Which Mutual Funds Restrict US-Based NRIs?

I came across another important distinction: some restrictions apply only to specific schemes rather than the entire mutual fund company.

For example, the Scheme Information Document for Quantum Multi Asset Allocation Fund dated November 27, 2025, excludes US persons and residents of the USA and Canada from investing under its stated eligibility conditions. It also describes an exception for certain transactions by eligible NRIs/PIOs who are physically present in India and submit the required documents.

portal.amfiindia.com+1

So, I would not treat an AMC-level list as a complete list of restricted schemes. Always read the latest Scheme Information Document (SID) and Statement of Additional Information (SAI).

Also, having an NRE account does not automatically make an otherwise ineligible investor eligible. The AMC's country-specific policy still applies.

The investment platform can also be the problem, even when an AMC may accept US-based NRIs under certain conditions.

For example, Zerodha's official support page currently says that NRIs based in the USA or Canada cannot invest in mutual fund schemes through Coin because of operational limitations. This does not necessarily mean that every AMC on the platform rejects US residents.

Zerodha Support Portal

ICICI Direct also states that mutual fund investments are not offered to NRIs based in the USA and Canada through its platform.

ICICI Direct+1

I would therefore confirm both things separately:

1. Does the mutual fund company accept US-based NRI investors?
2. Does the investment platform support transactions for US-based NRIs?

Otherwise, you might complete your KYC and still be unable to place an investment order.

I would suggest checking the AMC's policy rather than relying on a general list of mutual funds for NRIs.

For example, HSBC Asset Management India explicitly excludes US persons and people who have elected to be treated as US tax residents from its NRI investment facility. So, US-based investors should not assume that they can invest in HSBC mutual fund schemes simply because they have an Indian PAN and NRE account.

assetmanagement.hsbc.co.in

Another example is PPFAS Mutual Fund. Its NRI Centre states that US- and Canada-based clients can invest only when physically present in India at the time of the transaction. That is a different restriction from a complete prohibition.

amc.ppfas.com

I would check the latest NRI policy and scheme documents before transferring money. Policies can change, and the conditions may differ between purchases, SIP registrations and redemptions.