NRIs to invest in mutual funds will have to do in rupee. Other currencies other than the rupee are not processed in Indian mutual fund houses. Additionally, NRIs should open NRO Account (Non-Resident Ordinary Rupee Account), or NRE Account (Non-Resident External Rupee Account), or FCNR account (Foreign Currency Non-Resident Account).

For opening an NRI investment account the NRI should submit KYC documents including PAN. Direct debit can be used by NRIs to purchase mutual fund shares. The money will either be taken out of their NRO/NRE account or remitted through standard banking methods.