Best Platforms & Apps to Invest in Mutual Funds (For NRIs)

Last month, Raj called us from Singapore. "Ankur, I've been trying to invest in Indian mutual funds for three weeks. Downloaded four apps, started KYC on two, got rejected on one. I'm lost."

His frustration is common. NRIs face unique challenges-most investment apps designed for Indian residents simply don't work abroad. 

Some reject you during KYC. Others accept your application but freeze your account later.

This guide will save you weeks of trial and error.

Before you proceed, I suggest you read these guides...

1. ​How can NRIs start investing in Mutual Funds​
2. ​Mistakes to avoid when investing in Mutual Funds
3. ​How can NRIs invest in Mutual Funds from Abroad​

The Quick Answer: Top 3 Platforms for Most NRIs

Oh Wait!...Check out Beyond's Mutual Fund Investment Option here.

But your ideal platform depends on where you live, how much you're investing, and what level of hand-holding you need.

Let me break down every option.

Understanding the NRI Investment Landscape

Before comparing platforms, here's what you need to know:

The Core Requirement

You MUST have an NRE or NRO account in India. No exceptions. Mutual funds don't accept foreign currency.

Your platform choice often depends on which bank account you have:

• Integrated platforms: ICICI Direct, HDFC Securities (linked with their banks)
• Independent platforms: Groww, Kuvera, Zerodha (work with any Indian bank)

The US/Canada Problem

If you're a US citizen or resident,~80% of platforms/AMCs won't accept you due to FATCA/CRS compliance costs (applies to both; US citizens/green card holders face stricter IRS reporting). (source)

The KYC Challenge

NRI KYC is more complex than resident KYC. You'll need:

• Valid passport
• Overseas address proof
• NRE/NRO account statements
• PAN card
• FATCA/CRS declaration (depending on your country, mandatory for US/Canada NRIs via Form 61B).

👉 Tip: Complete your KYC during Indian business hours (9 AM – 6 PM IST). Video KYC often fails outside these hours.

Also Read - How NRIs Can Invest in Mutual Funds from Abroad

Detailed Platform Comparison

1. Groww: The Modern Choice

Rating: ⭐⭐⭐⭐⭐ (4.8/5 for NRIs)

Groww has become the go-to platform for younger NRIs. Clean design, zero commission on direct plans, and surprisingly good NRI support.

What Works Well

• Simplest interface: Feels like scrolling Instagram, not managing investments
• Fast KYC: Video KYC completed in 15 minutes (works from UAE, UK, Singapore)
• Direct plans only: No commission drag on your returns
• Low minimums: Start SIPs at ₹100
• Mobile-first: Excellent app experience

What Doesn't

• No US/Canada NRIs: FATCA restrictions mean they don't accept US residents (only select AMCs like UTI, Nippon allow limited access). (source)
• Limited advisory: You're on your own for fund selection
• Basic research tools: Good enough for most, but not comprehensive

Pricing

Perfect for: Tech-savvy NRIs in UAE, UK, Singapore who want a modern, DIY experience.

Real user experience: My client Priya in Dubai completed her entire setup-from account opening to first SIP-in one Saturday afternoon.

Also Read - Comparing Indian Mutual Funds vs UAE Mutual Funds

2. ICICI Direct: The Full-Service Heavyweight

Rating: ⭐⭐⭐⭐ (4.2/5 for NRIs)

ICICI Direct is the classic choice. Part of India's second-largest private bank, it offers everything under one roof.

What Works Well

• 3-in-1 account: Bank + Trading + Demat linked seamlessly
• Strong NRI support: Dedicated helpline and relationship managers
• Research reports: Regular stock and fund recommendations
• Trust factor: ICICI Bank's reputation provides peace of mind
• Wide product range: Mutual funds, stocks, bonds, IPOs, insurance

What Doesn't

• Higher costs: Regular plans available (higher fees than direct)
• Complex interface: Takes time to learn
• Mandatory ICICI account: Must bank with ICICI

Pricing

Perfect for: NRIs who want a full-service experience and don't mind paying for comprehensive support.

Note: ICICI Direct does not accept US/Canada residents for mutual funds.

Also Read -ICICI Bank International Branches

3. Kuvera: The Smart Free Choice

Rating: ⭐⭐⭐⭐⭐ (4.7/5 for NRIs)

Kuvera is 100% free and laser-focused on mutual fund investing. No hidden charges, ever.

What Works Well

• Completely free: No account charges, no transaction fees, nothing
• Goal-based planning: Set goals (retirement, education) and track progress
• Tax harvesting: Automatic tax-loss harvesting to minimize taxes
• Family accounts: Manage investments for parents, spouse, children
• Transparency: See all costs upfront before investing
• Direct plans only: Ensures highest returns

What Doesn't

• NRI KYC can be slow: Takes 7-10 days sometimes
• No stocks/IPOs: Pure mutual fund platform
• Learning curve: Goal tools require some setup time

Pricing

Perfect for: Goal-oriented NRIs who want sophisticated planning tools without paying advisory fees.

Accepts: Most countries except US/Canada.

4. Zerodha Coin: The Discount Broker Option

Rating: ⭐⭐⭐ (3.5/5 for NRIs)

Zerodha is India's largest broker, but their mutual fund offering for NRIs is limited.

What Works Well

• All-in-one ecosystem: Stocks, F\&O, IPOs, mutual funds
• Strong security: Bank-grade encryption
• Zerodha brand: Trusted by millions
• Direct plans: No commissions
• Mutual fund platform available: For NRIs (non-US/Canada residents) via Coin with NRI account; US/Canada NRIs restricted due to technical/FATCA issues (direct AMC workaround still applies). (source: Zeroda)

What Doesn't

• Must invest through AMCs directly: Using your Zerodha demat account
• Complex workaround: Not beginner-friendly
• Higher charges for NRI trading: ₹100-200 per trade for stocks

The Reality

While Zerodha is excellent for resident Indians, their mutual fund platform Coin doesn't work for NRIs. You'd need to invest directly with AMCs while holding a Zerodha demat account-complex and inconvenient.

Verdict for NRIs: Skip Zerodha for mutual funds. Use Groww or Kuvera instead.

5. HDFC Securities: The Conservative Choice

Rating: ⭐⭐⭐⭐ (4.0/5 for NRIs)

Similar to ICICI Direct but backed by India's largest private bank.

What Works Well

• HDFC Bank integration: Seamless if you bank with HDFC
• Dedicated NRI services: Specialized support team
• Advisory services: Regular recommendations
• Reliable platform: Rarely crashes or has downtime

What Doesn't

• Expensive: Higher brokerage and fees
• Old interface: Feels dated compared to Groww
• HDFC account required: Limited if you don't bank with them

Pricing

Perfect for: HDFC Bank customers wanting integrated banking and investment services.

US/Canada NRIs: Check with HDFC-policies vary by AMC.

Also Read -HDFC Bank International Branches

6. Paytm Money: The Emerging Player

Rating: ⭐⭐⭐ (3.8/5 for NRIs)

Paytm Money is aggressively expanding but NRI support is still developing.

What Works Well

• Simple interface: Easy to understand
• Paytm ecosystem: Convenient if you use Paytm
• Direct plans: Zero commission
• Digital gold: Additional investment options

What Doesn't

• Limited NRI focus: Primarily designed for residents
• Patchy international access: Some features don't work from abroad
• Support challenges: Response times can be slow for NRIs

Pricing

• All services free for mutual funds
• Digital gold has small premiums

Status for NRIs: Usable but not optimized. Better options available.

7. INDmoney: The Networth Tracker

Rating: ⭐⭐⭐⭐ (4.1/5 for NRIs)

INDmoney differentiates itself with comprehensive wealth tracking.

What Works Well

• Net worth tracking: Automatically aggregates all investments
• US stocks: Invest in 9,000+ US stocks/ETFs (e.g., Apple, Tesla)
• Goal planning: Good visualization tools
• Free mutual funds: No charges

What Doesn't

• Complex setup: Many features means steeper learning curve
• NRI KYC delays: Can take 2 weeks
• US stocks markup: Currency conversion fees
• Limited FATCA for US NRIs.

Pricing

• Free for Indian mutual funds
• Competitive for US stocks

Perfect for: NRIs wanting to track both Indian and US investments in one place.

Also Read - What Happens to Mutual Funds If You Return to India (RNOR → Resident)

Bank-Based Platforms: The Traditional Route

ICICI Bank NRI Mutual Funds

• Integrated with your NRE/NRO account
• Relationship manager support
• Higher costs but hand-holding included

HDFC Bank NRI Mutual Funds

• Similar to ICICI
• Strong brand reputation
• Best if already banking with HDFC

SBI Mutual Fund

• Largest government bank
• Conservative approach
• Limited digital experience

Also Read -SBI fixed deposit interest rates

DBS Treasures

• Premium banking focus
• Over 200 fund options
• Requires high net worth relationship

Also Read - Types of Mutual Funds

Platform Comparison Table

Special Case: US and Canada Residents

Most platforms reject US/Canada NRIs due to FATCA compliance costs. Your limited options:

Platforms That Accept US NRIs (with restrictions)

1. ICICI Bank direct (through relationship manager, offline only)
2. SBNRI platform (specialized for US NRIs)
3. Direct AMC investment (SBI MF, HDFC MF, ICICI Prudential with additional paperwork)

What You'll Need Extra

• FATCA declaration signed and notarized
• US Tax Identification Number
• Additional compliance documents
• In-person verification in some cases

The Workaround

Some US NRIs invest through Power of Attorney granted to resident Indian family members. Discuss tax implications with a cross-border advisor before doing this.

How to Choose Your Platform: Decision Framework

Step 1: Assess Your Profile

Are you from US/Canada?

• Yes → Limited to specialized platforms (SBNRI, direct AMCs)
• No → All options open

What's your investment knowledge?

• Beginner → Groww or ICICI Direct
• Intermediate → Kuvera or INDmoney
• Advanced → Direct AMC websites for specific funds

Do you want advice?

• Yes → ICICI Direct or HDFC Securities
• No → Groww, Kuvera (DIY platforms)

How much are you investing?

• Under ₹1 lakh monthly → Free platforms essential (Groww, Kuvera)
• ₹1-5 lakhs monthly → Advisory worth considering (ICICI Direct)
• ₹5+ lakhs monthly → Dedicated RM valuable (Bank platforms)

Also Read - Common Mistakes NRIs Make When Investing in Indian Mutual Funds

Step 2: Test the Platform

Before committing, test these:

• Account opening speed: Should complete in 1-2 weeks max
• Customer support response: Send a test query
• App usability: Download and explore without investing
• Fund selection: Check if they offer the funds you want

Step 3: Start Small

Begin with:

• Small SIP (₹1,000-5,000) in one fund
• Monitor for 2-3 months
• Check transaction processing, statements, customer service
• Scale up once comfortable

Setting Up: Step-by-Step

Phase 1: Bank Account (Do This First)

1. Open NRE or NRO account (takes 2-3 weeks)
2. Complete bank KYC with overseas documents
3. Activate internet banking
4. Link debit card for auto-debits

Our recommendation: If choosing a bank, ICICI Bank NRE accounts offer good integration with investment platforms.

Phase 2: Platform Account

1. Download app or visit website
2. Register with phone number and email
3. Upload KYC documents
4. Complete video KYC (keep passport handy)
5. Link your NRE/NRO bank account
6. Wait for verification (3-7 days)

Phase 3: First Investment

1. Browse funds using platform's research tools
2. Start with 1-2 funds maximum
3. Set up SIP with auto-debit
4. Keep first SIP small (₹1,000-5,000)
5. Monitor for 3 months before increasing

Timeline: From starting bank account to first SIP: 4-6 weeks.

Common Platform Issues & Solutions

Issue 1: KYC Rejection

Symptoms: "Your documents couldn't be verified"

Solutions:

• Ensure address proof is recent (within 3 months)
• Use overseas address, not Indian address
• Make sure passport is valid for 6+ months
• Try video KYC during Indian business hours

Issue 2: Bank Linking Fails

Symptoms: "Account verification failed"

Solutions:

• Wait 24 hours after opening bank account
• Activate internet banking first
• Check if account is fully operational
• Contact bank to enable third-party transactions

Issue 3: SIP Mandate Rejected

Symptoms: Auto-debit not setting up

Solutions:

• Ensure sufficient balance
• Check if debit card is international/domestic
• Some banks require one-time password for first mandate
• Try bank transfer instead of auto-debit initially

Issue 4: Transactions Not Processing

Symptoms: Money debited but units not credited

Solutions:

• Wait 3-4 working days (standard processing time)
• Check if KYC is still active (expires periodically)
• Verify bank account is still linked
• Contact customer support after 5 working days

Platform Features That Matter

Must-Have Features

Direct plan access: Saves 0.5-1% annually
SIP with auto-debit: Automated investing
Goal tracking: Keeps you focused
Mobile app: Convenience from abroad
Statement download: Tax filing needs

Nice-to-Have Features

📊 Portfolio analytics: Performance tracking
💰 Tax harvesting: Minimize tax liability
🎯 Fund recommendations: If you want guidance
📈 Performance comparison: Benchmark against indices
👨‍👩‍👧‍👦 Family accounts: Manage for parents/spouse

Features You Don't Need

Advisory in regular plans: Costs you 1% extra
Exotic funds: Stick to simple, proven funds
Too many tools: Can cause analysis paralysis
Insurance bundling: Buy insurance separately

Cost Comparison: What You'll Really Pay

Groww (Example: ₹25,000 monthly SIP)

• Platform fee: ₹0
• Transaction charges: ₹0
• Fund expense ratio: 0.5-1.5% (depends on fund chosen)
• Annual cost on ₹3L investment: ₹1,500-4,500

ICICI Direct (Same scenario)

• Platform fee: ₹0
• AMC: ₹0 (non-PIS)
• Fund expense ratio (direct): 0.5-1.5%
• Annual cost on ₹3L investment: ₹1,500-4,500

HDFC Securities with Advisory

• Platform fee: ₹750 AMC
• Fund expense ratio (regular): 1.5-2.5%
• Advisory included
• Annual cost on ₹3L investment: ₹5,250-8,250

Cost difference over 10 years between direct and regular plans on ₹25L corpus (at 1% fee diff., 12% return): ~₹2.5-3.5 lakhs (compounded). (Source)

👉 Tip: Free platforms with direct plans are almost always better. Advisory is rarely worth the 1% annual cost.

Beyond Mutual Funds: Alternative Options

While choosing a mutual fund platform, consider these alternatives:

GIFT City USD Fixed Deposits

Belong's GIFT City deposits offer:

• Tax-free returns (no TDS)
• USD-denominated (zero currency risk)
• Simpler than mutual funds
• Guaranteed returns

When to choose: If you want zero volatility and tax efficiency, GIFT City FDs beat debt mutual funds.

Direct AMC Websites

You can bypass platforms entirely:

• Go to SBI MF, HDFC MF, ICICI Prudential websites directly
• Invest without platform intermediary
• Slightly more paperwork but full control

Portfolio Management Services (PMS)

For investments above ₹50 lakhs:

• Dedicated fund manager
• Customized portfolio
• Higher returns potential, higher risk
• Higher costs (2-3% annually)

My Recommendation: The Best Setup for Most NRIs

After evaluating all options, here's what I recommend to clients:

For beginners (investment \< ₹5L annually):

• Primary: Groww for simplicity
• Backup: Kuvera for goal tracking
• Start with 2-3 funds
• Set and forget with SIPs

For intermediate investors (₹5-20L annually):

• Primary: Kuvera for free goal-based planning
• Backup: ICICI Direct for research reports
• Build 5-7 fund portfolio
• Review quarterly

For serious investors (₹20L+ annually):

• Primary: Direct AMC websites for specific funds
• Secondary: ICICI Direct for full-service support
• Consider PMS for portion of portfolio
• Professional tax advice essential

For US/Canada residents:

• SBNRI platform or direct AMC investment
• Work with cross-border tax advisor
• Keep detailed records for IRS

Alternate approach: Skip mutual fund complexity entirely. Use GIFT City USD deposits for 80% of your portfolio (tax-free, no currency risk) and Indian equity mutual funds for the remaining 20% growth allocation.

Also Read - Impact of FEMA Rules on NRI Mutual Fund Investments

Taking Action

Ready to start investing? Here's your immediate next step:

This week:

1. Open an NRE or NRO account if you don't have one
2. Gather your KYC documents (passport, address proof, PAN)
3. Download Groww and Kuvera apps to explore

Next week:

1. Complete platform registration
2. Start video KYC process
3. Link your bank account

Within a month:

1. Research 2-3 suitable mutual funds
2. Start with ₹5,000 monthly SIP
3. Set up auto-debit

Need help? Join our WhatsApp community where 2,000+ NRIs share platform experiences and help each other with setup issues.

Want a simpler option? Download Belong's app for tax-efficient GIFT City investments without the mutual fund complexity.

The best platform is the one you'll actually use consistently. Don't overthink it-pick one, start small, and learn as you go.

Your future self will thank you for starting today, not for choosing the "perfect" platform.

Also Read - How to Repatriate Mutual Fund Proceeds to Your Country

Sources:

• SEBI Regulations for Investment Advisors
• AMFI Mutual Fund Statistics
• Platform official websites and disclosures
• User reviews from App Store and Google Play (Sep 2025)

Disclaimer: Platform features and fees subject to change. Verify current offerings before opening accounts. This article doesn't constitute investment advice. Consult qualified advisors for personalized guidance.