I have mutual fund investments worth around ₹10 lakh and I also have Systematic Investment Plans (SIPs) in them. I have got a job in Dubai and I will become an NRI soon. What will happen to my present investments? How can I do SIP in the same funds for next 5 years at least?
- Haribabu Makkena
On becoming a Non Resident Indian (NRI), you are legally bound to to inform the mutual funds about your change in status. NRIs are allowed to invest in mutual funds. So, you can start investing in the same mutual funds as an NRI. If the investment is to be made on a non-repatriable basis, the payment has to be made out of NRO/NRSR accounts. If the investment is to be made on a repatriable basis, the cheques will have to be drawn on FCNR/NRE bank accounts.