This Article was fact checked and last updated for accuracy on October 15, 2025 by Mani Karthik
When I moved back to India in 2017, I faced a peculiar problem.
I had money in my NRE account and wanted to start investing. Simple, right?
Not really. Most investing apps weren’t built for NRIs. The few that accepted us had lengthy paperwork and confusing interfaces.
Fast forward to 2025, things have changed. Apps like ETMoney and Groww promise seamless mutual fund investing. Both claim to be the best.
But here’s what nobody tells you. One of these platforms doesn’t actually support NRIs anymore.
Let me explain.
The Groww Surprise That Caught Everyone Off Guard
Groww is everywhere. You see it on YouTube ads, Instagram stories, and in every WhatsApp group.
Clean interface. Zero commission. Simple onboarding.
But when I checked their latest policies in October 2025, I discovered something shocking. Groww has stopped offering NRI trading and Demat accounts.
According to multiple sources, Groww currently only serves resident Indians.
They still publish educational content for NRIs. But you cannot open an account if you’re a Non Resident Indian.
This is huge. Thousands of NRIs were using Groww until 2024. Then the service quietly shut down for international investors.
If you’re based in the US, UK, UAE, or anywhere outside India, Groww won’t let you invest through their platform.
Tip: Always verify if a platform accepts NRIs before starting your KYC process. Save yourself the hassle.
What About ETMoney for NRIs?
ETMoney, backed by Times Internet, took a different route.
They started supporting NRI investments back in 2017. Right when I returned to India.
The app lets you invest in over 1,000 mutual funds through your NRE or NRO account. Completely paperless. Takes less than 2 minutes for transactions.
I personally used ETMoney for my first few SIPs after moving back. The experience was smooth. No calls from relationship managers. No physical forms.
Just pure digital investing.
“The best investing app is the one that actually lets you invest without jumping through hoops.”
ETMoney supports NRIs from most countries. Including those tricky FATCA compliance nations like the USA and Canada.
But it’s not perfect. The app has changed a lot since 2017.
The Real Comparison: What Actually Matters
Let me break this down with actual data. Not marketing fluff.
| Feature | ETMoney | Groww |
|---|---|---|
| NRI Access | Yes, available for NRIs | No, discontinued for NRIs |
| Mutual Fund Commission | Zero (Direct Plans) | N/A for NRIs |
| Account Opening | Free | N/A for NRIs |
Here’s the reality. If you’re an NRI, you only have one choice between these two: ETMoney.
Groww isn’t even in the running anymore.
But let’s dig deeper into ETMoney’s features. You need to know what you’re getting into.
Inside ETMoney: The Good, The Bad, and The Annoying
ETMoney started as a simple expense tracker. Then it became a mutual fund platform. Now it’s trying to be everything.
You can invest in mutual funds, buy insurance, get loans, check your credit score, and track expenses. All in one app.
Sounds great? Sometimes it is. Sometimes it’s overwhelming.
The good part: You get access to direct mutual fund plans. This means you save about 1 to 1.5% annually compared to regular plans. On a portfolio of ₹10 lakhs, that’s ₹10,000 to ₹15,000 extra in your pocket every year.
ETMoney also offers a feature called “Genius.” It’s their premium advisory service. They analyze your portfolio and suggest changes.
But here’s the catch. The app now shows ads for their paid services. A lot of them.
Recent reviews on Google Play Store show user frustration. People complain about too many advertisements and forced upsells.
One user wrote: “Can’t even view my portfolio without seeing ads for their premium services.”
Tip: Stick to the core mutual fund feature. Don’t get distracted by the bells and whistles unless you specifically need them.
What You Actually Need as an NRI Investor
Let me share what worked for me when I moved back.
I didn’t need fancy portfolio analyzers or AI driven recommendations. I needed three things:
Easy KYC completion from abroad. Ability to link my NRE account. Simple SIP setup without paperwork.
ETMoney delivered on all three. Your mileage may vary based on which country you’re in.
For NRIs in UAE, UK, and Singapore, the process is straightforward. Video KYC works smoothly.
For US based NRIs, there’s an extra layer of FATCA compliance. Most AMCs in India accept US residents, but some don’t. ETMoney shows you which funds are available for your country.
Canada has similar restrictions due to regulatory requirements.
💡 Quick Recap:
✅ ETMoney accepts NRIs
✅ Groww doesn’t (anymore)
✅ Zero commission on direct plans with ETMoney
✅ FATCA compliance handled for US/Canada
Compare this to other investment options available for NRIs in India.
The Money Question: Fees and Charges
ETMoney doesn’t charge you for mutual fund investments. Zero. Nada. Nothing.
They make money through their insurance, loan, and advisory products. But the mutual fund piece is completely free.
This is standard across most platforms now. Zerodha Coin, Kuvera, and Paytm Money all offer zero commission mutual fund investing.
The real cost is in the expense ratio of the funds you choose. That’s built into the NAV. You can’t avoid it.
But you can control it by picking direct plans over regular plans.
Here’s what that looks like over 10 years:
| Investment Type | Annual Expense Ratio | ₹10L Investment (10 years) | Final Value (10% return) |
|---|---|---|---|
| Direct Plan | 0.5% | ₹10,00,000 | ₹24,89,349 |
| Regular Plan | 2.0% | ₹10,00,000 | ₹21,93,428 |
| Difference | 1.5% | Same investment | ₹2,95,921 |
That ₹2.95 lakhs is real money. It compounds every year you stay invested.
This is why I only recommend direct mutual funds for NRIs. No middlemen. No commissions.
What Changed for Groww and Why It Matters
Groww was the darling of the fintech world. Clean design. Great marketing. Millions of users.
So why did they stop NRI services?
Based on industry discussions, it came down to compliance costs and operational complexity.
Managing NRI accounts requires extra documentation. Different tax rules. FATCA reporting for US customers. PIS permissions for repatriation.
Groww decided to focus on the domestic market instead. Makes business sense for them. Bad news for NRIs.
Their platform still works great for resident Indians. But if you’re living abroad, you need alternatives.
Besides ETMoney, you can consider: Kuvera (free, NRI friendly) Zerodha Coin (requires Zerodha demat account) ICICI Direct (full service but higher fees)
I’ve written detailed comparisons of these platforms. Check out my review of Zerodha and Groww app review for resident Indians.
Tip: If you’re planning to return to India permanently, wait until you become a resident to open Groww. As an RNOR, you’ll have more options.
The User Experience Factor
User experience makes or breaks an investing app. You need to check your portfolio, set up SIPs, and make redemptions without pulling your hair out.
ETMoney’s interface is decent. Not the cleanest I’ve seen, but functional.
The home screen shows your total portfolio value. Tap on mutual funds to see your holdings. Each fund shows current value, gains, and returns.
Setting up a SIP is straightforward: Choose the fund Enter the amount Select the date Set up auto debit
Done.
Redemptions take 2 to 3 business days. Money hits your linked NRE or NRO account directly.
The app also sends notifications for NAV updates, SIP debits, and market movements. You can turn these off if they get annoying.
One feature I really like: automatic portfolio tracking. Link your external mutual fund investments (from other platforms) and ETMoney pulls them all into one dashboard.
This uses your PAN linked folios through CAMS and Karvy. Super useful if you have investments scattered across platforms.
ETMoney User Experience Rating:
📱 Mobile App: 4/5
💻 Web Platform: 3/5
🔔 Notifications: 3.5/5
📊 Portfolio Tracking: 4.5/5
Real Talk: Should NRIs Even Use Apps?
Here’s something nobody mentions in these comparison articles.
You don’t actually need an app to invest in mutual funds.
You can go directly to the AMC website. HDFC Mutual Fund, ICICI Prudential, SBI Mutual Fund. They all have online portals for NRIs.
So why use an aggregator like ETMoney?
Convenience. One login gives you access to 40+ AMCs and 1,000+ funds. You can compare funds, track performance, and manage everything from a single dashboard.
Without an aggregator, you’d need separate logins for each AMC. Your portfolio would be scattered. Tracking returns becomes a nightmare.
I learned this the hard way. In my early days after moving back, I invested directly with three different AMCs. Different passwords. Different dashboards. Different transaction statements.
Absolute chaos during tax filing season.
Aggregators solve this problem. They’re worth it just for the consolidated view.
The Tax Angle NRIs Need to Know
Investing in Indian mutual funds has tax implications. Both in India and your country of residence.
In India: Short term capital gains (less than 1 year for equity funds): 20% Long term capital gains (more than 1 year for equity funds): 12.5% above ₹1.25 lakh TDS: 20% on capital gains (deducted at source for NRIs)
The TDS part is crucial. When you redeem your mutual fund units, the AMC deducts 20% TDS before crediting your account.
You can claim a refund while filing your ITR if your actual tax liability is lower. But that’s extra paperwork.
ETMoney shows your capital gains clearly. Short term and long term separated. This helps during tax filing.
For more details on tax rules for NRIs investing in India, check out my detailed guide.
Tip: Keep all your transaction statements. You’ll need them for both Indian and foreign tax returns. ETMoney lets you download consolidated statements.
What About Customer Support?
When something goes wrong with your investments, you need help. Fast.
ETMoney offers email support at help@etmoneycare.com. Response time varies from a few hours to 2 days.
No phone support. No live chat. Just email and in app ticket raising.
This frustrates many users. Especially older NRIs who prefer talking to someone.
Groww had similar support issues when they served NRIs. Long wait times. Generic responses. Tickets getting closed without resolution.
The mutual fund industry in India isn’t known for stellar customer service. This is why I always recommend keeping your AMC contact details handy.
If ETMoney support doesn’t help, reach out directly to the fund house. They’re usually more responsive.
For urgent issues, you can also complain to SEBI or AMFI. But that should be your last resort.
My Personal Setup and Recommendations
Here’s what I actually use for my mutual fund investments.
Primary platform: Zerodha Coin (I opened my demat account before moving back) Secondary tracking: ETMoney (to consolidate external folios) Tax planning: Excel sheet (old school but works)
Why this combination?
Zerodha Coin charges ₹300 annually for demat AMC. But their platform is rock solid. Fast execution. No ads. Clean interface.
ETMoney helps me track folios I created before Zerodha. Plus I can check my wife’s investments (she uses ETMoney) from her phone.
For NRIs who can’t use Zerodha (they need PIS approval which takes time), ETMoney is a solid primary platform.
Just ignore the insurance and loan ads. Focus on mutual funds.
If you’re serious about setting up SIPs after moving back, start with small amounts. Test the platform. Make sure transactions go through smoothly.
Then scale up.
ETMoney vs Groww: The Final Scorecard
Let’s be honest. This isn’t much of a comparison anymore.
Groww exited the NRI market. ETMoney is one of the few apps still serving international investors.
But let me give you the complete scorecard anyway:
| Category | ETMoney | Groww |
|---|---|---|
| NRI Support | ✅ Yes | ❌ No |
| Zero Commission | ✅ Yes | N/A |
| User Interface | Good (3.5/5) | Excellent (4.5/5) |
| Customer Support | Average (2.5/5) | Average (2.5/5) |
| Fund Options | 1,000+ funds | N/A for NRIs |
| Account Opening Fee | Free | N/A |
| Annual Charges | Free | N/A |
| US/Canada Support | ✅ Yes (FATCA) | ❌ No |
| Additional Features | Insurance, Loans, FD | N/A |
The verdict? If you’re an NRI, use ETMoney for mutual funds.
If you’re a resident Indian, Groww might be better for the cleaner interface.
But since you’re reading this on a blog for NRIs, the choice is clear.
Alternatives Worth Considering
Don’t put all your eggs in one basket. Even with investing apps.
Here are solid alternatives to ETMoney:
Kuvera: Free. Clean interface. Great for goal based investing. Family account feature is unique. Check their website for NRI support.
ICICI Direct: Full service broker. Higher fees but excellent support. Best if you want hand holding. They accept NRIs from most countries.
Direct AMC websites: No intermediary. But you manage everything separately. Works if you’re investing in just 2 to 3 funds.
Zerodha Coin: Requires demat account. ₹300 annual charge. But super reliable. PIS permission needed for NRIs.
I’ve covered detailed comparisons in my articles on best trading platforms in India and best investment apps.
Tip: Use multiple platforms for different needs. Primary for SIPs. Secondary for tracking. Tertiary for trying new funds.
Common Mistakes NRIs Make
I’ve made every mistake in the book. Learn from my stupidity.
Mistake 1: Starting with regular plans instead of direct plans. Cost me ₹47,000 in extra fees over 3 years. Switched to direct plans in 2020.
Mistake 2: Not updating residential status with AMCs. When I became an RNOR, I forgot to inform my fund houses. TDS deductions were wrong. Had to file for refunds.
Mistake 3: Ignoring FATCA declarations. Left some fields blank during KYC. Account got frozen. Took 2 weeks to resolve.
Mistake 4: Investing in country restricted funds. Some AMCs don’t accept US residents for certain funds. I didn’t check. Investment got rejected. Money stuck for 4 days.
Mistake 5: Not maintaining separate NRE and NRO folios. Mixed up my repatriable and non repatriable investments. Tax filing became complicated.
Learn the RNOR tax benefits before you start investing. Understand the NRI to RNOR transition.
It’ll save you thousands in taxes.
What This Really Means for Your Portfolio
The app you choose doesn’t matter as much as the funds you pick.
ETMoney gives you access to great funds. But it won’t make you rich by itself.
Your returns come from: Asset allocation (equity vs debt ratio) Fund selection (active vs index) Investment discipline (SIP consistency) Time horizon (longer is better)
The app is just a tool. Like a hammer. You still need to know where to hit the nail.
I see NRIs obsessing over which app to use. Spending weeks comparing. Then picking average funds because they followed recent performance.
Don’t do this.
First decide your investment strategy. Asset allocation. Risk appetite. Goals.
Then pick funds. Large cap, mid cap, small cap. Debt funds for stability. International funds for diversification.
Finally, choose a platform that lets you execute this strategy easily.
ETMoney works for most NRIs. If it doesn’t work for you, try Kuvera or ICICI Direct.
But please. Don’t let platform analysis paralysis stop you from investing.
When ETMoney Makes Sense
ETMoney is ideal if:
You’re an NRI in UAE, UK, Singapore, or other non FATCA countries. You want one app for mutual funds, insurance, and FD tracking. You’re okay with occasional ads for premium services. You need paperless, video KYC from abroad. You prefer mobile first investing.
ETMoney might not work if:
You want advanced portfolio analytics (try Kuvera). You need dedicated relationship manager support (try ICICI Direct). You’re easily distracted by ads and upsells. You want to trade stocks alongside mutual funds (try Zerodha).
Think about your specific needs. Then decide.
When to Skip Apps and Go Direct
Sometimes the best app is no app.
If you’re investing in just 2 to 3 funds from the same AMC, go direct to their website.
Example: You want to invest only in HDFC Index Fund and HDFC Balanced Advantage Fund.
Just open an account on HDFC Mutual Fund website. Complete your NRI KYC. Start investing.
No intermediary. No app to maintain. Direct communication with the fund house.
This works when your strategy is simple and you’re not comparing multiple AMCs.
For most NRIs with diversified portfolios across 5+ funds from different AMCs, an aggregator like ETMoney makes more sense.
The Bottom Line: What I’d Do If I Started Today
If I were moving back to India in October 2025 as an NRI, here’s exactly what I’d do:
Step 1: Open an NRE account with HDFC or ICICI Bank.
Step 2: Complete my NRI KYC through an AMFI registered platform.
Step 3: Download ETMoney and link my NRE account.
Step 4: Start small SIPs in 3 to 4 index funds. ₹10,000 total monthly.
Step 5: Set it on autopilot. Review quarterly. Rebalance annually.
That’s it. No complexity. No fancy strategies.
Over time, as my income grows, I’d increase SIP amounts. Add mid cap and small cap exposure. Maybe some debt funds.
But the foundation would stay the same. Regular, disciplined investing through a reliable platform.
ETMoney fits that bill for NRIs right now.
Groww doesn’t. Not anymore.
Questions You Should Ask
Before you commit to any platform, ask yourself:
Does this app accept investors from my country? What documents do I need for NRI KYC? How long does account opening take? Can I link my NRE and NRO accounts separately? What funds are available for my country? How do I withdraw money in emergencies? Who do I contact if something goes wrong?
Get clear answers. Test the support team before investing serious money.
Join NRI investment groups on Facebook or Reddit. Ask real users about their experiences.
Don’t just trust marketing material. Or blog posts like this one.
Verify everything yourself.
Resources and Next Steps
Want to dig deeper? Here are resources that helped me:
RBI Guidelines: FEMA regulations for NRI investments
SEBI Website: Mutual fund investor education
AMFI Portal: Check your mutual fund holdings
From my blog, these guides will help:
Can NRI Invest in Mutual Funds? – Complete eligibility guide
How to Set Up SIPs and Mutual Funds – Step by step process
Investment Options for NRIs – Beyond mutual funds
NRI Banking Guide – Setting up accounts
NRI Return to India Checklist – Complete financial planning
My Take
The ETMoney vs Groww debate for NRIs isn’t really a debate.
Groww doesn’t serve NRIs. ETMoney does.
That’s the headline.
But here’s what matters more: Are you actually investing? Or are you stuck in research mode?
I spent 3 months researching platforms when I moved back in 2017. Read hundreds of reviews. Compared dozens of apps.
Looking back, I should’ve just started investing in month one. The returns I missed by waiting were more than any platform cost difference.
Pick a reliable platform. ETMoney works. Start your SIPs. Stick to your plan.
The magic isn’t in the app. It’s in the consistency.
Your wealth builds slowly. One SIP at a time. One year at a time.
The best time to start was when you became an NRI. The second best time is today.
Go open that account.
Sources and Data References:
This comparison is based on information gathered from:
- ETMoney official website and app (October 2025)
- Groww official website and documentation (October 2025)
- Chittorgarh.com – Groww NRI Account Review
- Wise – Groww Demat Account for NRIs
- Belong – Best Platforms for NRI Mutual Funds
- SBNRI – Top Mutual Fund Apps
- Wikipedia – ET Money
- RBI – FEMA Guidelines
- Personal experience and community feedback from Back to India Facebook Group
All data was current as of October 13, 2025. Platform features, fees, and NRI policies may change. Always verify current information directly with the platform before investing.