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HUF accounts

What is FATCA?

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The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including US persons who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Government Of India (GOI) has signed a Model 1 Inter-Governmental Agreement (IGA) with USA on July 9, 2015 which necessitates financial institutions in India to comply with FATCA.

What is FATCA and how to fill the form online?

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The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including US persons who live outside the United States, to report their financial accounts held outside of the United States and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Government Of India (GOI) has signed a Model 1 Inter-Governmental Agreement (IGA) with US on July 9, 2015 which necessitates financial institutions in India to comply with FATCA.

As per Foreign Account Tax Compliance Act (FATCA) & Common Reporting Standards (CRS) under the Central Board of Direct Taxes (CBDT) rules, it is mandatory to submit the FATCA/ CRS details with the bank.

In case of multiple holders in the single account, multiple declarations need to be taken. It is mandatory to select the account holder type in the FATCA/ CRS declaration i.e. primary, joint, mandate. Separate declaration to be filled up for the mandate holder also.

In case of minor accounts, the declaration is to be filled up by the guardian with details of the guardian. FATCA/ CRS declaration is not mandatory for minor.

We request you to submit FATCA/ CRS confirmation through Internet Banking.

Please login to your Internet Banking with your User ID and Password > Customer Service > Service Requests >  Bank Accounts > FATCA/ CRS Confirmation.

For more details, you may also click here
 

How can I purchase Mutual Funds if I do not have Internet Banking access?

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You need to contact your Relationship Manager or visit your nearest ICICI Bank Wealth Management branch and submit the physical request for doing transactions through Common Transaction Form (CTF).

What are the documents required for registering an HUF account?

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  • Self-attested PAN copy of HUF and KARTA
  • Copy of CVL KYC of HUF and KARTA

What is the process for registering my HUF account?

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You can contact your Relationship Manager or nearest wealth branch and submit details in invest@ease registration form, along with the required documents.

If I have multiple Savings Accounts linked in Internet Banking, but only my HUF account is registered for Invest@ease, can I debit any of my linked accounts for a transaction?

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Yes, if you have multiple Savings Accounts linked in your Internet Banking login, you can select any account to debit funds towards your investments, inspite of having only HUF account registered for Invest@ease. However, investments will be linked only to the registered account and any redemption / dividend proceeds received will be credited back to the registered account only.

Can I use nomination facility in the HUF account?

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No. For entities, the nomination facility in Mutual Funds cannot be provided as per the regulatory guidelines.

What is the maximum number of UBOs I can declare?

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The maximum number of UBOs I can declare is 6, since minimum holding percentage should be 15%.

Who will be the authorised signatory for HUF?

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'Karta' will act as authorised signatory for doing transactions.

How can I purchase Mutual Funds through the platform?

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  • Login to www.icicibank.com with your user ID and Password and click on Invest/Insure Online>>Invest Online>>Buy/Sell Mutual Fund
  • You can purchase funds held in your portfolio or search for new funds on the Search screen and execute them through the Investment Cart.
  • You can view the units allotted within 3 business days in your portfolio, based on the processing time of the AMC/Registrar.

What are the pre-conditions for registering my HUF account for mutual fund transactions ?

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The following are the pre-conditions for registering HUF account for mutual fund transactions:

  • Entity should be resident of India only and not of any other country
  • Ultimate Beneficial Owner’s (UBOs) Nationality and Country of Tax Residence should be of India and not of any other country

How can I decide what is the ‘UBO Type’ of UBOs declared?

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You may consult your Chartered Accountant for this.

If I have declared any UBO having ‘Nationality’ and ‘Country of Tax Residence’ other than India, can I be allowed to transact?

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No, if HUF has declared any UBO having ‘Nationality’ or ‘Country of Tax Residence’ other than India, HUF account cannot be allowed to transact.

What does Ultimate Beneficial Owner mean?

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The Beneficial Owner means 'Natural Person', who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest of / entitlements to:

  • More than 25% of shares or capital or profits of the juridical person, where the juridical person is a company;
  • More than 15% of the capital or profits of the juridical person, where the juridical person is a partnership; or
  • More than 15% of the property or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of individuals.

Is it mandatory to fill all the details under FATCA/UBO?

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Yes, as per regulatory guidelines it is mandatory to share FATCA and UBO details with respective AMCs.

Who all need to Sign the invest@ease registration form?

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Form should be duly stamped and signed by Karta and all the Members of HUF.