What are the different transactions available for NRI in NJ Ewealth Account?
Currently NRI can invest only in Mutual Funds from NJ Ewealth Account.
What are the different types of Mutual Fund Transactions Available on E wealth account for NRI Clients?
Please find the below details of MF transactions available regarding the types of NRI E wealth Account.
|Switch / STP||NO||YES|
|Physical Folio redemption||NO||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
E-Wealth Transactions For NRI Clients
NRI client can transact as per transaction modes given below
- Mobile application
- Partner initiated Transaction (Email / Whatsapp)
What are the payment modes available for NRI clients to transact in Mutual Funds from NJ Ewealth Account?
|Payment Mode available in NJ EWA||Banks Available|
|Netbanking||HDFC,ICICI,AXIS,SBI,J&K,KVB,IDBI,CITY Union Bank, Andra Bank, corporation Bank,Karnataka Bank,Indian Overseas Bank, south indian bank, Laxmi Vilas Bank|
|ACH Mandate||All Banks, registered with National Payments Corporation of India (NPCI)*.|
|NEFT /RTGS||All Banks|
|Auto Debit||HDFC , ICICI , AXIS|
|UPI (Only for NRO)||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
Can a partner initiate transactions for any NRI client from the partner desk?
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.
Is there any restriction of AMC for NRI investment in NJ E wealth accounts ?
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.
Why does the maximum AMC restrict US and Canada NRIs to invest in Mutual Funds in India ?
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.
Which are the AMCs currently accepting the investments for US & Canada NRI clients on E wealth accounts ?
As on 6th September 2022, Samco,UTI,Sundaram,ITI & Quant Mutual Fund accept the investment from US & Canada clients.(Kindly refer the question no 7 for latest list of AMC for NRIs at any point of time)
Why are there only a few AMCs that offer online Mutual Fund Transactions in NJ E Wealth to NRI clients (US & Canada) when in physical form many AMC are accepting the investments?
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.
How NRI Clients can transact on existing physical folio from NJ E Wealth account ?
NRI Clients can transact their physical portfolio from E wealth account, if the E wealth account is in NRO status, However the facility is not available for NRE type E wealth account. NRE clients need to dematerialize their existing physical folios to transact from NJ Ewealth accounts.
How can NRI Clients Dematerialize their physical folio ?
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.
Are the Off market transactions allowed for NRI clients in E wealth accounts ?
|Type of Transaction||NRO||NRE|
|Off Market – IN||Allowed||Not Allowed|
|Off Market – Out||Allowed||Allowed|
Capital Market segment available for NRI in NJ E Wealth Account?
No currently Capital market segment is not offered to NRI Clients.
Can NRI apply for an IPO in NJ Ewealth account ?
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.
Does any NRI needs RBI permission to invest in a Mutual Fund in India?
No such permission is required.
Can NRI invest through Foreign Currency with NJ E Wealth Account?
No, as of now in NJ Ewealth a NRI can invest from NRE/NRO banks account with Indian Currency only.
Can any NRI have a Resident Indian as Nominee in NJ E Wealth?
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.
Can NRI clients avail LAS (Loan against Security) in NJ Ewealth Account
No, currently LAS facility is not introduced for NRI clients.
Can NRI clients invest in the National Pension Scheme (NPS) from NJ Ewealth Account?
No, currently NRI clients can not invest in NPS from NJ Ewealth Account.
In case of a death case, if the Nominee is NRI and resides in the USA or Canada , is it possible to transmit all MF units as there are only a few AMCs available in NJ E Wealth for US and Canadian NRIs?
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.
If the nominee is foreign Resident, and does not have an OCI card, then how to process the transmissions?
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?”
Can NRI buy Sovereign Gold Bond through NJ E-Wealth A/C?
Currently NRIs cannot invest in Sovereign Gold Bonds from NJ E Wealth A/C.
How to check the consolidated portfolio report for NRE & NRO E-wealth A/C for any NRI client?
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.