Yes NRIs, as well as PIOs, can invest in Indian mutual funds provided they adhere to the regulations of the Foreign Exchange Management Act (FEMA). NRIs can invest in mutual funds in India on repatriation as well as a non-repatriation basis. However, there are only a few asset management companies (AMCs) that accept mutual fund applications from NRIs in the USA and Canada. NRIs from these countries can check when investing in Indian mutual funds here

Ease of investing and monitoring.  NRIs can invest in mutual funds and manage their portfolio online from the convenience of their home. NRI mutual fund investors can buy, redeem and switch units of different mutual fund schemes. They can also opt for systematic online transfers from one scheme to another and or withdraw online. You don’t have to issue cheques, DDs, submit physical forms, or be present in India. You will also receive consolidated account statements (CAS) regularly through emails. Mutual fund houses also disclose their portfolio holdings online every month to keep their investors informed.

NRIs can either invest in mutual funds online through direct transactions from their NRE/NRO Accounts or they can get a Power of Attorney (PoA) to invest money on their behalf. A thing to note here is that in case of a PoA, the signatures of both the NRI Investor and the PoA is required to be present on the KYC Documents. 

"There is a set of documents that you must produce in order to invest in mutual funds in India. The following documents are needed for Know your Customer (KYC) of Mutual Funds for NRIs: Passport and PAN Card
Signature Copy
Cancelled Cheque of NRE/NRO Account"

The NRE account can be opened for the purpose of maintaining the income earned outside India with tax free interest (upto 7.60%) on Fixed Deposits. Both the principal amount and interest earned are completely repatriable from India. The NRO account can be opened for the purpose of maintaining the income earned from India such as income from rent, pension, etc. The repatriation of the money in the account can be done up to a maximum of 1 million USD per financial year. Note: 30% tax + surcharge + education cess will be deducted at the source of interest earned in India (only current income such as rent, pension etc. can be repatriated)

Mutual funds involve fees and expenses that investors should consider. Expense ratios cover the fund’s operating costs, including management fees and administrative expenses. Sales loads, if applicable, are charges paid when purchasing or redeeming shares. Transaction fees may apply for certain activities, such as switching between funds or making additional investments.

Mutual Funds investments in India are taxable for NRIs and TDS is the major instrument of taxation NRIs are subject to. NRIs need not pay double taxes. There is a provision called DTAA (Double Taxation Avoidance Treaty). If the DTAA is signed between India and the country of residence of the NRI, the NRI will not be paying double taxes on the same source of income. NRIs will however need to pay differential taxes. (For example: If for a certain investment, taxes are 30% in India and 40% in the USA, NRIs from the USA need to pay the remaining 10% to US.)India has signed DTAA with more than 85+ countries all around the globe including USA, UK, Saudi Arabia and UAE.

Both are not required. However, if you have an Indian address and would like to provide it, it needs to be accompanied by a signed copy of your address proof when you submit your documents to activate your account.

As long as your NRE account is registered with PiNVEST, you can withdraw to it without any extra documents. In some rare situations, some mutual fund companies may ask for a bank statement of the NRE account. We will contact you if this need arises.

"We are required to collect the following information from you:
Names of countries where they pay tax
The tax identification numbers for those countries (A PAN equivalent in those countries)"