Before you start investing in Reliance Mutual Fund schemes, equip yourself with all the functional knowledge required. A ready reckoner that will help you understand the process better. Make note of these simple yet important aspects that will not only save your time and efforts but also make investing easier.

• How does an NRI invest in Reliance Mutual Fund (RMF)?
  
  A Common Application Form duly completed along with Rupee cheque or Rupee draft should be submitted/mailed to any of the Official Points of Acceptance of Transactions specified by Reliance Mutual Fund (Reliance MF). Investors can also lodge their completed application forms with brokers appointed by Reliance MF from time to time for onward submission to any of the Investor Service Centres. All cheques/DDs must be drawn in favour of "Name of the Scheme" and crossed "A/c payee" only and payable at the place where the application is submitted at the official point of acceptance.
  
  An NRI choosing to invest in Reliance MF currently cannot make the investment in foreign currencies. The NRI investor needs to give a cheque or draft in rupees from his/her NRE, NRO bank account in India. The NRI investor may also send a rupee cheque/draft issued by an exchange house abroad drawn on its correspondent bank in India. However, for an NRI to invest it is mandatory that he/she maintains a bank account in India.
  
  Documents to be attached :
  If an NRI investor invests in Reliance Mutual Fund Schemes through Rupee draft/Bankers cheque, then any of the following documents should be attached along with the Application Form :
  • A Foreign Inward Remittance Certificate (FIRC) or
  • Confirmation letter issued by the bank confirming the source of funds
    and
  • A photocopy of the Rupee draft/Bankers cheque
  When the investment is made by an Rupee cheque issued out of a NRE/NRO bank account in India, a photocopy of the NRE/NRO cheque should be attached along with the Application Form. Post-dated Rupee cheque will not be accepted. Please ensure that the cheques are correctly dated at the time of submission of the application forms.
  
  
• How can an NRI carry out transactions like making an additional purchase/redemption/switching?
  
  
  • Method - 1 Conventional
    Once an account is opened, the NRI investor may transact by filling up the Common Transaction Form or by simply filling the details in the transaction slip attached to the statement of the account or transaction slip downloaded from the website and mailing the same to any of the official points (As mentioned in the application form which may change from time to time) of acceptance of transactions, along with the cheque or the bank draft in case of an additional purchase.
  • Method – 2 Online
    In case the investor has an I-pin, he/she may make an additional purchase/redeem/switch online at www.reliancemutual.com
    
    
• What address should be mentioned on the application form? Can an NRI mention a local address for all communication?
  
  The application form of Reliance Mutual Fund has a provision for local address, but the NRI/FII Overseas Address is mandatory. If the local address is also provided, in such cases, the Indian address is registered for the purpose of contact and the foreign as an alternative address. The Statement of Account will reflect the Indian address and the communication will be sent to this address only. However, if the investor wants the foreign address for the purpose of communication, the same can be registered accordingly.
  
  
• Can an NRI investor get the Statement of Account and other communication by email?
  
  Yes. One can get the following communication by email :
  • Statement of Account or
  • Quarterly Newsletter & Annual Report
  • Communication on change of address, bank, etc
  The NRI investors need to provide their email ids and subscribe for the above at the time of investing by selecting the relevant columns in the application form/common transaction form.
  
  
  
• What is the mode of payment for Repatriation and Non-Repatriation Basis?
  
  NRIs/ PIOs can invest in units of the schemes on a fully repatriable basis or on a non-repatriable basis where the principal is non-repatriable but the income distributions are repatriable.
  • Repatriable Basis : Payments for the purchase of the units may be made by way of Indian rupee drafts purchased abroad or by way of cheques drawn on the NRE/FCNR account of the investor, payable at the city where the application form is accepted by any of the Reliance MF official points of acceptance of transactions. In case of DDs from FCNR, a Foreign Inward Remittance Certificate (FIRC) from the bankers is necessary, confirming that funds are from FCNR account and are repatriable.
  • Non-Repatriable Basis : Payments for the purchase of the units may be made by way of Indian rupee drafts purchased abroad, or by way of cheque/DDs drawn on the NRE/NRO account of the investor, payable at the city where the application form is accepted by any of the RMF official points of acceptance of transactions.
  • FII Investors : FIIs may pay for their subscription amounts by way of Indian rupee drafts purchased abroad or out of the funds held in their Foreign Currency account or Non-Resident Rupee account maintained in a designated branch of an authorized dealer. The Rupee drafts/cheque should be made payable at a city where the application is accepted by any of the RMF official points of acceptance of transactions.
  
  
• The cheque or the DD should be payable or drawn on which location?
  
  The cheque/DD should be payable or drawn on the location where the application is submitted and accepted i.e. at the official points of acceptance of transactions of Reliance Mutual Fund.
  
  
• Will Reliance MF accept an NRI application with an overseas bank account detail?
  
  No. Overseas bank account details are not accepted as the payment is in Indian rupees by way of cheque/direct credits.
  
  
• After an application for investment when will the units be allotted to the NRI?
  
  If an application is received at the offical point of acceptance before the specified cut-off time on any business day, the allotment of units at the NAV of the business day shall be applicable, with adjustments for any entry load, if any, as per the provisions of the Offer Document of the relevant scheme. All applications received after the prescribed time will be treated as having been received on the next business day and the units shall be allotted accordingly. In case of liquid schemes, allotment will be based on utilization of funds.
  
  
• Is there any load charged on switching?
  
  A switch has the effect of redemption (based on the redemption price on the business day of acceptance of switching request) from one scheme/plan/option and the net proceeds will be invested in the other scheme(s) at the prevailing Purchase Price for units as purchase in the other scheme/plan/option to which the switching has been done. However, the differential applicable Entry Load will be payable. (The entry load, of the scheme into which the investor is switching in to will be reduced by Entry and/or Exit Load already paid by the investor in the scheme he/she is switching out from as per the provisions in the Offer Documents of the relevant/respective schemes.)
  
  
• How does an NRI investor redeem his/her funds?
  
  In order to redeem funds the investor needs to submit the redemption request in original at the nearest official point of acceptance of transactions. All the redemption request forms must contain the investor’s folio number, the amount/name of the schemes/unit he/she would like to redeem and should be duly signed by the unit holders on record or their Power Of Attorney (POA) holders. Redemption requests that lack valid signatures will not be accepted. In case the investor has an I-pin, he/she may request for redemption online by logging on to www.reliancemutual.com
  
  
• How will the redemption proceeds be paid?
  
  Redemption proceeds will be paid by a payable at par cheque and payments will be made in favour of the first unitholder and the bank account number shall be mentioned on the cheque as well. Direct credit facility is provided if the investor holds a bank account with any of the authorised banks. Redemption proceeds and/or income distribution (if any) will be payable in Indian rupees only. The scheme will not be liable for any loss on account of exchange fluctuations, while converting the rupee amount to any other currency.
  
  
• Is the Income/Dividend on mutual fund units repatriable?
  
  The entire income/dividend received on investment will qualify for full repatriation provided the member continues to be a Non-Resident Indian in terms of [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000]
  
  
• Does Reliance Mutual Fund currently do a transfer to the overseas account?
  
  No. Investors need to contact their authorized dealers/banks for the same.
  
  
• Can a Power of Attorney (POA) holder invest on behalf of the NRI investor?
  
  Yes. In a mutual fund the POA holder has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as request for redeeming units from the account.
  While applying for purchase of units the POA holder needs to submit the original POA or an attested copy duly notarized. The POA should contain the signature of both the NRI investor and the POA holder. Only then the POA is registered and the POA holder has the right to transact on behalf of the NRI investor. The POA holder’s signature will be verified before and for processing any transaction/request.
  Attestation of the photocopy of the POA can be done by :
  • The Notary himself or
  • The Branch Manager of the bank where the NRI has his NRE/NRO Bank account. The name and the designation/code of the Bank Manager should be clearly mentioned.
  • The Branch Manager of Reliance Mutual Fund post verification with the original.
  POA should contain a clause empowering the POA holder to invest in securities on behalf of the NRI. Please note that a POA holder cannot nominate on behalf of the NRI.
  
  
• Is nomination by NRIs allowed in the schemes of Reliance Mutual Fund (RMF)?
  
  Yes.
  
  
• Can a resident Indian have an NRI as nominee?
  
  Yes. An NRI can be a nominee subject to the RBI Exchange Control Regulations from time to time.
  
  
• Can an NRI have a joint account in a scheme of Reliance Mutual Fund with a resident Indian?
  
  Yes. An NRI investor can have a joint holding with a Resident Indian or a Non-Resident Indian in a scheme of Reliance Mutual Fund.
  
  
• How does an NRI get updated on the performance of the schemes?
  
  The NRI investor can log on to www.reliancemutual.com and receive all the information on performance, portfolio, and returns of all schemes of Reliance Mutual Fund. Investors can receive daily NAVs of the schemes of Reliance Mutual Fund through email by subscribing to the facility on the website. Apart from the website the investor can also gather information as well as comparison with other mutual fund schemes on some of the financial websites. Apart from these, the AMC sends the fact sheet (Fundamentals) on a regular basis, which contains details like portfolio and performance for a given period.
  
  

About us