Non-Resident Indians (NRIs)

Non-Resident Indians (NRIs) are people of Indian birth or ancestry but who reside outside of the Republic of India. In other words, a non-resident Indian is an Indian citizen or a person of Indian origin but is not a resident of India. In common understanding, any Indian citizen living overseas or outside the Indian Republic is an NRI.

Indian citizens who reside outside India have to fulfil certain criteria to be accorded Non-Resident Indian (NRI) status and privileges.

1. For taxation purposes, Non-Resident Indians are Indian citizens, who reside outside India for employment, business, or any other purpose for an uncertain period but stay in India

• but stay in India for less than 182 days in the preceding financial year

• stay in India for less than 60 days in the previous year

• stay in India for less than 365 days spread out over four consecutive years 

2. For holding and operating NRI bank accounts, as mandated by the Reserve Bank of India, Public sector banks and private banks deem a person as a Non-Resident Indian, who is an Indian Citizen, and

• who has resided in India for less than one hundred and eighty-two days during the preceding financial year, or

• who has resided outside of India, for employment purposes, or

• stays outside of India for running overseas business or vocation, or

• who has travelled out of India for any other purpose indicating their intention to stay overseas for an indefinite period

According to the Ministry of External Affairs, Govt. of India, 32 million Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) reside outside of India. Overseas Indians make up the world’s largest overseas diaspora.