Investment avenues in India for risk averse NRIs
Oct 13, 2012


With galore of investment products available and rampant financial innovation, many NRIs are often left to wonder as to which investment avenue, is the most suitable. Although there's information galore on where one can invest in this world of financial exuberance, the real question is, are you attaining wisdom to manage your hard earned money.

"Never mistake knowledge for wisdom. One helps you make a living; the other helps you make a life."
- Sandra Carey


So well said by a renowned psychologist in the US.

In the domain of providing financial services and advisory too, the situation is no different. There are host of websites hogging to provide information. And while many of you NRIs do consider that as a valuable service you need to ponder upon whether it is really adding to your wisdom in managing your hard earned money, or is it pure "information overload".

Let's apprise you that investing is a serious business and you ought to allocate your assets in a systematic manner taking into account your appetite for risk. While there are systemic risks (such as political turmoil, economic instability, natural calamities) which NRIs cannot avoid, the non-systemic risk are in your hands. While investing your hard earned money even in India; although it is certainly an attractive investment destination (due to reasons cited in our earlier series of mails to you), it is important for you to recognise your risk profile taking into account the following:

  • Age
  • Income
  • Expenses
  • Existing liabilities
  • Nearness to financial goal (in case if planned for and investing for a said purpose)

And if you refrain from doing so, you are merely investing on an ad-hoc basis, which need not always lead you to the path of wealth creation.

In this article we aim to guide our NRI friends who are averse to risk while investing - i.e. whose appetite for risk is low.

It is noteworthy that, there's a plethora of debt investment products, which suit the risk profile of such NRIs, but while investing it is imperative for you to be clear whether you would like to invest on a repatriation basis or a non-repatriation basis, since this will help you choose the right investment instrument. Dated Government securities (other than bearer securities), treasury bills, bonds issued by Public Sector Undertakings (PSUs) in India, units of domestic debt mutual funds; are all available on a repatriation as well as non-repatriation basis. But, units of money market mutual funds in India and National Plans / Savings Certificates (NSC) are strictly allowed to be held on a non-repatriation basis.

Moreover, when you invest it is important for you to be certain about your investment horizon. To simply put, be sure whether you want to park in your hard earned money to meet your short-term needs or invest for the long-term. In case if want to park in your money to meet your short-term obligations you have the following options available.

  1. Savings Account:

    Primarily, as NRIs you can't open a normal savings account which is otherwise available for resident Indians. Thus that leaves you with the option of opening either a NRO (Non-Resident Ordinary) Savings Account or a NRE Savings (Non-Resident External Rupee) Account, depending on your repatriation requirements.

    • NRO (Non-Resident Ordinary) Account: This account operates like a normal savings bank account maintained for crediting legitimate dues / earnings / incomes, such as dividends, interest etc. You can hold this account jointly with residents and / or with non-resident Indian, and nomination facility too is available. Banks are free to determine the interest rates to be offered on such accounts and at present the rates offered by most banks in India on such an account is 4% p.a.

      This account needs to be denominated in Indian Rupees, and enables one to send remittances or transfer funds from your NRE / FCNR account held in other banks in India. However, unlike an NRE account repatriation done through this account should be reported to RBI by filling up prescribed forms. Also, from a taxation perspective, the interest earned on this account is liable to income tax.

    • NRE (Non-Resident External Rupee) Account: In case if you are looking for easy convenience of repatriation and have a short-term investment horizon, opening a NRE saving account would be a wise thing to do. This is a rupee denominated account.

      You can either open this account by yourself (as non-residents) or through a holder of the power of attorney. However, it is noteworthy that as per the FEMA notification (dated May 3, 2000), only close "resident" relatives are allowed to open such an account (vide a power of attorney) on "former or survivor" basis.

      Like in case of a NRO savings bank account, this account too permits you to credits such as legitimate dues / earnings / incomes, such as dividends, interest etc, transfer funds from other NRE / FCNR accounts and also defray for expenses, transfer to other NRE / FCNR accounts of persons (eligible to open such accounts), remit money outside India and invest in securities.

      As far as the interest rates are concerned, banks are free to determine the interest rates. At present the interest rates offered by most banks in India is 4% p.a.

      In case if you want to avail a loan as NRIs, the same can be extended to you against security of funds held in this account, but subject to a maximum limit of Rs 1 lakh.

      As far as the tax treatment of the interest earned on this account is concerned, it is totally exempt from income tax and the credit balance in the account does not attract any wealth tax either.

  2. Liquid funds or liquid plus funds:

    To park in your hard earned money with a very short-term investment horizon, you could also invest in liquid or liquid plus funds. These are debt mutual fund products, which invest in short-term maturity debt papers, thereby intending to provide easy liquidity to investors. Liquid funds mainly invest in very short term money market instruments with maturity upto 90 days, while the portfolio of liquid plus funds comprises of a mix of certificate of deposits, commercial paper, call money and other money market instrument with slightly higher maturity than the instruments held in liquid funds.

    Thus amongst the two funds mentioned above, liquid funds would expose you to very low risk, while liquid plus funds would expose you to some amount of interest rates risk in the interim due to relatively long maturity papers. However, both these products could offer you better returns as against parking your money in the aforementioned savings bank account, but you ought to be careful of the interest rate scenario you are in.

    Report card - Fund performance of Liquid and Liquid Plus funds
      2 Week (%) 1 Month (%) 3 Months (%) 1 Year (%) Risk* (%) Risk-Adjusted Return**
    Performance of Liquid Funds
    Tata Liquidity Mgmt (G) 0.34 0.76 2.39 9.96 0.04 2.54
    Baroda Pioneer Liquid-Reg (G) 0.35 0.79 2.43 9.89 0.01 8.60
    Principal Cash Management Fund (G) 0.36 0.76 2.43 9.82 0.01 11.12
    HDFC Cash Mgmt-Savings (G) 0.35 0.80 2.39 9.81 0.02 5.55
    JM High Liquidity-Reg (G) 0.35 0.75 2.38 9.71 0.01 11.63
    Performance of Liquid Plus Funds
    JM Money Mgr-Super (G) 0.36 0.80 2.57 10.40 0.02 6.84
    Baroda Pioneer Treasury Adv-Reg (G) 0.38 0.85 2.55 10.20 0.03 4.47
    NAV data as on July 23, 2012. Returns upto 1 year are expressed in absolute terms.
    *Risk is measured by Standard Deviation and **Risk-Adjusted Return is measured by Sharpe Ratio. They are calculated over 1-Yr period assuming a risk-free rate of 3.67% p.a.
    (Source: ACE MF, PersonalFN Research)

    Also, in case if you are opting for the dividend option in the aforementioned funds, you ought to be aware that the dividend which you receive (although tax-free for you) will be subject to Dividend Distribution Tax (DDT) which is as under (paid by the mutual fund scheme):


      Dividend Distribution Tax - Liquid / Money Market Funds Dividend Distribution Tax - Liquid Plus (i.e. Ultra Short-term Fund)
      2012-13 2012-13
    NRIs 27.0375%
    (25% + 5% surcharge + 3% education cess)
    13.5188%
    (12.50% + 5% surcharge + 3% education cess)
    (Source: PersonalFN Research)

    Likewise in case if you have made any short-term capital gains the same would be liable to the payment of Short Term Capital Gains (STCG) tax as per the income tax slab structure, but subject to maximum of 30%.

    It is noteworthy that, in case if you are an NRI residing in the U.S. or Canada you would be precluded from investing in these funds due to the restriction imposed by the U.S. Securities Exchange Commission.

  3. Floating Rate Funds:

    For period of 1 year you could also consider investing your money into floating rate funds. It is noteworthy that these are funds which offer adjustable returns in line with the interest rate movement. But it is noteworthy that, it is prudent to invest in FRFs in a rising interest rate scenario, than in a scenario where interest rates are expected to start move downwards. Thus going by that logic, and taking into account that interest rates are likely to descend in the next few months, we think that it would be prudent for you not to invest your hard earned money in FRFs. But since short-term (ST) FRFs have least interest rate volatility you could invest for tenure of upto 6 months in short-term FRFs.

    Report card - Fund performance of ST FRFs funds
    Scheme Name 2 Week (%) 1 Month (%) 3 Months (%) 1 Year (%) Risk* (%) Risk-Adjusted Return**
    Canara Robeco FRF (G) 0.34 0.81 2.50 10.16 0.02 5.45
    SBI Magnum Income FRP-Saving Plus Bond (G) 0.36 0.80 2.46 10.13 0.03 4.18
    Principal Debt Opp Fund-Conservative Plan (G) 0.35 0.85 2.50 10.02 0.02 5.09
    Kotak Floater-ST (G) 0.36 0.80 2.43 9.89 0.01 8.76
    L&T FRF (G) 0.35 0.79 2.40 9.81 0.02 7.01
    NAV data as on July 23, 2012. Returns upto 1 year are expressed in absolute terms.
    *Risk is measured by Standard Deviation and **Risk-Adjusted Return is measured by Sharpe Ratio.
    They are calculated over 1-Yr period assuming a risk-free rate of 3.67% p.a.
    (Source: ACE MF, PersonalFN Research)

  4. Treasury Bills:

    As NRIs you can also directly buy Treasury Bills (T-bills), for parking your hard earned money for the short-term - i.e. for period of upto 1 year. The Central Government issues these T-bills against the short-term borrowing requirements with maturities ranging between 1-month to 364 days. Thus they are short-term Government of India (GoI) securities, which are available for a minimum investment amount of Rs 25,000 (and in multiples of Rs 25,000 thereafter) - both in the primary as well as secondary market, and can be bought on a repatriation as well as on a non-repatriation basis. Since they are liquid money market instruments they have a zero default risk as they are issued by GoI.

    But in case you do not have the wherewithal to invest in T-bills directly we recommend you to invest into a liquid fund instead, offered by domestic mutual funds as this will also enable you to diversify your portfolio well. However, it is noteworthy that units of money market mutual funds can be bought only on a non-repatriation basis.

  5. Foreign Currency Non Resident (Bank) Account - FCNR (B) Account (for a term upto 1 year):

    These accounts are in the form of term deposits, and provide you an option to invest from period of 1 year to 5 years. Thus if you are willing to invest your hard earned money for a period of 1 year (i.e. for the short-term) you may consider deploying your hard earned money into this account. This account can be opened by you jointly with a close "resident" relative on a "former or survivor basis", and the close resident relative will be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during your life time. You can maintain this account in any freely convertible currency and all debits / credits permissible in respect of the NRE account are also permissible in FCNR (B) accounts. Moreover, repatriation too in this account is permissible.

    As far as the interest rates offered on FCNR (B) account is concerned, they are stipulated by the Reserve Bank of India (i.e. Department of Banking Operations and Development). At present you can earn an interest rate within the ceiling rate of LIBOR (London Interbank Offer Rate)/Swap rate, plus 125 basis points for the respective currency / corresponding maturities. Moreover, both principal and interest rate earned by you will be exempt from tax.

    Interest rates offered on FCNR(B) Deposit Account of 1Year tenure
    Interest p.a. on FCNR Deposits of 1 year tenure
      Deposits in USD Deposits in Euro Effective Date
    SBI Bank 3.07% 3.19% August 1, 2012
    HDFC Bank 3.07% 3.19% August 1, 2012
    Axis Bank 3.07% 3.19% August 1, 2012
    HSBC Bank 2.33% 2.45% August 1, 2012
    Standard Chartered Bank 3.06% 1.68% August 1, 2012
    (Source: Respective banks' website)

    In case if you want to avail of loan against the security of this account, it is permissible, but subject to a maximum limit of Rs 1 lakh.

  6. Short-term fixed Deposits:

    The NRO and NRE accounts can be maintained by you in the form of fixed deposits as well. Thus for parking your hard earned money for the short-term (i.e. for a period upto 1 year) you could also consider investing in NRO Fixed Deposit account or a NRE Fixed Deposit account depending, whether you want to repatriate the funds at a later stage. As mentioned earlier, in case of NRO account repatriation needs to be reported to RBI by filling up prescribed forms, while for NRE accounts, it is freely repatriable.

    As far as the interest rates offered on NRO and NRE fixed deposit is concerned, banks are free to determine the interest rates to be offered. But for NRE accounts specifically such liberty is given to banks only for fixed deposits of one year and above. Moreover, RBI precludes the banks to offer a higher interest rate than the one offered on comparable domestic rupee deposits. At present the interest rates offered by some popular banks in India are as under, and the current interest rate scenario - where rates are still quite elevated make it conducive for NRIs to invest in such deposits.

    Interest rates offered on NRO and NRE FDs of upto 1-yr tenure
    Interest p.a. on 1 Year Fixed Deposits
      NRE Effective Date NRO Effective Date
    SBI Bank 9.00% August 7, 2012 9.00% June 8, 2012
    HDFC Bank 7.25% August 14, 2012 7.25% May 12, 2012
    Axis Bank 9.25% June 18, 2012 9.25% June 18, 2012
    HSBC Bank 2.82% April 3, 2012 7.00% June 7, 2012
    Standard Chartered Bank 7.75% April 26, 2012 7.75% April 26, 2012
    (Source: Respective banks' website)

    For holding these accounts and nomination facility, the same rules as cited in NRO savings account and NRE savings account apply. Likewise loan facility too can be availed of against the NRO and NRE fixed deposit account subject to the maximum limits as mentioned in case of NRO savings account and NRE savings account.

    Now, for NRIs who want to park their money for the long-term, but are risk averse in nature, the following investment avenues are available:

  1. Non-Convertible Debentures (NCDs):

    As NRIs you are eligible to invest in NCDs (of companies incorporated in India) on repatriation as well as non-repatriation basis, without any maximum limit. Usually NCDs offer tenure of 3 to 5 years, and thus they are suitable to meet your medium to long-term needs. But it is vital to check whether the issuer of NCDs is allowing an "NRI window" for you to invest in.

    NCDs expose their investors with low to moderate risk, for a respective tenure and in return offer you a fixed rate of interest. Such debentures, since they cannot be converted into equity shares of the company are termed as "non-convertible".

    While selecting NCDs, NRIs should prefer the ones which are secured against the assets of the company, have good investible credit ratings offered by rating agencies and pay attention to facets such as company's fundamentals, motive of offering such an NCD, coupon (i.e. interest) rates offered, yield and post-tax returns. As NRIs, the interest income which you earn on NCD is liable to Tax Deduction at Source (TDS). Likewise in case if you have made any gain at the time of sale of these bonds, you would be subject to Long Term Capital Gains Tax (LTCG) at the rate of 20% (if indexation benefit is opted for) or 10% (without opting for the indexation).

  2. Bonds issued by Public Sector Undertakings (PSUs):

    Bonds can also be another investment avenue for NRIs whose appetite for risk is very low. But only bonds having a maturity of over 1 year are eligible for investment. But unlike NCDs, bonds from PSUs can be subscribed by you only on a repatriation basis, without being subject to any maximum limit.

    It is noteworthy that Public Sector Undertakings are those which are owned by the State or Central Government, as 51% of the paid-up share capital of the company is owned by the respective Government. Thus your investment in these bonds would be relatively secured, whereby you may have options from companies in the public centred activities such as energy development and civil engineering. Like NCDs, under bonds too you earn a fixed rate of interest (on a specified date) on the principal amount invested by you. However, the interest earned by you on such bonds is subject to TDS and capital gains tax (in any).

    In case, if you are looking for tax-free interest income from bonds, you could consider "Tax-Free Bonds". But again, you ought to check whether the "NRI window" is available for you to invest. In these bonds, the interest which you earn will not be subject to any TDS, but in case if there is any capital gains arising therefrom, it will be liable to payment of LTCG tax.

  3. Longer horizon debt mutual funds:

    The present interest scenario seems comfortable to look at longer horizon debt mutual funds. But while taking exposure to debt mutual funds, time horizon should be clearly known to make the right investment decision. For NRIs who have a medium-term time horizon of 1 to 2 years, short-term income funds can be considered. It is noteworthy that short-term income fund's portfolio comprises of instruments such as short-term bonds, deposits, NCDs and may also invest in T-bills and Government securities with maturity of less than 3 years. Hence by holding such instruments, these funds emphasise on providing a steady and regular flow of income while dodging interest rate volatility over a period of time. A peculiarity of them is that they are sensitive to interest rates and tend to witness fluctuation typically in the rising interest rate scenario; however the impact of the fluctuation fades out over a period of time. Thus these funds are ideal for parking short term surplus preferably in the falling interest rate scenario. At present we are in a scenario where the interest rates are likely to descend in the next few months, and thus they are ideal for NRIs who are seeking decent income over the aforesaid time frame.

    In case if one has longer investment horizon of say 2 to 5 years, then pure income funds (i.e. long-term income funds) can also be considered. The portfolio of long-term income funds comprises of corporate bonds, debentures and Government Securities with maturity of over 5 years. By virtue of such debt instruments, these funds emphasize on generating attractive returns in the long-term by riding the entire interest rate cycle, while evading interest rate volatility over a period of time. But having said that long-term income funds are highly sensitive to interest rates and thus do witness high volatility typically in the rising interest rate scenario. But as mentioned earlier, in the present interest rate scenario, where interest rates are likely to fall (from near peak levels) in the next few months, NRIs could park their hard earned money in such funds if they have an investment horizon of 2 to 5 years, and provided they are seeking for high income with less capital risk in the aforesaid time frame.

    For NRIs who have an investment horizon over 2 years, dynamic bonds funds (also known as flexi-debt funds) can also do well. It is noteworthy that they are termed as dynamic or flexi-debt funds because their portfolio comprises of short-term as well medium debt papers, taking into account the interest rate scenario. But having said that, these funds too, expose their investor to interest rate volatility, and if the portfolio of such a fund is tilted towards medium to long-term debt papers they are subject to volatility. Thus it becomes imperative to study the portfolio of a dynamic bond fund well before investing. In a interest rate scenario where they are likely to fall, as at present; such funds are ideal for NRIs to invest provided your investment horizon is in the range of 2 to 3 years, and you are seeking high income with less capital risk over the aforesaid time frame.

    Likewise if you wish to take exposure only to Government securities (G-Secs) issued by the central and state Government, G-sec funds is also a good an investment option if NRIs do not want exposure to "credit risk". Typically, G-sec funds include investment instruments such as sovereign rated G-Secs, Treasury Bills (T-Bills), RBI bonds etc. G-Sec funds too are classified as short-term and long-term, wherein the short-term G-Sec funds hold portfolio with a maturity of upto 3 years, while the long-term G-Sec funds have a maturity profile of upto 20 years. In the present interest rate scenario where interest rates are consolidating and likely to ease down in the next few months, such funds can do well for your portfolio. This is because G-Secs will start gaining value as interest rates mellow down further from the present elevated levels.

    From a repatriation point of view, you can hold such longer horizon debt mutual funds on repatriation and / or non-repatriation basis without being restrained to any maximum limit. As far as taxation of such longer horizon debt mutual funds is concerned, in case if you have made any long-term capital gains, NRIs will be liable for the payment of LTCG tax. Likewise, in case if you opted for the dividend option and have received any dividend, while it would be tax-free for you, it will be subject to DDT (to be paid by the mutual fund scheme) at the rate of 13.519%.

  4. Government dated long-term securities:

    NRIs are also allowed to directly purchase Government dated securities on repatriation basis and / or non-repatriation basis, without being restrained to any maximum limit. But we think that instead of handling the herculean task of selecting an appropriate dated G-Sec paper yourself, it would be wise to invest in domestic debt mutual funds as they have a well-qualified research teams who vigorously study interest rate cycles and then accordingly hold appropriate G-Sec papers. Moreover, accessing various Government dated securities via domestic mutual funds would help you to diversify your portfolio well and thereby reduce the risk involved.

    It is noteworthy that if one holds the G-sec papers vide direct investing in them, the interest earned by you would be liable to a TDS, and in case of any long-term capital gains, would attract LTCG tax.

  5. Long-term Fixed Deposits:

    As earlier explained NRIs can maintain their NRO and NRE accounts in the form of fixed deposits. Thus for parking your hard earned money for the long-term - i.e. 1 year and above you could also consider investing in NRO Fixed Deposit account or a NRE Fixed Deposit account depending, whether you want to repatriate the funds at a later stage. In case of NRO Fixed Deposit account repatriation needs to be reported to RBI by filling up prescribed forms, while for NRE accounts, it is freely repatriable.

    As far as the interest rates offered on NRO and NRE fixed deposit is concerned, banks are free to determine the interest rates to be offered. At present the interest rates offered by some popular banks in India are as under, and the current interest rate scenario - where rates are still quite elevated make it conducive for NRIs to invest in such deposits.

    Interest rates offered on long-term NRO and NRE FDs
    Interest p.a. on Long-term Fixed Deposits (with tenure of over 1 Year)
      NRE NR0
      2-Yr 3-Yr 5-Yr Above 5-Yr 2-Yr 3-Yr 5-Yr Above 5-Yr
    SBI Bank 9.00% 9.00% 9.00% 8.75% 9.00% 8.75% 8.75% 8.75%
    HDFC Bank 8.50% 9.25% 9.25% 8.25% 8.50% 9.25% 9.25% 8.25%
    Axis Bank 9.25% 9.25% 9.25% 8.75% 9.25% 9.25% 9.25% 8.75%
    HSBC Bank 8.00% 8.25% - - 8.00% 8.25% - -
    Standard Chartered Bank 7.75% 7.75% 7.75% - 7.75% 7.75% 7.75% -

    Banks Effective dates:
    SBI Bank For NRE: Aug 7, 2012 for all periods mentioned above
    For NRO: 7/1/2012 for all periods mentioned above
    HDFC Bank For NRE: Aug 14, 2012 for all periods mentioned above
    For NRO: For 2 Yrs: Aug 13, 2011, 3 Yrs: Feb 2, 2012, 5 Yrs: Feb 2, 2012 and Above 5 Yrs: Dec 10, 2010
    Axis Bank For NRE: June 18, 2012 for all periods mentioned above
    For NRO: June 18, 2012 for all periods mentioned above
    HSBC Bank For NRE: April 03, 2012 for all periods mentioned above
    For NRO: June 07, 2012 for all periods mentioned above
    Standard Chartered Bank For NRE: April 26, 2012 for all periods mentioned above
    For NR0: April 26, 2012 for all periods mentioned above
    (Source: Respective banks' website)

    In case of the NRE fixed deposit account, the accrued interest income and balances held by you are exempt from income tax and wealth tax. However, in case if you hold a NRO fixed deposit, the interest earned by you would liable to a TDS at the rate of 30.90% (30% tax rate + 3% education cess).

  6. Long-term FCNR (B) Account:

    As learnt earlier, FCNR (B) Account are in the form of term deposits, and provide you an option to invest from period of 1 year to 5 years. Thus if you want to park in your money for the long-term i.e. over a period of 1 year, you could consider investing in these term deposits. As far as the rules for opening the account and repatriation is concerned, they remain the same as seen above in case of FCNR (B) Account for a term upto 1 year. You can maintain this account in any freely convertible currency and all debits / credits permissible in respect of the NRE account are also permissible in FCNR (B) account.

    For longer tenure FCNR (B) account too, the interest rates are stipulated by the Reserve Bank of India (i.e. Department of Banking Operations and Development), and at present the interest rates offered for a period over 1 year is as under:

    Interest rates offered on long-term FCNR (B) Accounts
    Interest p.a. on long-term FNCR Deposits (with tenure over 1 Year)
      Deposits in USD Deposits in Euro Effective Date for all tenures
    2-Yr 3-Yr 5-Yr 2-Yr 3-Yr 5-Yr
    SBI Bank 2.55% 3.63% 3.97% 2.88% 3.98% 4.34% August 1, 2012
    HDFC Bank 2.55% 3.63% 3.97% 2.88% 3.98% 4.34% August 1, 2012
    Axis Bank 2.55% 3.63% 3.97% 2.88% 3.98% 4.28% August 1, 2012
    HSBC Bank 1.82% 1.92% - 2.16% - - August 1, 2012
    Standard Chartered Bank 0.55% 0.65% - 0.90% - - August 1, 2012
    (Source: Respective banks' website)

    It is noteworthy that, both principal and interest rate earned by you will be exempt from tax.

    Apart from the aforementioned debt instruments, in case if prior to being termed as an NRI, i.e. as a resident who subsequently became an NRI, you have invested in the following investment products, the same can be held by you until maturity, but strictly on a non-repatriation basis.

    Hence there are options galore for risk averse NRIs, but enough prudence needs to be adopted for you to fit into an investment avenue which suits your requirements of repatriation and investment horizon as well.

    While many of our NRI friends with a high appetite for risk may have found this mundane as they hold penchant for risky products; in our view from asset allocation point of view - that is while building your debt portfolio with fixed income products in India, the aforementioned article can be treasured. In our ensuing series of articles for NRIs we will cover about investment avenues for risk taking abilities, but until then wish you all Happy Investing!!


This NRI article has been authored by PersonalFN, exclusively for Quantum Mutual Fund. PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Statutory Details, Disclaimers and Risk Factors:
This note / article is for information purposes and Quantum Information Services Pvt. Limited (PersonalFN) is not providing any professional / investment advice through it. The facts mentioned in the note are believed to be true and from a reliable public source. The Service should not be construed to be an advertisement for solicitation for buying or selling of any scheme / financial product. PersonalFN disclaims warrants of any kind, whether express or implied, as to any matter/content contained in this note, including without limitation the implied warranties of merchantability and fitness for a particular purpose. PersonalFN and its subsidiaries / affiliates / sponsors / trustee or their officers, employees, personnel, directors will not be responsible for any direct/indirect loss or liability incurred by the user as a consequence of his or any other person on his behalf taking any investment decisions based on the contents of this note. Use of this note is at the user's own risk. The user must make his own investment decisions based on his specific investment objective and financial position and using such independent advisors as he believes necessary. PersonalFN does not warrant completeness or accuracy of any information published in this note. This note is for your personal use and you shall not resell, copy, or redistribute this note, or use it for any commercial purpose.



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