The term "NRI" stands for Non-Resident Indian, referring to individuals of Indian origin living outside India. The Indian government defines NRIs based on the amount of time they spend in India during a financial year.
NRIs often have specific financial and legal considerations because they live abroad but may have ties to India, such as family, assets, or investments. The NRI corner typically refers to a specialized section or services provided by banks, financial institutions, or government agencies catering to the needs of NRIs.
Here are some common aspects of the NRI corner:
Banking and Accounts:
- NRE (Non-Resident External) Account: For depositing foreign income converted to Indian currency. It's repatriable, meaning both principal and interest can be taken back abroad.
- NRO (Non-Resident Ordinary) Account: For managing income earned in India, subject to certain restrictions on repatriation.
- FCNR (Foreign Currency Non-Resident) Account: Denominated in foreign currency, allowing funds to be maintained in USD, GBP, EUR, etc., and fully repatriable.
Investments:
- NRIs have specific rules regarding investing in India, including stock markets, mutual funds, real estate, and more. Some investments might require specific permissions or have limitations.
Taxation:
- NRIs have different tax obligations compared to resident Indians. Income earned or received in India may be subject to taxation, and there are tax benefits available to NRIs.
Legal and Regulatory:
- NRIs might require specific legal assistance concerning property, inheritance, or other legal matters in India.
Government Schemes:
- Certain government schemes or services might be available exclusively or with specific provisions for NRIs.
The NRI corner serves to address these specific needs, offering tailored financial products, services, and assistance to individuals living abroad but retaining connections with India. It helps in managing finances, investments, and legal matters efficiently while ensuring compliance with regulations.