ICICI NRI Mutual Funds Investment

The purpose of ICICI mutual funds is to grow personal wealth. The stock house offers a variety of mutual fund investments that combine investment and savings. It allows you to invest in international and regional organizations and helps investors diversify their financial assets to protect themselves from risks while meeting future needs.

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ICICI's system of mutual funds is designed to generate a good profit for Indian residents and Non-Residents alike. The promising performances of the ICICI mutual funds are reflected in their activities in the past and present.

NRI ICICI Mutual Funds 

NRI ICICI Mutual funds are an investment option that gives investors access to a well-diversified portfolio of stocks, bonds, and other securities. Investment funds allow you to participate in the stock market indirectly.

The options from which NRIs can choose are varied and plentiful. NRI ICICI Mutual Funds schemes range from equity-based schemes to debt schemes, hybrid schemes, etc. There are some options in solution-oriented schemes as well. 

  • Equity Schemes have options like Long Term Equity Fund, Bluechip Fund, Multicap Fund, etc., to suit your needs. 

  • Debt Schemes have investment options in Liquid Fund, Ultra Short-Term Funds, Credit Risk Funds, etc.

  • Hybrid Schemes are a mix of Balanced Advantage Fund, Equity and Debt Fund, Multi-Asset Fund options, etc.

  • You can also choose from Child Care Funds and Retirement Funds under the Solution Oriented Category.

  • Also present are options focused around Indexes, like Nifty Index Fund and Sensex Index Fund.

  • Asset Allocator Funds, Passive Strategy Funds, Thematic Advantage Funds, etc., are options too. You can invest in them freely and confidently, and you will find them under the Others category.

There are several other investment options and groups to navigate while selecting. You need to understand your needs and choose accordingly.

What Are the Benefits of ICICI Mutual Funds? 

Investing in ICICI Mutual Funds comes with its list of benefits, such as:

  • Professional Research Management: Each mutual fund is managed by a professional fund manager who regularly monitors market trends and conducts an in-depth analysis of mutual funds. 

  • Risk Diversification: Use a large, well-diversified portfolio with small investments to reduce risk and increase profits. 

  • Convenience: Practical features like cashless account statements, simple registration and redemption process, NAV availability, and service details in magazines and newspapers make investing through MFs straightforward.

  • Liquidity: Open-ended funds offer the greatest benefit from repayment on demand. This is a very useful feature, especially when the market is going up or down.

  • Tax Incentives: Treasury dividends are not subject to investor taxation (under current finance law). Capital gains from investments in the MFs for one year or more are treated as long-term capital gains and are not taxed.

  • Reduced Costs: Investment costs are reduced as the treasury has the financial resources to invest and is involved in a large volume of securities trading.

  • Others: Strict regulation by SEBI with strict transparency requirements (funds are required to disclose information about their investments regularly), flexibility in choice based on needs, and compliance with investor-friendly requirements make investing secure. 

How Do NRIs Invest in ICICI Mutual Funds in India?

NRI ICICI Mutual Funds investment rules and regulations for NRIs are slightly different from Indian residents. The most important regulatory requirements for NRIs to invest in ICICI Mutual Funds are converting foreign currency to Indian currency and opening subsequent NRO, NRE, or FCNR accounts. 

Only after completing these steps can an NRI invest in NRI ICICI Mutual Funds. Discussed below are these two topics in more detail. You can follow them while trying to invest in ICICI Mutual Funds if you are an NRI.

  • Investment Conditions: Under the Exchange Rate Management Ordinance 2000, NRIs can invest in ICICI mutual funds using only Indian currency and not foreign currency. As a first step to investing in mutual funds, NRIs must open one of the following Indian bank accounts:

    • Non-Resident External Rupee Account (NRE)  

    • Non-Resident Ordinary Rupee Account (NRO)

    • Foreign Currency Non-Resident Account (FCNR)

  • Repatriation of Fund Income: You can invest in a repatriation or no-return method. This means that NRIs will have to choose whether to transfer the mutual fund's profits back to a bank account in the country they are located in or transfer funds to an Indian bank account. 

    • Income from NRI ICICI mutual funds can only be transferred to the country of origin if the investment has been made via remittances abroad through regular banking channels or an incoming remittance from the investor's NRE / FCNR account.

Under the conditions mentioned above, it is possible to transfer money to an Indian bank account even when investing through an investor's NRO account. In some countries, such as the USA and Canada, citizens are prohibited from investing in India. One of these rules states that fund managers working with 15 or more US investors must also register in the US. Mutual funds that currently allow US citizens to invest include SBI, Birla Sunlife, L&T, PPFAS, DHFL Pramerica, UTI, and Sundaram. 

  • Power of Attorney: If NRIs do not have sufficient time to decide on their mutual fund investment, they can appoint someone in India as the PoA. Power of Attorney (PoA) holders can decide on investment funds on behalf of NRI clients. 

Another option is for an NRI to enter into a joint venture in a mutual fund with an Indian resident who can take care of the funding needs. The NRI can also nominate Indian residents to look after their investments.

In Conclusion 

NRI ICICI Mutual Funds specializes in providing diversified investment opportunities in stocks of large, medium, and small-cap companies for short, medium, and long-term investments. Invest in ICICI funds for guaranteed peace of mind. ICICI Mutual fund plans are tailored to the financial goals of individual investors with different risk preferences.

FAQ's

  • Q1. Who is a Non-Resident Indian (NRI)? 

    Ans. A Non-Resident Indian (NRI) is a person living outside India who is a citizen of India or a person of Indian origin. He or she must be residing outside India for more than 183 days in a single financial year.
  • Q2. Who is a Person of Indian Origin (PIO)? 

    Ans. A person of Indian origin is a citizen of any country (except Bangladesh or Pakistan) if:
    • He or she had an Indian passport at any time
    • He/she or one of his/her parents is an Indian citizen
    • He or she is the spouse of an Indian citizen or a person named above in (a) or (b)
  • Q3. What are Non-Resident External Account (NRE) and Non-Resident Ordinary Account (NRO) accounts? 

    Ans. A Non-Resident External Account (NRE) is a rupee account from which funds can be repatriated freely. It can be opened with funds transferred from abroad or with local funds that can be transferred overseas to an NRE/FCNR account. Your money in an NRE account is stored in Indian currency, and you can use it for all legal purposes. Account balance is returned freely.
    A Non-Resident Ordinary Account (NRO) is a rupee account that can be opened with funds generated in India, while the NRI can continue to reside abroad. The amount in the account is not subject to free repatriation. You can only transfer your funds partially abroad.
  • Q4. Can you, as a Non-Resident Indian, invest in foreign currency? 

    Ans. NRIs cannot invest in NRI ICICI Mutual Funds using foreign currencies. You have to give a cheque in rupees from your NRE/NRO bank account in India. You can also send cheques in rupees from abroad, which can be paid to a bank in India. Therefore, as an NRI, if you wish to invest in India, you must do it in Indian currency and use an Indian bank account.
  • Q5. What are the tax liabilities for bonus income earned from your NRI mutual funds? 

    Ans. Following Sec 10 (35) of the Income Tax Act of 1961, surplus earned from mutual fund shares is exempt from income tax in India. All dividends of foreign investors are not subject to TDS. For further information, you can consult your investment advisor and/or tax advisor.
  • Q6. How will the NRI access the redemption proceeds?

    Ans. In the case of an NRI, the proceeds from the maturity/redemption price of the Shares (after-tax) may be credited to the NRE/FCNR/NRO accounts. This happens if the investment is made from inbound transfers or funds in the Company's NRE/FCNR account.
  • Q7. How can you change your redemption methods where investments were done on a non-repatriation basis?

    Ans. When purchasing a unit on a non-redeemable unit basis, the proceeds from the unit maturity/redemption price (after tax payment) are not eligible for repatriation. Instead, they will be credited to the foreign investor's NRO account.
    Investments in shares purchased in rupees where the investor is a Resident in India and later becomes a Non-Resident will not be entitled to the repatriation of proceeds from the shares repurchase.
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