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NRI (Non-Resident Indian) means an Indian citizen with an Indian passport who lives outside India. People become NRIs when they leave for work, business, education, or other reasons. The rules change substantially depending on which regulations you look at. Your exact NRI status matters a lot when dealing with taxes, banking, or investments. To name just one example, the Income Tax Act says you're an NRI if you stay outside India for at least 182 days during a financial year. So, your regular resident savings account becomes invalid once you become an NRI. You'll need to open special NRI accounts to keep banking in India.
Compare InvestMates vs. Monarch, Fidelity, Wealthfront & more. We evaluated pricing, investment support, tax planning, and AI-driven tools to help NRIs choose the best financial platform.