allowed to hold bank savings accounts as this facility is available only to Indian Residents. NRI is entitled to hold a Non-resident Ordinary Account (NRO), Non-Resident External Account (NRE), or Foreign Currency Non-resident Account (FCNR)

Question 8

How can I check my Sundaram Mutual Fund balance online?

Accepted Answer

You can check your Sundaram Mutual Fund balance online from Sundaram mutual fund website. Once you open the website click on the Investor corner and from the investor corner you can request a statement. You will have to verify your account by email address and provide some other details in order to generate the statement

Question 9

Who is the registrar for Sundaram Mutual Fund?

Accepted Answer

Sundaram Mutual Fund announced changes in the Registrar & Transfer Agent as of 11 November 2019. The R&TA changed from Sundaram BNP Paribas Fund Services Limited to Karvy Fintech Private Limited for the schemes of Sundaram Mutual Fund

Question 10

How is Sundaram Mutual Fund?

Accepted Answer

Sundaram Asset Management Company has over 20 years of experience in fund management and is fully owned by one of India’s oldest and most respected NBFCs – Sundaram Finance Limited. The Company was jointly promoted by Sundaram Finance Ltd and Stewart Newton Holdings (Mauritius) Ltd in 1996. It earned its reputation in the market by satisfying and fulfilling the needs of its customer by providing a huge variety of schemes to choose from. It also provides tax-saving schemes like Tax Saver- a long term investment growth fund that offers tax benefits and has a 3- year lock

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