NRI Investment Guide

What documents do you need to invest in India from the US?

The complete, category-wise checklist. Find your US visa status, your PAN situation, and your investment type — we'll tell you exactly what to prepare. No surprises at KYC time.

Part A
Documents by US Immigration Status
Your US visa status is the most important factor. It determines your PFIC exposure, FATCA obligations, and which tax forms apply to your India investments.
US CITIZEN
US Citizen (Including Dual Citizens with OCI)
PFIC Risk: Highest
Identity Documents
  • ✓US Passport — valid, all biographical pages. If naturalized, include naturalization certificate (N-550).
  • ○Indian Passport — if dual citizen with Indian passport, include all pages with visa stamps. IF HELD
  • ○OCI Card — Overseas Citizen of India card, front and back. IF HELD
US Tax Documents
  • ✓Social Security Number (SSN) — required for FATCA reporting. Submit via encrypted portal only.
  • ✓W-9 Form (IRS) — self-completed, certifies US Person status to Indian financial institutions.
  • ✓FATCA/CRS Self-Certification — AMC-specific form. Confirm as US Person (not US Resident).
  • ✓US Address Proof — utility bill, bank statement, or US driver's license. Must be dated within 3 months.
  • ✓Form 1040 — last 2 years of US federal tax returns. EazyTaxes reviews for PFIC exposure, marginal rate, FBAR history.
  • ○FBAR filings (FinCEN 114) — last 3 years, if you have previously filed. IF PREVIOUSLY FILED
India KYC Documents
  • ✓PAN Card — both sides, self-attested. Must be linked to Aadhaar or NRI exemption declaration required. See Part B.
  • ✓India / Overseas Address Proof — any one: Indian utility bill, property tax receipt, or valid overseas address proof.
  • ✓NRE Bank Account — cancelled cheque + 3-month statement. Bank must be RBI-approved (HDFC, ICICI, Kotak, Axis, SBI).
  • ✓Passport-size photograph — recent, white background.
⚠ Franklin Templeton India, DSP Mutual Fund, and Mirae Asset India do NOT accept US/Canada NRI investments. EazyNRI invests only through eligible AMCs: HDFC, ICICI Prudential, SBI, Nippon, Axis, Kotak, UTI.
GREEN CARD
Green Card Holder (Lawful Permanent Resident)
PFIC Risk: High
Identity Documents
  • ✓Indian Passport — all pages, valid, minimum 6 months remaining.
  • ✓Green Card (Form I-551) — Permanent Resident Card, front and back, valid.
  • ○EAD Card — if Green Card is in process (I-485 pending). IF GC IN PROCESS
  • ○OCI Card — if held. IF HELD
US Tax Documents
  • ✓SSN — all Green Card holders have SSN. Required for FATCA.
  • ✓W-9 Form — certifies US Person status.
  • ✓FATCA/CRS Self-Certification — as US Person.
  • ✓US Address Proof — utility bill, bank statement, or USCIS correspondence within 3 months.
  • ✓Form 1040 — last 2 years. Same requirements as US Citizens.
India KYC Documents
  • ✓PAN Card — both sides. See Part B if not held.
  • ✓Address Proof — India or overseas.
  • ✓NRE Bank Account — cancelled cheque + 3-month statement.
  • ✓Passport-size photograph.
Green Card holders considering surrendering their GC face Exit Tax (IRC §877A), which includes deemed sale of all India investments. Flag this before any investment is made. EazyTaxes must model exit tax impact first.
H1B / L1 / WORK VISA
H1B, L1, O1, TN, E2 — Work Visa Holders
PFIC Risk: High (Substantial Presence likely met)
Identity Documents
  • ✓Indian Passport — all pages including current US visa stamp. Minimum 6 months validity.
  • ✓US Visa Copy — current H1B, L1, O1, TN, or other work visa stamp from passport.
  • ✓I-94 Arrival/Departure Record — print from cbp.dhs.gov. Confirms legal status and current entry.
  • ○I-797 Approval Notice — H1B/L1 petition approval. Some AMCs require for FATCA documentation. IF REQUIRED BY AMC
US Tax Documents
  • ✓SSN or ITIN — SSN for work-authorized persons. ITIN if SSN not yet assigned.
  • ✓FATCA/CRS Self-Certification — as US Resident (not citizen). Ensure form shows "Resident" not "Non-Resident."
  • ✓US Address Proof — utility bill, bank statement, employer letter, or lease within 3 months.
  • ✓Form 1040 — last 2 years if filed. Provide what is available for recent arrivals.
  • ○Substantial Presence Test Documentation — if arrived within past 3 years and residency status uncertain. EazyTaxes will calculate. RECENT ARRIVALS
India KYC Documents
  • ✓PAN Card — both sides.
  • ✓Address Proof — India or overseas.
  • ✓NRE Bank Account — cancelled cheque + 3-month statement.
  • ✓Passport-size photograph.
Planning to return to India within 3-5 years? Tell us upfront. We'll avoid PMS or AIF products with 3-year lock-ins and structure your portfolio for repatriation.
F1 / OPT
F1 Student Visa and OPT (Optional Practical Training)
PFIC Risk: Low if within first 5 years of F1
Identity Documents
  • ✓Indian Passport — all pages, valid, minimum 6 months.
  • ✓F1 Visa Stamp — copy from passport.
  • ✓I-20 — Certificate of Eligibility for Nonimmigrant Student Status, current and valid.
  • ○EAD Card (OPT) — if you have received OPT employment authorization. IF ON OPT
US Tax Documents
  • ○SSN — if received (typically on OPT). IF RECEIVED
  • ○ITIN — if filed US taxes without SSN. Provide ITIN assignment letter. IF HELD
  • ✓FATCA/CRS Self-Certification — as NON-US Person (Non-Resident Alien) if within first 5 calendar years of F1. Fundamentally different from US resident certification.
  • ○W-8BEN (IRS Form) — certifies Non-Resident Alien (NRA) status. Some AMCs require this for F1 students. IF REQUIRED BY AMC
  • ✓US Address Proof — university housing letter, lease, or US bank statement.
  • ✓F1 Entry Date Confirmation — EazyTaxes needs this to determine if you are in exempt period (years 1-5) or have crossed into US tax residency.
India KYC Documents
  • ✓PAN Card — both sides.
  • ✓Address Proof — India or US campus/residential.
  • ✓NRE Bank Account — EazyNRI will guide account setup if you don't have one.
⚠ If you have been in the US for MORE than 5 calendar years on F1, you may be a US tax resident with full PFIC and FBAR obligations. Do not self-assess — EazyTaxes will confirm your status before any investment.
✓ F1 students within the 5-year exempt period are Non-Resident Aliens — Indian mutual fund investments are generally NOT subject to PFIC rules for NRAs. This is a significant advantage. Structure your portfolio now, before transitioning to H1B.
Part B
Documents by PAN Status
PAN is mandatory for all investments in India above Rs. 50,000. The approach differs significantly based on whether you have one and whether it is linked to Aadhaar.
✓ Has PAN Card
You have a PAN card from India.
  • ✓PAN Card copy, both sides, self-attested.
  • ✓Must be linked to Aadhaar (verify at incometaxindiaefiling.gov.in).
  • ○If NOT linked: provide Aadhaar or NRI exemption declaration (see below).
○ No PAN — Need to Apply
Apply via Form 49A (Indian citizens) or Form 49AA (foreign citizens / US passport holders).
  • ✓Passport (identity + DOB proof).
  • ✓US address proof — bank statement or utility bill (3 months).
  • ✓2 passport-size photographs.
  • ✓Completed Form 49A / 49AA (NSDL or UTI portal).
  • Processing: 5-7 days (ePAN) or 15-20 days (physical). EazyNRI will assist.
⚠ PAN Not Linked to Aadhaar
Unlinked PANs are inoperative since May 2024 and cannot be used for investments.
  • ✓Link via incometaxindiaefiling.gov.in or SMS. Late fee Rs. 1,000 applies.
  • ○If no Aadhaar (NRI exception): submit NRI self-declaration of non-residency.
  • Linkage takes 4-7 days. Do not proceed with investment until resolved.
Part C
Documents by India Investment History
If you already have India investments, we must review your US tax compliance on those holdings before making new ones. This protects you.
FRESH START
Never invested in India before
  • ✓All documents from Part A (by US status) and Part B (by PAN status).
  • ✓CKYC Registration — one-time Central KYC. EazyNRI ops team handles this on your behalf.
  • ✓In-Person Verification (IPV) — SEBI requirement. Options: (a) video KYC call with AMC, (b) Indian embassy/consulate biometric, (c) US notary + Indian embassy attestation. EazyNRI schedules this for you.
✓ Cleanest onboarding path. Your KYC number (KIN) from CKYC registration is portable across all future SEBI-regulated investments — done once, works forever.
EXISTING INVESTOR
Previously invested in India (MF, stocks, PMS)
India Investment Statements
  • ✓CAMS Consolidated Account Statement — from mycams.com. Shows all MF folios across all AMCs.
  • ✓KFintech CAS Statement — from kfintech.com. Shows MF folios serviced by KFintech.
  • ○Demat Account Statement — CDSL or NSDL annual holding statement + recent transactions. IF EQUITY HELD
  • ○PMS Statement — portfolio value, inception date, capital gains summary from PMS manager. IF PMS HELD
  • ○NRO/NRE Account Statements (3 years) — shows inward remittances and investment transactions. IF INVESTED VIA NRE/NRO
US Tax Compliance Review (Critical)
  • ✓Confirmation of PFIC election filing — was Form 8621 filed for each Indian MF holding? Check your tax return attachments.
  • ○All previously filed Form 8621s — one per PFIC holding per year. IF FILED
  • ○FBAR filings (FinCEN 114) — all years where foreign accounts exceeded $10,000. CONFIRM OR IDENTIFY GAPS
⚠ We will not add new mutual fund investments until existing PFIC exposure is assessed and a remediation plan is confirmed. New GIFT City investments (PFIC-clean) can proceed in parallel. This protects you from compounding a compliance problem.
Part D
Additional Documents by Investment Type
These are required on top of your base KYC documents from Parts A and B.
MUTUAL FUNDS
Mutual Funds via NRE Route
Min: $10,000  ·  PFIC: YES — QEF election required
  • ✓All documents from Part A + Part B.
  • ✓NRE Bank Account — cancelled cheque + 3-month statement. Eligible banks: HDFC, ICICI, Kotak, Axis, SBI.
  • ✓FATCA/CRS Self-Certification — AMC-specific form.
  • ✓In-Person Verification (IPV) — video KYC or notarized attestation. One-time.
  • ✓Form 1040 (last 2 years) — reviewed by EazyTaxes for QEF election strategy.
  • ✓QEF Election Decision — EazyTaxes confirms QEF or MTM election for each fund. Form 8621 filed with your next US tax return.
QEF-eligible AMCs include: HDFC, ICICI Prudential, SBI, Nippon, Axis, Kotak, UTI. Not all AMCs issue QEF annual statements — EazyNRI maintains the current eligible list.
PMS
Portfolio Management Services
Min: ~$60,000 (Rs. 50 Lakhs)  ·  PFIC: No — direct stock ownership
  • ✓All Mutual Fund documents above, PLUS:
  • ✓NRI Demat Account — NRE-linked. Must be opened before PMS onboarding begins. DP options: HDFC Securities, ICICI Direct, Kotak, Zerodha.
  • ✓PMS Agreement and Disclosure Document — provided by PMS manager. Signed by client.
  • ✓Risk Profiling Questionnaire — completed by client. Determines strategy suitability.
  • ✓Investment Policy Statement (IPS) — signed by client. Defines objectives and constraints.
  • ✓Power of Attorney (POA) — grants PMS manager discretionary authority over demat account.
  • ○Last 3 years ITR — some premium PMS managers (Marcellus, ASK) require for due diligence. MANAGER DEPENDENT
Timeline: Demat account 5-10 days, PMS agreement 3-5 days, first investment 2-5 days after funds. Total: 15-25 business days from KYC approval.
GIFT CITY
GIFT City IFSC — PMS and AIF (USD-Denominated)
Min: $50,000  ·  PFIC: No — IFSC structure avoids classification
  • ✓All base KYC from Part A + Part B.
  • ✓Source of Funds Declaration — 1-page signed and notarized statement that investment funds originate from legal US income.
  • ✓US Bank Account Statement (3 months) — shows the USD funds being remitted. Wire will go directly from US bank to GIFT City IFSC account.
  • ✓W-9 Form — IFSC banks are FATCA-compliant and require this for all US investors.
  • ✓IFSC Account Application — with IFSCA-regulated bank (HDFC IFSC, ICICI IFSC, Kotak IFSC, Axis IFSC).
  • ✓AML Declaration — confirms funds are not from illegal sources.
  • ✓PAN Card — still required even for GIFT City. IFSC entities report to Indian Income Tax.
  • ○Tax Residency Certificate (Form 6166 from IRS) — required only if claiming India-US DTAA benefits on distributions. FOR DTAA BENEFIT
  • ○Bank Reference Letter — from US bank confirming account standing. Some IFSC entities require. IF REQUIRED
✓ GIFT City is EazyNRI's most differentiated product. Investments are USD-denominated, PFIC-clean, and structured outside FEMA. Clients with $150K+ invest here for the cleanest long-term US tax treatment.
Timeline: IFSC account opening 7-15 days, AML review 3-7 days, first investment 5-10 days. Total 20-35 business days. Longer than onshore MF but the compliance advantage is permanent.
EQUITY / PIS
Direct Equities via Portfolio Investment Scheme (PIS)
No minimum  ·  PFIC: No — direct stock ownership
  • ✓All base KYC from Part A + Part B.
  • ✓NRE PIS Bank Account — a separate designated account exclusively for PIS transactions. Not the same as regular NRE. Banks: HDFC, ICICI, Kotak, Axis, SBI.
  • ✓PIS Permission Letter — issued by bank after RBI registration. Must be submitted to stockbroker before any trade.
  • ✓NRI Demat Account — NRE-linked, NSDL or CDSL. Must support NRI PIS transactions.
  • ✓NRI Trading Account — with SEBI-registered broker (Zerodha, ICICI Direct, HDFC Securities, Kotak).
  • ✓Broker KYC + Risk Profiling — separate from AMC KYC. Required by SEBI for equity trading.
Timeline: PIS account + RBI registration 7-15 days, Demat account 5-10 days, Broker account 3-5 days. Total 15-25 business days.
REITs / InvITs
REITs and InvITs (Exchange-Listed)
No minimum  ·  PFIC: No — exchange-listed securities
  • ✓Same documents as Direct Equity (PIS) above. REITs and InvITs trade on NSE/BSE like shares — same PIS account, demat, and trading account required.
REITs distribute a mix of interest, dividend, and return of capital. EazyTaxes will request the annual distribution breakdown from each REIT manager (e.g. Embassy, Mindspace, Brookfield) to correctly classify each component on your US tax return.
BONDS
Bonds and Fixed Income (G-Secs, NCDs, RBI Bonds)
No minimum  ·  PFIC: No
RBI Floating Rate Savings Bonds
  • ✓Base KYC + NRO Bank Account — RBI bonds must be purchased through NRO (not NRE). Not repatriable.
  • ✓Application form from authorized bank (SBI, HDFC, ICICI, Kotak).
⚠ RBI Floating Rate Bonds are NOT repatriable. Proceeds go to NRO account, subject to USD 1 million annual repatriation cap. Discuss before recommending to clients wanting to return funds to the US.
Listed Corporate NCDs and G-Secs
  • ✓Same as Direct Equity — PIS account + NRI demat + trading account.
  • ○Tax Residency Certificate (Form 6166) — for DTAA benefit on interest income, reduces TDS from 30% to treaty rate. FOR DTAA BENEFIT
Part E
Quick Reference Matrix
All documents vs. all investment types at a glance. ✓ = Required. ○ = Conditional. — = Not needed.
Document Mutual Funds PMS GIFT City Equity PIS REITs Bonds
Passport ✓ ✓ ✓ ✓ ✓ ✓
PAN Card ✓ ✓ ✓ ✓ ✓ ✓
US Address Proof ✓ ✓ ✓ ✓ ✓ ✓
FATCA / W-9 / W-8BEN ✓ ✓ ✓ (W-9) ✓ ✓ ✓
NRE Bank Account ✓ ✓ USD Wire PIS Acct. PIS Acct. NRO for RBI bonds
NRI Demat Account — ✓ ○ via IFSC ✓ ✓ ○ if listed NCD
PIS Permission Letter — — — ✓ ✓ —
PMS Agreement + IPS — ✓ ○ if PMS — — —
Source of Funds Decl. — — ✓ — — —
US Bank Statement (3mo) — — ✓ — — —
Form 1040 (2 years) ✓ ✓ ✓ ✓ ✓ ✓
Tax Residency Cert. (TRC) ○ ○ ○ (DTAA) ○ ○ ✓ (DTAA)
QEF Election Docs ✓ ○ Not needed Not needed Not needed Not needed
PFIC Classification YES (MFs) No (stocks) No (IFSC) No (stocks) No No
Minimum Investment $10,000 ~$60,000 $50,000 None None None
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