Mutual Funds

Mutual Funds are professionally managed investment funds that pools money from various investors to invest in securities. These investors may be retail or institutional in nature. Mutual Funds Investments for NRIs helps in long term financial planning. There are a number of features and benefits for NRIs Mutual Funds. You can also enjoy diverse benefits at a low cost. For more details about Mutual Funds for NRIs please go through the list below.

Investing in Mutual Fund holds a lot of benefits and can also help in reducing the risk by investing across diverse portfolios. With this if you are looking to apply for mutual funds, make sure you fulfil the following requirements for Mutual Fund investments through Axis Bank.

Here is the eligibility criterion for mutual funds:

  • The applicant needs to be an existing Axis Bank account holder
  • The applicant needs to be KYC Compliant
  • The Savings Bank Account status has to be Single or Either/Survivor
  • The Account Opening Application Form has to be signed by the all the Bank Account Holders

If you are an existing Axis Bank customer and haven’t opened an Investment Services Account yet, Download Forms to register.

Make sure you have all the necessary documentation for Mutual Funds in place. To open a mutual fund account, we need to have KYC in place in accordance to SEBI. After filling up the application form along with Customer Risk profiler and KYC application, submit them to the nearest Axis Bank Branch.

What is KYC (Know your client)?

KYC or Know Your Customer is a customer identification process. The Securities and Exchange Board of India (SEBI) has laid down guidelines under the Prevention of Money Laundering Act 2002, which makes it binding for financial institutions and financial intermediaries like mutual funds to acquaint themselves with their customers. KYC process helps prevent money laundering and other suspicious transactions. With effect from January 1, 2012 all categories of investors irrespective of amount of investments Mutual Funds are required to comply with KYC for carrying out any transactions in Mutual Funds. Thus, all applicants investing into mutual funds would be required to be KYC compliant by any KYC Registration Agency (CAMS, KARVY, CVL, NSE or NSDL) without which the transactions may be liable to be rejected by the respective mutual fund houses.

Please note KYC norms are mandatory for ALL applicants/investors (including existing investors and joint holders) while investing with any SEBI registered Mutual Fund, irrespective of the amount of investment.

KYC status can be checked from any of the below mentioned KRA websites, no matter where you have submitted your KYC application form:

What is FATCA?

India has joined the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of financial information. All countries which are signatories to the MCAA are obliged to exchange a wide range of financial information after collecting the same from financial institutions in their jurisdiction. The FATCA agreement enhances tax transparency and accountability in matters of financial reporting and payment of taxes which are legitimately due to various governments.

The basic purpose of FATCA is to prevent US persons from using banks and other financial institutions outside the USA to park their wealth outside US to avoid US taxation on income generated from such wealth. Alike FATCA, Indian Government has further committed to implement a Common Reporting Standard (CRS) as part of reciprocal exchange of information on financial accounts on an automatic basis with other countries.

AMFI through its circulars no. 63/2015-16 dated September 18, 2015 directed the AMCs to adhere to the following requirements from November 1, 2015:

  • All new investors to provide additional KYC details - Income slab, Occupation, Net worth, Politically Exposed Status, etc.,
  • All new non-Individual investors to provide the Ultimate Beneficial Ownership (UBO) details
  • All investors to submit FATCA/CRS declaration while opening account from 1st November 2015 and also for all the new accounts opened after 1st July 2014 to 31st October 2015

Similarly, from 1st January 2016 all Mutual Funds have been advised to make it mandatory for existing investors to:

  • Provide additional KYC details as mentioned above in order to make purchases (including Switch, STP) in their MF accounts
  • Non-individuals to update the Ultimate Beneficial Ownership (UBO) details in their existing accounts
  • All Individual and Non-individual investors to provide FATCA/CRS declaration

Online declaration of FATCA and Additional KYC
Investors can use the following online facility for declaration:



For more details visit your nearest Axis Bank branch.

Please contact your Relationship Manager for tax related queries on Mutual Fund investments. Mutual Funds are subject to market risk. Please read the offer document carefully before investing.

NRI Easy Guide

NRI Easy Guide