How does an NRI invest in Schemes of Tata Mutual Fund?

In order to invest in Tata Mutual Fund NRI Investors are requested to

1. Complete the Common Application Form duly
2. Attach a Rupee cheque or Rupee draft in favour of "Name of the Scheme" and crossed "A/c payee" only and payable at the location where the application is submitted i.e. the official point of acceptance. With regards to the cheque/ draft given NRI investors should note:
   1.  For purchases on Repatriation basis: Investor needs to give a cheque or draft in Indian rupee drafts purchased abroad or out of funds held in NRE/FCNR account payable at par and payable at the cities where the Investor Service Centres are located. In case of Indian rupee drafts purchased through NRIs/FCNR account, an account debit certificate from the bank issuing the draft confirming the debit should also be enclosed.
   2. For purchases on Non - Repatriation basis: NRIs investing on a non repatriable basis may do so by issuing cheques/demand drafts drawn on Non-Resident Ordinary (NRO) account payable at the cities where the Investor Service Centres are located.
   3. However, for an NRI to invest it is mandatory that he/she maintains a bank account in India.
   4. Investments cannot be made in foreign currencies.
3. Attach a photocopy of the PAN card duly attested by the distributor / agent (AMFI/NISM registered) through whom the application is effected or by Bank Manager of a scheduled commercial bank in India (The authorized signatory stamp should clearly mention the name, designation, and name of the Bank Branch Manager) or Notary or Investor Service Centers of TATA Mutual Fund or Investor Services Center (ISCs) of Computer Age Management Services (CAMS).
4. Attach a self attested Know Your Customer (KYC) acknowledgement letter or the print out of the KRA site where the PAN reflects that KYC formalities are completed.
5. PIO's need to attach a copy of the PIO card with the application form at the time of investing.
6. Submit or mail the above to any of the Official Points of Acceptance of Transactions specified by Tata Mutual Fund. (For the list of our branches please click here: Locate Us)

What are the KYC formalities that the NRI need to complete?

The investor needs to complete the KYC formalities with Point of Services (POS) offered by KYC Registration Agency (KRA). In order to complete the KYC formalities the investor needs to:

1. Complete the KYC form for Individuals and sign on both the pages in case the print is not taken back to back.
2. Provide the Proof of Identity: Self attested copy of the PAN card and self attested copy of the passport.
3. Provide the Proof of Address: Any one of the self attested copy of the documents as mentioned on the application form for the correspondences as well as Overseas address. Please note that for NRIs the Proof of overseas address is mandatory. If the address mentioned on the passports is same as one of the address in the KYC application form it serves as a valid proof.
4. Complete the In person Verification Process (IPV): The new common KYC regulation mandates all intermediaries should complete In-Person Verification (IPV) for all clients. Mere submission of identity and address proofs is not sufficient under the new regulations. IPV can be performed only by the distributor whose ARN code is mentioned on the investment application form accompanying the KYC application form.
5. IPV can be performed by a banker only in case of "Direct" investors i.e. applications not routed through distributors. Additionally, IPV performed by a scheduled commercial banker will be accepted.
6. The intermediary will provide an acknowledgement letter confirming that the investor has completed the KYC formalities and submitted the requisite documents for the same. Further, the KRA will also send a confirmation letter to the investor, within 10 days of receipt of the documents from the intermediary.

Is nomination by NRIs allowed in the schemes of Tata Mutual Fund?

Yes.

Can a Power of Attorney (POA) holder invest on behalf of the NRI investor?

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:

1. The Notary or
2. 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.
3. The Front office Tata Mutual Fund post verification with the original.
4. 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.

How can an NRI carry out transactions like additional purchase / redemption / switching?

Once an account is opened i.e. a folio is created, the NRI investor may transact by

1. Using the online transaction facility.
2. 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 of acceptance of transactions, along with the cheque or the bank draft in case of an additional purchase.

Can I perform the redemption of units and change the bank mandate simultaneously?

No, note that requests for change in bank details cannot be submitted along with redemption request. Redemption payments will be processed and the last registered bank account information will be used for such payments. Further, if the Change/Updation of Bank Mandate/Multiple Bank registration has been updated within ten days, prior to the submission of redemption request, then the redemption payments will be made to the new bank mandate. For such cases the payments will be made within the regulatory time limit and the normal scheme specific payment timelines will not be applicable.