NRI is a person residing outside India who is a citizen of India or Person of Indian Origin (PIO).
Person of Indian Origin (PIO) means a citizen of any country (other than Bangladesh or Pakistan), if : a. He/She at any time has held an Indian passport or b. He/She or either of his / her parents or grand parents was a citizen of India by virtue of the constitution of India or Citizenship Act, 1955 (57 of 1995) or He / She is a spouse of an Indian citizen or of a person referred above.
Any NRI/PIO can open two types of savings accounts with any bank in India. They are NRE and NRO bank accounts.
As per section 6(5) of FEMA, NRI can continue to hold the securities, which he/she had purchased as a resident Indian, even after he/she has become a non-resident Indian, but has to transfer the shares to his NRO (Non Resident Ordinary) account.