Can an NRI invest in Indian mutual funds?
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Pankaj Maalde, a certified financial planner, responds:
NRIs can invest in Indian mutual funds. They need to fill the Foreign Account Tax Compliance Act (FATCA) form and give their tax identification number of the country where they are staying.
You can invest through an NRE account. I would ask you not to invest in insurance products like Max Life Platinum Wealth Plan. Such products have high charges and it will reduce your overall return. Always keep investment and insurance separate. As you have an investment horizon of over 10 years, you can take higher risk.
Before investing, you should find out how much money you need for your financial goal. It will help you to calculate the amount you need to invest every month to achieve your goal.
I will recommend multi cap funds for you. These funds invest in stocks across market capitalisation and sectors. You may consider investing in multi cap schemes like Axis Multicap Fund, Kotak Standard Multicap Fund, and SBI Magnum Multicap Fund.