Non-Resident Indian (NRI):
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An Indian citizen who resides outside India.
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For tax purposes, an Indian citizen is treated as an NRI if:
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They stay in India for less than 120 days in a financial year and have taxable income in India of more than ₹15 lakh in that year, or
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They stay in India for up to 181 days in a financial year if their income in India is less than ₹15 lakh.
Person of Indian Origin (PIO):
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A foreign citizen (not from Pakistan or Bangladesh) with Indian ancestry, or
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Someone who has held an Indian passport at any time.
Foreign Institutional Investor (FII):
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A foreign institution (such as a bank, mutual fund, or hedge fund) registered outside India,
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Which has obtained SEBI’s approval to invest in Indian securities, including mutual funds.
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