What Is The Full Form of NRI? What Is It's Meaning?

You often hear the phrase NRI. But do you know what this actually means? So, today in this article we are going to discuss all about NRI. We will be discussing some examples of NRI, details of NRI, investment options in India, and many more. But first, we need to know the full form of NRI. 

Full Form Of NRI: Non-Resident Indian, A person whose origin is India but stays aboard. 

Some Important Rules Of Income Tax As NRIs: 

According to the Income tax, a person is considered to be an NRI in the following cases: 

• During a financial year the person has not resided in India continuously for 182 days. 
• In the last four years the person has not been supposed to reside in India continuously for 365 days. 
• That person who came abroad for employment. 
• A person, who resides abroad and runs a business. 

Some Examples Of NRI: 

• Those employees in the public sector who have been posted abroad. 
• Central or State Government representatives living abroad. 
• Some Indian citizens who work abroad in institutions like the World Bank, UNO, etc. 
• Indian citizens who went abroad for further studies. 

Are there any options in India for investment for NRIs?

The answer is yes. There are several banks and financial institutes that provide NRIs for a fixed deposit. NRI can invest in Indian rupees or foreign currency. 

NRE Fixed Deposit:

These accounts are only can work with those NRIs who have foreign inward remittances. Credits can be done only by foreign currency and will be converted into Indian rupees. 

FCNR Deposit: 

Same as NRE Fixed Deposite, but the withdrawal of the money will be in foreign currency. Hundred percent safe. 

RFC Accounts: 

For those who return to India from abroad, invest abroad, and want to bring the money back to India, investing funds in an RFC account will be the best choice.