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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

NRI Full Form

NRI or Non-Resident Indian refers to individuals who are citizens of India but reside in India for less than 182 days in the preceding financial year. An NRI usually resides in a foreign country for employment, business, education, or any other purpose, but retains strong ties to their Indian heritage and culture.

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What is NRI Full Form?

The full form of NRI is Non-Resident Indian. It refers to an Indian citizen who lives outside India for a specific period of time.

What is NRI?

NRI stands for Non-Resident Indian. It refers to an Indian citizen who lives in a country other than India. There are two main ways to qualify as an NRI:

Physically Staying Outside India: If you are an Indian citizen but have spent less than 182 days in India in the last financial year (April 1 to March 31), you are considered an NRI.
Intention to Stay Outside India: Even if you spend more than 182 days in India in a year, you can still be considered an NRI if you have the intention to stay outside India for an indefinite period. This intention can be demonstrated by factors such as having a job, business, or property abroad.

Categories of NRI in India

There are the following categories of Non Resident Indians in India:

Indians living abroad for work, study, business, or leisure.
Indian professionals employed in global organizations such as the World Bank, WHO, UN, IMF, etc.
Government officials from both central and state levels residing overseas.
Public sector workers posted or employed abroad.

Eligibility Criteria for NRI Status in India

The eligibility criteria for NRI (Non-Resident Indian) status in India are based on your physical presence in the country during the relevant financial year:

Stay Outside India: Indian citizens spending 183+ days abroad in a financial year are NRIs.
Stay in India: Indian citizens in India for less than 60 days in a year, or less than 365 days in the past four years, are NRIs.

Special Considerations for NRI Status in India:

Indian Citizens and PIOs Visiting India: Indian citizens and PIOs in India for 182 days or more are still considered NRIs.
Crew Members of Indian Ships: Spending more than 182 days in India as a crew member qualifies as NRI status.
Taxable Income Exceeding ₹15 Lakh: Earning more than ₹15 lakh in India (excluding foreign income) might make you an RNOR, even if you are abroad for more than 182 days.

Tax Benefits of NRI in India

An NRI can avail of the following tax benefits on investing in best investment plans in India:

Basic Exemption: You can enjoy a basic exemption of ₹2,50,000 in old tax regime and ₹3,00,000 in new tax regime on your total income in India, except for capital gains.
Double Taxation Avoidance Agreement (DTAA) with UK: India has DTAA agreement with United Kingdom (UK) to avoid being taxed twice on income earned in both countries.
NRE and FCNR Accounts: Interest earned on these accounts in India is tax-free.
Life Insurance: Premiums paid for NRI life insurance plans can be deducted under Section 80C, and the maturity proceeds or death benefits are not taxed.
Section 80C Deductions: You can claim deductions on investments and expenses like ULIP Plans, Child Education Plans, and medical bills, of up to ₹1.5 lakh.
Section 80D: Deductions can be claimed on health insurance premiums paid for yourself, your family, or parents in India.
Section 80E: Deduct interest paid on education loans taken for yourself or your children's education in India.
Section 80G: You can claim deductions for donations made to eligible charitable organizations.

Benefits of NRI Status in India

Following are the key benefits of an NRI Status in India:

Reduced tax liability: NRIs enjoy lower taxes on Indian income, such as tax exemptions on NRE account interest and Indian stock exchange capital gains.
Special tax deductions: NRIs benefit from tax deductions under Section 80C, including for life insurance premiums and home loan repayments.
Investment opportunities: NRIs can invest in diverse sectors like real estate, stock market, mutual funds, and infrastructure bonds in India.
Repatriation of funds: NRIs can freely transfer investment earnings and principal amounts back to their home country.
Special investment schemes: NRIs have access to unique investment schemes like NRI accounts (NRE and NRO) and Portfolio Investment Scheme (PIS).

NRI vs OCI vs PIO

A simple comparison of NRI (Non-Resident Indian), OCI (Overseas Citizen of India), and PIO (Person of Indian Origin) status in India is mentioned in the following table:

Aspect	NRI (Non-Resident Indian)	OCI (Overseas Citizen of India)	PIO (Person of Indian Origin)
Definition	Indian citizens residing abroad for employment, education, etc.	Foreign citizens with Indian ancestry or former Indian citizens.	Foreign citizens of Indian origin or their descendants up to four generations.
Citizenship Rights	Full Indian citizenship rights, including voting rights.	No voting rights, but many citizenship rights including residence, employment, and ownership.	No voting rights, but some citizenship rights including long-term visas, residence, and employment.
Visa Status	May require visas for long stays in India.	OCI card serves as a lifelong visa for visiting India.	May require visas for long stays in India.
Acquisition	Indian citizens living abroad.	By birth, descent, marriage, registration, or naturalization.	By descent, marriage, or birth in India or to Indian parents.
Duration	Temporary status; can become Resident Indian upon returning.	Lifelong; can be revoked under certain conditions.	Lifelong; can be converted to OCI status.
Dual Citizenship	Not allowed.	Allowed.	Allowed.

Summing It Up

an NRI, or Non-Resident Indian, is an individual of Indian origin living abroad who retains ties to India. NRIs bring diversity and connections between different cultures, making a positive impact both where they live now and in India.

FAQs

Are NRI citizens of India?

Yes, NRIs (Non-Resident Indians) are considered as Indian citizens. However, their residency status affects certain rights and privileges within India.
What is an NRI account in India?
An NRI account is a bank account in India specifically designed for Non-Resident Indians. These accounts offer tax benefits and repatriation facilities not available to resident accounts. There are two main types:
- Non-Resident (External) Rupee (NRE) Account: Interest earned on these accounts is tax-free in India. You can deposit and repatriate funds freely.
- Foreign Currency Non-Resident (FCNR) Account: Deposits are made in foreign currency and earn interest in the chosen currency. Interest income is taxable in India but not in the United Kingdom (UK) due to Double Tax Avoidance Agreements.
What is an example of an NRI?
Following are some of the examples of an NRI in India:
- An Indian citizen working in the UK on a long-term visa.
- An Indian student studying abroad.
- An Indian who has retired and moved to another country.
What is the NRI status in India?

NRI status determines your tax residency, property ownership rights, voting rights, and other legal considerations in India. You are considered an NRI if you spend less than 182 days in India in a financial year.
What does NRI mean?

NRI stands for Non-Resident Indian.
Who qualifies as an NRI in India?

An Indian citizen is considered an NRI if they spend less than 182 days in India in a financial year. However, there are specific rules for determining NRI status in certain situations, such as for minors or individuals with Indian spouses residing in India.
Who are NRI students?

Indian students studying abroad on long-term visas are considered NRIs.
Does NRI pay tax in India?
NRIs have different tax liabilities depending on their income sources and types of accounts held in India.
- Income earned in India: NRIs generally pay tax in India on income earned within India at a concessional rate.
- Income earned abroad: NRIs are not taxed in India on income earned outside India unless it is brought into India.
- NRI accounts: Interest earned on NRE accounts is tax-free in India, while FCNR account interest is taxable.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-01-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).