You have been misguided by your adviser. Firstly, you can invest in mutual funds from abroad or if you become a non-resident Indian (NRI). But US and Canada-based NRIs are restricted from investing by most mutual fund houses. You will need to update the KYC (Know Your Client) details with the change in residential status. As an NRI, you can invest in mutual funds either on repatriable basis or on non-repatriable basis. To invest on a repatriable basis you must have an NRE account with a bank in India. In this case the investment amount should be remitted from the NRE account of the NRI investor.
In case you choose the non-repatriable mode, you are allowed to use the NRO account. Mutual fund investments cannot be made in a foreign currency in India.
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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in India for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Religare Tax Plan
4. DSP BlackRock Tax Saver Fund
5. Franklin India TaxShield
6. ICICI Prudential Long Term Equity Fund
7. IDFC Tax Advantage (ELSS) Fund
8. Birla Sun Life Tax Relief 96
9. Reliance Tax Saver (ELSS) Fund
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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