Update Tax Residency Status in KYC & Mutual Funds – Step-by-Step Guide

Tax Status Change

Step 1: Update Tax Status in KYC Records

Why this step is required

      1. As per SEBI and KRA guidelines, the KYC record is the primary source of an investor’s tax residency and identification.

      2. Mutual Funds rely on KRA data (linked to PAN) to verify an investor’s tax status for FATCA and CRS compliance.

      3. Hence, before informing individual AMCs, the KYC record must first reflect the correct tax status.

Step 1.A) Fill KYC Details Change Form                                           

Use the ‘KYC Form’ (available on all KRA and AMC websites).

      1. Mention your new tax status

      2. Update current address, contact details, and other required FATCA/CRS details

      3. Sign and date the form

Step 1.B) Attach Supporting Documents

The documents depend on the type of tax status change:

Resident Individual → NRI

 


- PAN copy

- Overseas address proof (bank statement, utility bill, or foreign ID/passport showing overseas address)

- Indian address proof

- Copy of Passport

- Visa / OCI / PIO Card copy

- Overseas bank account proof (cancelled cheque or statement)

 

NRI → Resident Individual


- PAN copy

- Indian address proof (Aadhaar, Passport, Driving Licence)

- Cancelled cheque of resident bank account

 

Step 1.C) Submit to KRA

​You can submit the filled KYC Details Change Form + Documents at the respective KRA website

Step 1.D) KYC Validation

After submission:

      1. The KYC will be verified and validated by the KRA.

      2. You’ll receive an email/SMS confirmation when your new tax status is updated.

      3. Status usually updates within 5–7 working days.

Step 2: Update Tax Status in Mutual Fund Folios

Once your KYC is updated, the next step is to inform each AMC or RTA (CAMS/KFintech) about the new tax status.

Ways to update with AMCs

      1. Submit a ‘Change of Tax Status / Change in Status Form’ to each AMC or its RTA branch.

      2. Attach:
            a) Copy of updated KYC acknowledgement
            b) PAN copy
            c) Relevant proofs (same as submitted to KRA)
            d) Bank details (if account type changes, e.g. NRE/NRO/resident account)

Some AMCs may accept this online via their investor portal or by email (with self-attested documents), but most require physical verification for Resident ↔ NRI cases.

Step 3: Verify and Confirm

Once processed:

      1. Check your mutual fund statements after 7–10 working days.

      2. Confirm that the tax status, bank details, and communication address reflect correctly.

 


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