Who is NRI in India?

NRI means Non-Resident Indian. Since my uncle lives in Canada, I am well aware of this term. A person who resides outside India for 182 days in a financial year but has ties with his/her home land is called an NRI. This is the simple answer to what is NRI in India. My uncle went to another nation for job purposes, but anyone who moves to another country for reasons like education, a job, residence, or others is also called an NRI. I hope this clarifies who is considered as NRI in India. 

How Are People Living Abroad Classified?

People living in foreign nations are classified into three categories: NRI or Non-resident Indians; OCIs or Overseas Citizens of India; and PIOs, or Persons of Indian Origin. Since by now you must have understood who NRIs are, let me tell you what PIO and OCI are.

OCI or Overseas Citizen of India, refers to a person who has origins in India but lives in foreign countries except for Pakistan and Bangladesh. They possess a lifetime visa.

PIO, on the other hand, refers to the person who is an Indian by descent or birth and lives abroad. These people held passports for countries other than China, Bhutan, Afghanistan, Bangladesh, Pakistan, Nepal, and Sri Lanka.

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Hey pal,

If you have gone out of India for employment or business purposes, your status must have changed from resident Indian to NRI (non-resident Indian). I will share with you who is NRI in India and three major categorizations of people living abroad in the paragraph below. 

Before I share with you, who is called NRI in India? Let me tell you that people living abroad can be classified into Non-resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs).

According to the Income Tax Act of India, the definition of NRI is ‘an Indian citizen but not a resident of India’. NRI status is also given to a person who stays in India for less than 182 days during the period of the foresaw financial year.

NRIs hold passports issued by the Indian government and are citizens of India under the Act of Citizenship, 1955. NRI will have to shut down their resident saving account and open an NRE account instead. The 3 types of rupee accounts that can be maintained by NRIs are NRE- Non-Resident ( External) Rupee Account, NRO- Non-Resident ( Ordinary) Rupee Account and FCNR-Foreign Currency Non-Resident (Bank) Account. 

NRI can buy, rent or sell immovable properties in India. They can also open a bank account. I have made a list of the best accounts for Non-Resident Indians in 2022.

• DBS Bank NRE Account

• HDFC Bank NRE Account

• ICICI Bank NRE Account

• Kotak Mahindra Bank NRE Account

• RBL Bank NRE Account

• SBM Bank NRE Account

• State Bank of India NRE Account

• Yes Bank NRE Account

If you wish to add more information on ‘who is NRI in India’, do so in the comment section.

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