NRI and GIFT City desk
Invest into India without the guesswork
Zenith Wealth already services NRI families in the Gulf, Singapore, the UK and North America, so the account mechanics, the paperwork and the reporting are routine here rather than an exception.
Everything runs on licensed rails: AMFI-registered distribution in India, and GIFT City access through an IFSCA-registered entity.
- Accounts
- NRE / NRO
- Repatriation
- Up to USD 1 mn/yr
- GIFT City
- 35 USD funds
- Treaty
- DTAA-aware
Start here
NRE, NRO, FCNR: which account do you need?
An NRE account holds income earned abroad, is fully repatriable, and its interest is exempt from Indian income tax. An NRO account holds income earned in India, is repatriable up to a yearly limit, and its interest is taxable. FCNR(B) holds a foreign-currency deposit, so the rupee does not sit in between.
| NRE | NRO | FCNR(B) | |
|---|---|---|---|
| What it holds | Income earned outside India, converted to rupees on credit. | Income arising in India: rent, dividends, pension, sale proceeds of Indian assets. | A term deposit held in the foreign currency itself, with no rupee conversion. |
| Repatriable | Yes, principal and interest, without a cap. | Up to USD 1 million per financial year, with Form 15CA and a chartered accountant's Form 15CB. | Yes, principal and interest, in the deposit currency. |
| How interest is taxed in India | Exempt from Indian income tax while you hold non-resident status. | Taxable, with TDS deducted at source. Treaty relief may apply where a DTAA covers your country of residence. | Exempt from Indian income tax while you hold non-resident status. |
| Currency risk sits with | You, from the moment of credit, because the balance is in rupees. | You, for the same reason. The income was already in rupees. | The bank, for the deposit term, since it repays in the same currency. |
| Typically used for | Fresh investing from salary abroad: SIPs, lump sums, insurance premiums. | Recycling Indian income and managing property, plus non-repatriable investing. | Parking foreign currency for a fixed term without taking a rupee view. |
General mechanics rather than tax counsel. Limits and forms follow the rules in force on the date of the transaction, and the bank holding the account applies them.
The routes
What can you invest in from abroad?
Most Indian asset classes are open to NRIs, each with one specific catch: which account funds it, whether a PIS route is needed, and whether your country of residence is excluded. The catch is stated on every card below.
Mutual funds
Funds through NRE or NRO
Equity, hybrid and debt categories on a repatriable (NRE) or non-repatriable (NRO) basis. Selection happens at category level, never as a named scheme list.
The catch: Several AMCs do not accept subscriptions from US and Canada persons, and a few accept them only on paper forms.
Mutual funds›Fixed income
Bonds, NCDs and G-secs
Primary issues and secondary market paper, plus government securities through the retail route, held in an NRI demat account.
The catch: Some issues are offered on a non-repatriable basis only, and each issue's offer document states whether NRIs may apply.
Fixed income›Insurance
Term and health cover
Indian term life for family based in India, and health cover that responds when you are in the country. Premiums payable from NRE or NRO.
The catch: Insurers price by country of residence and may require medicals in India, so timing usually follows a visit home.
Insurance›PMS
Portfolio management
Discretionary mandates run by SEBI-registered portfolio managers, with direct equity held in your own demat account.
The catch: Listed equity purchases need a PIS account with a designated bank branch, opened before the mandate goes live.
PMS›AIF
Alternative funds
Category II and III structures across private credit, long-short and pre-listed strategies, subscribed under a drawdown schedule.
The catch: Minimum commitments are set by regulation, capital is locked for the fund term, and some schemes exclude US and Canada persons.
AIF›Offshore
GIFT City USD funds
USD-denominated funds domiciled in India's international financial centre, investing back into India or across global markets.
The catch: Facilitated through a separate IFSCA-registered entity, and several funds are closed to US and Canada persons.
Read the GIFT City section›
GIFT City, IFSC
What is GIFT City, and why would you use it?
GIFT City is India’s international financial centre, regulated by the IFSCA rather than by SEBI, where funds are denominated in US dollars and treated as offshore for exchange-control purposes. For an NRI it means subscribing in the currency you are paid in, holding a fund that can invest back into India or across global markets, and staying outside the rupee remittance path.
Currency
Subscription, valuation and redemption in USD, so no rupee conversion sits between you and the fund.
Regulator
IFSCA-registered funds and intermediaries, under the IFSCA Fund Management Regulations.
Where it invests
India-focused strategies, feeders into domestic funds, and global mandates, held from a single USD account.
Tax treatment
Governed by the IFSC regime and by any treaty between India and your country of residence. Confirm your own position before subscribing.
Every GIFT City fund available through the desk
This is the complete list of what the desk can place, not a selection from it. Every fund available through our GIFT City partner appears here, in alphabetical order, with no ranking, no shortlist and no view on which is better. Zenith Wealth is a distributor: what suits you depends on your residence, your tax position and what the money is for, and that is a conversation rather than a table.
35 funds as on 30 June 2026, from the offshore report, july 2026 edition.
Direct India funds
Managers running their own Indian portfolio out of GIFT City, buying listed Indian companies directly rather than through a domestic scheme. All are Category III AIFs and all are open ended, with exit loads that taper over the first one to four years.
All 7, listed alphabetically. Minimums from USD 150,000, management fees 1.40% to 2.50%. All are domiciled in the IFSC at GIFT City.
| Fund | Invests in | Strategy | Minimum | Fee | Structure |
|---|---|---|---|---|---|
| 3PIM India Equity (IFSC) Fund | Indian companies directly | Indian equity, flexi cap | USD 1,000,000 | 1.40% | AIF Category 3Open ended |
| Alchemy India Long Term Fund | Indian companies directly | Indian equity, multi cap | USD 150,000 | 2.50% | AIF Category 3Open ended |
| Carnelian India Amritkaal Fund | Indian companies directly | Indian equity, flexi cap | USD 150,000 | 1.50% | AIF Category 3Open ended |
| Motilal Oswal Alternative Investment (IFSC) Trust | Indian companies directly | Indian equity, multi cap | USD 150,000 | 2.50% | AIF Category 3Open ended |
| Nippon India SHARP Equity Fund | Indian companies directly | Indian equity, large and mid cap, long-short | USD 150,000 | 1.85% | AIF Category 3Open ended |
| Renaissance India Growth Fund | Indian companies directly | Indian equity, flexi cap | USD 150,000 | 2.50% | AIF Category 3Open ended |
| ValueQuest India G.I.F.T. Fund | Indian companies directly | Indian equity, multi cap | USD 150,000 | 2.00% | AIF Category 3Open ended |
Feeder funds into domestic strategies
A USD wrapper around a scheme that already exists in India. You subscribe in dollars in GIFT City and the money is invested into the domestic fund named beside it, so what you are really buying is that master fund. Three of these are close ended and run to the fund term.
All 17, listed alphabetically. Minimums from USD 500, management fees 0.50% to 2.50%. All are domiciled in the IFSC at GIFT City.
| Fund | Feeds into | Strategy | Minimum | Fee | Structure |
|---|---|---|---|---|---|
| Arnya Real Estate Gift Fund | Arnya Real Estate Fund, Debt | Real estate debt | USD 150,000 | 2.00% | AIF Category 3Close ended |
| Bandhan India Large and Mid-Cap (IFSC) | Bandhan Large & Mid Cap Fund | Indian equity, large and mid cap | USD 150,000 | 1.50% | AIF Category 3Open ended |
| Bandhan India Small Cap Fund (IFSC) | Bandhan Small Cap Fund | Indian equity, small cap | USD 150,000 | 1.50% | AIF Category 3Open ended |
| HDFC Diversified Equity FOFNot yet open. In NFO period. | HDFC Diversified Equity All Cap Active FOF | Indian equity, all cap | USD 150,000 | 1.35% | AIF Category 3Open ended |
| HDFC India Balanced Advantage Fund | HDFC Balanced Advantage Fund | Hybrid | USD 150,000 | 1.35% | AIF Category 3Open ended |
| HDFC India Flexi Cap Fund | HDFC Flexi Cap Fund | Indian equity, flexi cap | USD 150,000 | 1.35% | AIF Category 3Open ended |
| HDFC India Mid Cap Opportunities Fund | HDFC Mid Cap Opportunities Fund | Indian equity, mid cap | USD 150,000 | 1.35% | AIF Category 3Open ended |
| HDFC India NIFTY 50 Fund | HDFC NIFTY 50 ETF | Indian equity, large cap index | USD 150,000 | 0.60% | AIF Category 3Open ended |
| HDFC India Small Cap Fund | HDFC Small Cap Fund | Indian equity, small cap | USD 150,000 | 1.35% | AIF Category 3Open ended |
| ICICI Prudential Smart partner deck Fund (IFSC) | Multiple ICICI Prudential and other mutual funds | Indian equity, multi cap | USD 150,000 | 1.60% | AIF Category 3Open ended |
| Mirae Asset India Equity Allocation Fund | Domestic Mirae Asset funds | Indian equity, multi cap | USD 150,150 | 1.50% | AIF Category 3Open ended |
| MO Alts. India Credit Excellence Fund I | MO Alts. India Credit Excellence Fund | Private credit | USD 500,000 | 1.85% | AIF Category 3Close ended |
| Motilal Oswal Gift City India Equity Fund of Funds Trust | Motilal Oswal Large & Mid Cap Fund | Indian equity, large and mid cap | USD 150,000 | 2.25% | AIF Category 3Open ended |
| Neo Special Credit Opportunities Fund II | Neo Special Credit Opportunities Fund | Private credit | USD 150,000 | 2.00% | AIF Category 3Close ended |
| Nippon India Large Cap Fund GIFT | Nippon India Large Cap Fund | Indian equity, large cap | USD 151,000 | 0.50% | AIF Category 3Open ended |
| Sundaram Mid Cap Fund GIFT | Sundaram Mid Cap Fund | Indian equity, mid cap | USD 5,000 | 1.50% | Retail schemeOpen ended |
| Tata India Dynamic Equity Fund | Multiple Tata funds | Indian equity, multi cap | USD 500 | 2.50% | Retail schemeOpen ended |
Global funds
Money that leaves India rather than entering it: US, emerging market and global mandates, held from the same USD account. Some are feeders into offshore ETFs and UCITS funds, some are run directly. Three carry a 24-month lock-in.
All 11, listed alphabetically. Minimums from USD 5,000, management fees 0.70% to 1.75%. Domiciled in the IFSC at GIFT City, apart from one whose master fund sits in Luxembourg.
| Fund | Feeds into | Strategy | Minimum | Fee | Structure |
|---|---|---|---|---|---|
| Ashoka WhiteOak Global Emerging Markets Ex-India GIFT Fund | Ashoka WhiteOak EM Equity Ex-India Fund | Emerging market equity, excluding India | USD 150,000 | 1.30% | AIF Category 3Open ended |
| Axis Global Dynamic Income FundMaster fund domiciled in Luxembourg | Schroder ISF Dynamic Income | Global multi-asset income | USD 150,000 | 1.30% | AIF Category 3Open ended |
| Baroda BNP Paribas GIFT US Small Cap Fund | BNP Paribas US Small Cap | US equity, small cap | USD 150,000 | 1.75% | AIF Category 3Open ended |
| DSP Global Equity Fund | Indian companies directly | Global equity, large cap | USD 5,000 | 1.75% | Retail schemeOpen ended |
| Edelweiss Greater China Equity Fund | JPMorgan Funds, Greater China Fund | Greater China equity | USD 10,000 | 1.50% | Retail schemeOpen ended |
| LGT India Global Equity Feeder (IFSC) Fund | iShares MSCI ACWI UCITS ETF | Global equity index | USD 150,000 | 1.00% | AIF Category 3Open ended |
| Marcellus Global Compounder Fund | Marcellus Global Compounder PMS | Global equity, flexi cap | USD 150,000 | 1.75% | AIF Category 3Open ended |
| Mirae Asset Global Allocation Fund | Multiple ETFs | Global multi-asset | USD 151,000 | 1.50% | AIF Category 3Close ended |
| Parag Parikh Global Investing Strategy | Indian companies directly | Global equity, multi cap | USD 75,000 | 1.00% | PMSOpen ended |
| Parag Parikh IFSC Nasdaq 100 FOF | Invesco NASDAQ-100 Swap UCITS ETF Acc | US equity index | USD 5,000 | 0.85% | Retail schemeOpen ended |
| Parag Parikh IFSC S&P 500 FOF | Invesco S&P 500 UCITS ETF Acc | US equity index | USD 5,000 | 0.70% | Retail schemeOpen ended |
No performance figures are shown, on any fund. Minimums, fees and structures are set by each fund's offer document and change between editions of the fund list, so check the current position with the desk before acting on a figure here. Fund names are shown for identification: they belong to their respective managers, and their presence implies no affiliation with, or endorsement of, Zenith Wealth.
Availability restriction
Taxation
How will I be taxed?
India taxes the gain, deducts TDS at source on NRO income and on non-resident redemptions, and then leaves your country of residence to tax or credit the same income under a treaty. What you actually pay depends on where you are resident, so the four mechanics below matter more than any single rate.
TDS on NRO income
Interest, rent and other Indian income credited to an NRO account has tax deducted before it reaches you. Redemptions from Indian mutual funds also carry TDS for non-residents, at the rate applicable to the gain type, so the amount received is net.
DTAA relief
Where India has a double taxation avoidance agreement with your country of residence, the treaty can lower the Indian rate or allow a credit at home. It is claimed with a tax residency certificate and Form 10F, filed before the deduction rather than reclaimed after it.
Capital gains
Equity and debt categories are taxed differently, and the holding period decides whether a gain is short or long term. The rate that applies is the one in force on the date of redemption, so the treatment of a fund bought years ago can change before you sell it.
Filing, in two places
An Indian return is usually needed to reclaim excess TDS. Separately, your country of residence may require the holding itself to be reported: PFIC treatment in the United States, T1135 in Canada, and similar regimes elsewhere. Those obligations depend on where you live, not on where the fund sits.
This section is general information about how the rules work. It is not tax counsel and it is not specific to your circumstances. Rates, thresholds and reporting requirements change, and residents of any country should consult a qualified tax professional in that country before acting. Zenith Wealth is a distributor and does not provide tax or legal opinions.
The process
How does this work day to day?
Onboarding is done entirely from where you live. Nothing on this list needs a trip to India, and each step states what you send and what comes back.
- 01
KYC and documentation from abroad
Passport, visa or residence permit, PAN, overseas address proof and the NRE or NRO account details. Attestation is accepted from the Indian consulate, an authorised bank branch overseas or an in-person verification, whichever is nearest to you.
- 02
Video verification
A short recorded call at a time in your zone, with your original documents held to camera. One call covers the mutual fund, demat and, where needed, the IFSC account opening.
- 03
How money moves
Rupee investments are debited from your NRE or NRO account, so the repatriable status of every holding follows the account that funded it. USD subscriptions to GIFT City funds are wired to the IFSC account and never touch a rupee balance.
- 04
How statements arrive
A consolidated statement by email covering the rupee and USD holdings together. Capital gains and TDS summaries are sent ahead of the Indian filing deadline, in a form your accountant at home can work from.
- 05
Time zones the desk covers
Gulf and Singapore hours fall inside the Indian working day. UK calls run in the Indian evening, and North America is served early morning India time. Slots are offered in your local time rather than ours.
- Gulf, GST
- Singapore, SGT
- UK, BST
- US Pacific, PT
Questions the desk is asked most
Yes. An NRI can invest in Indian mutual funds once KYC is complete and the money comes from an NRE or NRO account. NRE funding keeps the holding repatriable and NRO funding does not. A few AMCs restrict US and Canada persons, which narrows the list rather than closing it.
If the investment was funded from an NRE account, proceeds return to it and can be repatriated without a cap. NRO-funded holdings are repatriable up to USD 1 million per financial year, supported by Form 15CA and a chartered accountant's Form 15CB. The funding account decides this, not the fund.
Yes, in two places. Several Indian AMCs do not accept subscriptions from US and Canada persons because of FATCA reporting, and several GIFT City funds exclude them outright. Indian holdings may also be treated as PFICs on a US return. The desk confirms eligibility before anything is submitted.
Your residential status changes and the accounts follow. NRE and FCNR balances are redesignated to resident accounts, NRO becomes an ordinary account, and folios are updated to resident status with fresh KYC. Holdings are not sold to make the change, but the tax treatment of future income shifts.
Only for buying listed shares on the exchange, including through a PMS mandate. Mutual funds do not need a Portfolio Investment Scheme account. If you already hold shares from your resident years, those sit outside PIS and are reported separately.
It is offshore for exchange-control purposes while sitting inside India geographically. Funds are USD-denominated and IFSCA-regulated, so you subscribe in dollars and stay outside the rupee remittance path, with an Indian regulator and Indian courts behind the structure.
GIFT City products are facilitated through Motilal Oswal Finsec IFSC Ltd, which holds its own IFSCA registrations and is a separate entity from the domestic Motilal Oswal Financial Services Ltd. Your rupee investments run through the domestic entity, and the two sets of registrations do not overlap.
Usually yes, once the folio's address and tax residency details are updated. A move to the United States or Canada is the exception, because some AMCs will stop accepting fresh instalments, and existing units then sit until you redeem or switch.
No. Attested copies plus a video verification from where you live are enough for mutual fund, demat and IFSC accounts. Insurance is the one area where a medical in India is sometimes required, so that step is usually timed around a visit.
Zenith Wealth is an AMFI-registered mutual fund distributor and is paid commission by the manufacturer of the product you hold, disclosed on request for every category. There is no separate fee for the desk and no charge for a first conversation.
Next step
Talk it through with the desk
Bring your situation: where you are resident, which accounts you already hold, and what the money is for. You will get the mechanics that apply to you, and a shortlist of categories suited to it.
Slots are offered across Gulf, Singapore, UK and US time zones, and the first conversation carries no charge.