At present, we're afraid that no new NRIs can open an account with Niyo Money anymore.
As per the latest regulations by SEBI, the registration processes for NRIs is slightly different (and more complicated). Unfortunately, we do not have the operational infrastructure to be able to onboard NRI investors with us anymore (existing NRI investors can continue using our platform).
For NRIs based out of the US or Canada, it was complicated even to begin with, and thus we never had the option for US/Canada based NRIs to invest with us.
Not all the Mutual Funds in India allow US/Canada-based NRIs to invest online at present (some accept offline investments through paper-based applications). This is due to certain compliance issues relating to a US tax law called FATCA (Foreign Account Tax Compliance Act). There are limited MF companies allowing online investments at present. Here's the list (as of Feb 11th, 2020):
L&T India Mutual Fund
UTI Mutual Fund
Sundaram Mutual Fund
Nippon India Mutual Fund
Parag Parikh (PPFAS) Mutual Fund
You may be required to furnish some extra documentation while investing as a US/Canada-based NRI.
These MF companies accept offline investments from US/Canada based NRIs:
ICICI Prudential Mutual Fund
Aditya Birla Mutual Fund
SBI Mutual Fund
Tata Mutual Fund
You may need to courier the forms along with a cheque to these fund houses to make the investments. The new KYC rules are even more stringent, wherein if NRIs are not already KYC compliant, then they have to be physically present in India to get their KYC done.
It's because of such limitations and operational difficulties that we did not (and cannot)accept investments from NRIs based out of the US or Canada.