Online investing via SIP for NRI with AMC

POSTED BY BLRDude ON October 6, 2010 7:14 pm COMMENTS (2)

I would like to invest some money into Indian mutual funds via the SIP route directly with the mutual fund companies (prefer not to go through distributer or broker or agents). I am an NRI and would like to be able to do & view the transactions online. Also, I would like to setup the auto debit from my savings account so that the money gets debited at set the frequency and gets invested in the mutual funds. What is the procedure and easiest way to get started without having to go through a ton of paper work? Can I setup the SIP through major AMC’s like Birla, Reliance, HDFC, Sundaram etc directly? If yes, how do I do it? Do I need to get KYC authorization letter for each of the mutual fund companies? Please advise.

2 replies on this article “Online investing via SIP for NRI with AMC”

  1. rakesh says:

    Yes, You can setup the SIP through HDFC. Just call the customer service and they will explain you the details. I have an account with them and I am satisfied with it. You will also need KYC, From 1st October, 2010 KYC is compulsory for all investments in MF irrespective of the amount.

    Rakesh

    1. sidrana7 says:

      KYC is once done activity. after which you have to supply the copy(attested!) of the KYC acknowledgement letter to every financial firm you provide documents to, again only once.

      You can verify your own KYC credentials with your PAN number if applied for and have received the acknowledgement letter.

      If you go to only AMC then you miss out on other funds. Have you researched basket funs providers like fundsindia.com? Fidelity is also there. They have all what you need.

      I am an nri too, have ICICI, fidelity, fundsindia amc accounts.
      You can not avoid paperwork completely, although after initial transaction through paperwork for the consequent one’s you can do everything online. So theres little pain but in my view manageable.

      Cheers
      Siddharth.

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