NRI Services
NRI (Non-Resident Indians)
Who Is A Non- Resident India (NRI)?
A person resident outside India who is a citizen of India or a person of Indian origin i.e.Indian citizens who proceed abroad for employment or for carrying on any business or vocation or for any other purpose in circumstances indicating indefinite period of stay outside India.
Indian citizens working abroad on assignments with Foreign Governments, Government Agencies or International / Multinational Agencies like United Nations Organization (UNO), International Monetary Fund (IMF) and World Bank etc.
Officials of Central and State Governments and Public Sector Undertakings deputed abroad on assignments with Foreign Government Agencies / Organisations or posted to their own offices including Indian Diplomatic Missions abroad.
Students going abroad for studying are now treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA.
Who is PIO?
A Returning Indian refers to a person of Indian origin who is a citizen of any country other than Bangladesh or Pakistan and meets one of the following criteria:
- They held an Indian passport at any point in time.
- They or their parents or grandparents were citizens of India as per the Constitution of India or Citizenship Act of 1955.
- They are the spouse of an Indian citizen or someone meeting the above criteria.
Returning Indians who were previously residing outside of India and are now relocating back to India permanently are eligible to open, hold, and maintain a Resident Foreign Currency (RFC) account. This unique account allows them to manage foreign currency holdings and investments acquired while living abroad. The RFC account enables returning Indians to consolidate and utilize their foreign currency assets effectively upon their return to India for permanent residence. This facility helps in seamlessly transitioning financial resources from overseas to India while complying with applicable regulations.
Who is Returning Indian?
What Is SIP?
SIP stands for Systematic Investment Plan, is a method of investing fixed amounts regularly in mutual funds to accumulate wealth over time.
How can NRIs Get Insurance in India?
- Select Insurer: Choose an insurer catering to NRIs.
- Submit Documents: Provide passport and overseas address proof.
- Apply Online: Complete application and payment online.
Frequently Asked Questions
Who is a NRI?
NIR stands for Non-Resident Indian, referring to Indian citizens living abroad. They maintain strong ties with India and often invest or hold assets in India while residing overseas.
Who is a PIO?
PIO stands for Person of Indian Origin, indicating individuals of Indian descent or origin living abroad. PIO status grants certain privileges in India, such as residency and investment opportunities.
What is the difference between NRI & PIO?
NRI (Non-Resident Indian) is an Indian citizen living abroad, while PIO (Person of Indian Origin) refers to individuals of Indian origin or descent, including foreign citizens with Indian ancestry. PIO status confers residency and certain privileges, distinct from NRI status.
Can NRI invest in Insurance?
Yes, NRIs (Non-Resident Indians) can invest in insurance policies in India, subject to regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
Can NRI invest in Mutual Funds?
Yes, NRIs (Non-Resident Indians) can invest in mutual funds in India, subject to regulations set by the Securities and Exchange Board of India (SEBI).
Can NRI invest in PMS?
Yes, NRIs (Non-Resident Indians) can invest in Portfolio Management Services (PMS) in India, subject to guidelines issued by the Securities and Exchange Board of India (SEBI) and other regulatory authorities.