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NRI Full Form – Know the Full Form of NRI in Banking as Per Tax Law


Nowadays, everyone uses banking services whether opening a savings account or applying for any loan. But you must have seen that there are some other rules of different banks for their NRI customers. So, if you don’t know the NRI Full Form then you are at the right place. The full form of the term NRI is Non-Resident Indian. He is a person who belongs to India but lives abroad. If a person is born in India and migrated to some other country then he is known to be an NRI. The reasons for migration can be education, work, residence, or some other work. They are from India but they just live in other nations. As per the reports of the Ministry of Overseas Indian Affairs, India is the second-largest NRIs in the world after China.

NRIs Rules as Per Income Tax Act

An individual will be considered as a Non-Resident Indian if he fulfills the following criteria:-

  • He/she has not lived in India for at least 182 days during the financial year.
  • He/she has not lived in India for at least 60 days of a year, in the previous year, and not stay for at least 365 days in the preceding four years.
  • A person who has gone out of India or who stays outside India for the purpose of employment.
  • An individual who has gone out of India or who stays outside India for carrying on business or vocation outside India.
  • A Person who has gone out of India or who stays outside India for any other purpose indicating his intention to stay outside India for an uncertain period.

Various Examples of NRI

  • Central or state government representatives living overseas.
  • Public sector employees working abroad.
  • Indian civilians working abroad at institutions like the IMF (International Monetary Fund)
  • Indians working at the UNO (United Nations Organization)
  • People of India working at the World Bank.
  • Indian residents are staying abroad for schooling, carrying a business, jobs, or on vacation.

Taxable Incomes for NRI that is Non-Resident Indian

The Income Tax will be levied on the following incomes of an NRI:-

  • Salary received for services provided in India (Global Income)
  • Capital gains earned on the transfer of assets located in India
  • Rental income from property owned in India.
  • Revenue from Fixed Deposits
  • Interest on Bank Savings Accounts


The NRI Full Form in terms of banking is Non-Resident Indian. There are some exceptional rules made by banks for the NRIs. You might have come across this term on the banking websites because the rules for them are not the same as for the Indian Resident customers. We hope you might have understood all the rules and the definition of NRI.


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