NRI Account

NRI Account Meaning:
In India banking terminology, the term NRI Account refers to funds deposited by a Non-Resident Indian or NRI with a financial institution authorized by the Reserve Bank of India to provide such services. A Non-Resident Indian is an Indian citizen who primarily resides outside of India.

NRI Account Example:
For example, a NRI Account held in an India-based bank or another Reserve Bank of India authorized dealer could be opened by a citizen of India who is living for an uncertain but extended period of time in the United States or another country outside of India. The Non-Resident Indian citizen might be operating a business, working for someone else, or obtaining higher education. Such an NRI Account should generally be opened by the account holder personally, instead of by someone holding their power of attorney. One of the advantages of opening an NRI Account is that it can be used by Non-Resident Indians to invest in and trade the Indian financial markets.
Related Rates
  • List of updated India Fixed Deposit Rates (FD)