No. Most Indian mutual funds do not accept investments from residents or citizens of the USA and Canada in order to comply with the stringent laws of these countries for overseas investments.
Our platform is designed to allow our investors to invest in any scheme of their choice across all 36 AMCs we have partnered with. Now, we could definitely work on a system to restrict USA/Canada persons to a few AMCs - but some AMCs have very, very specific regulations. For instance, HDFC MF allows investment by USA/Canada persons only when they are physically present in India. Our agreements with a number of other Mutual Fund Companies place similar restrictions on USA/Canada persons.
As an online platform, it is not possible for us to certify physical presence to the Mutual Fund Companies or the regulators. As a result, we have no choice but to decline to open accounts for NRIs who are citizens or residents of the USA or Canada. To the best of our knowledge, the AMCs below allow investments (generally in physical form) from citizens and tax residents of the USA and Canada.
- Aditya Birla Sun Life
- DHFL Pramerica
- ICICI Prudential Mutual Fund
- L&T Mutual Fund
- PPFAS Mutual Fund
- SBI Mutual Fund
- Sundaram Mutual Fund
- UTI Mutual Fund
You will need to have a PAN card, invest through your NRE/NRO bank account in India and complete your KYC.