PMS & AIF for NRIs — invest in India's growth, compliantly.
Portfolio Management Services and Alternative Investment Funds are open to NRIs — with the right accounts, the right paperwork and a process that is largely digital. Here is how it works, in plain English.
NRE or NRO — where does the money come from?
NRIs invest in PMS and AIF through their NRE or NRO accounts, subject to KYC and FEMA compliance. The choice determines how freely your money can move back out.
NRE — fully repatriable
Funds in a Non-Resident External account came from abroad, and both principal and gains can be repatriated freely. Investing from NRE keeps the door fully open for money to return to your country of residence.
NRO — capped repatriation
A Non-Resident Ordinary account holds India-source income (rent, dividends, sale proceeds). Repatriation is capped at USD 1 million per financial year, with a chartered accountant's certificate (Form 15CA/15CB) for the transfer.
Minimums and accounts you'll need
SEBI-mandated minimum investment for a PMS, per portfolio manager.
SEBI-mandated minimum for an AIF (₹25 lakh for a fund's own employees/directors).
Equity-based PMS typically requires an NRI demat and bank setup (PIS route where applicable); AIFs are pooled and usually need no demat.
DTAA, TRC and the FATCA question
DTAA relief
India's Double Taxation Avoidance Agreements can reduce the tax you pay on Indian income and gains, depending on your country of residence. Category I and II AIFs are generally tax pass-through; PMS gains are taxed in your hands like direct holdings.
TRC + Form 10F
To claim DTAA benefits you submit a Tax Residency Certificate from your country of residence along with Form 10F. Without them, tax is deducted at the standard (higher) domestic rates.
US / Canada (FATCA)
Some managers have additional compliance requirements for US and Canada-based NRIs under FATCA, and a few don't onboard them at all. We help you shortlist managers that do — before you start the paperwork.
Repatriation, in one paragraph
Investments made from an NRE account are fully repatriable — principal and gains. Investments made from an NRO account can be repatriated up to USD 1 million per financial year with a CA certificate. Plan the account you invest from around whether — and when — you want the money back abroad.
Onboarding, step by step
The process is largely digital and typically takes a couple of weeks end-to-end.
- 1
Shortlist strategies
Discover and compare PMS and AIF strategies that accept NRIs from your country of residence — we help you filter.
- 2
KYC as an NRI
Complete NRI KYC with passport, visa/residence proof, overseas address and PAN. FEMA declarations are part of the pack.
- 3
Set up accounts
Open or link your NRE/NRO bank account; for equity PMS, add the NRI demat (and PIS approval where applicable).
- 4
Sign and fund
Execute the manager's agreement or fund documents digitally, then remit the corpus from the chosen account.
- 5
Claim treaty benefits
Submit your TRC and Form 10F so DTAA rates apply, and set the repatriation path that matches your plans.
This page is for information and education only and does not constitute investment, legal or tax advice. PMS and AIF are subject to market risks; minimums, eligibility and tax treatment vary by product, manager and your country of residence. Consult your own tax and legal advisers before investing.
Ready to explore PMS & AIF from abroad?
Book a no-obligation call — we'll map the NRE/NRO, KYC and treaty steps to your situation and shortlist managers that onboard NRIs from your country.