What Is An NRI: Full Form, Meaning & Benefits | Jagran Josh

NRI Full Form: The full name of NRI is Non-Resident Indians. It refers to someone originally from India who has settled abroad. It can be due to various reasons, including jobs, studies, or relocating to a new place. NRIs are typically people from India staying abroad. Around 25 lakh Indians move abroad annually, which is the highest number for any nation globally. Continue reading to learn more about the NRI full form, meaning, types, investment opportunities, and other crucial information.

NRI Full Form: What is the Full Form of NRI?

NRI stands for Non-Resident Indians. Technically, the term NRI refers only to an Indian citizen whose stay in India is below the period defined in Section 6 of the Income-tax Act, 1961, for income tax rules. The tax rules and rates vary between residents in India and non-resident Indians. To be a tax resident in India, a person must live in India for 182 days in one year or 365 days over four years, with at least 60 days in the year under consideration. Any Indian who does not fulfil the residence criteria is regarded as a non-resident and pays income tax as an NRI. In this article, we have compiled the NRI full form and other details for reference purposes.

NRI Full Form: Different Types of NRI

After knowing the NRI full form and its meanings, understanding its types is crucial. Gaining insights into different types of NRI will help you learn about tax rules, legal rights, and financial privileges in India. Typically, the NRI is categorised into three types, which are shared below.

• Central/State Government or public sector workers who are posted overseas fall into this category.

• Indians working in international organisations like the UN, IMF, or World Bank.

• People from India who are staying in other countries for education, jobs, business, or vacation fall into this category.

NRI Full Form: Investment Opportunities for NRI

NRIs can benefit from India’s expanding economy through numerous investment paths. Some popular choices are:

• NRIs can purchase residential or commercial properties. They cannot buy agricultural land, farmhouses, or plantations unless they inherit them or receive them as gifts. They need to make payment via NRE, NRO, or FCNR accounts.

• Using the PIS, NRIs can invest in mutual funds and stocks. A demat and trading account is necessary for stock investments.

• NRIs are allowed to invest in FDs, bonds, and NPS accounts within limits. While RBI bonds are not permitted, existing PPF accounts can be maintained until maturity.

• Digital gold, gold ETFs, and physical gold are available investment choices for NRIs. SGBs purchased as residents can be held until maturity.

How Are NRIs Different from OCIs and PIOs?

Along with knowing the NRI full form, you should also understand how this term is different from OCIs and PIOs for clarity purposes. Check the key definitions of both terms shared below:

• A Person of Indian Origin (PIO) is a foreign national who either has an Indian passport, has parents/grandparents/great-grandparents born and permanently living in India, or is married to an Indian citizen/PIO. It excludes citizens of Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka, or Nepal.

• Overseas Citizenship of India (OCI) enables individuals of Indian origin to reside and get employed in India for life. It gives them lifelong entry and allows them to buy property and make investments.