Flows in non-resident Indian (NRI) deposits up 43% to Rs. 1,15,477 crore (US$ 13.33 billion) in April-December 2024: Reserve Bank of India (RBI)
- IBEF
- February 21, 2025
The flow of money into non-resident Indian (NRI) deposit schemes surged by 42.8% to Rs. 1,15,477 crore (US$ 13.33 billion) between April and December 2024, compared to Rs. 80,825 crore (US$ 9.33 billion) during the same period in 2023, according to data from the Reserve Bank of India (RBI). As of December 2024, total outstanding NRI deposits stood at Rs. 14,01,673 crore (US$ 161.8 billion), up from Rs. 12,72,594 crore (US$ 146.9 billion) in December 2023. These deposits include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. Among them, FCNR (bank) deposits saw the highest inflow, totaling Rs. 55,962 crore (US$ 6.46 billion) during April–December 2024, compared to Rs. 29,887 crore (US$ 3.45 billion) a year ago. The total outstanding amount in FCNR(B) accounts stood at Rs. 2,78,861 crore (US$ 32.19 billion). These accounts allow NRIs to maintain fixed deposits in freely convertible foreign currencies for one to five years, shielding funds from fluctuations.
NRE deposits saw inflows of Rs. 30,926 crore (US$ 3.57 billion) during April–December 2024, up from Rs. 25,209 crore (US$ 2.91 billion) a year ago, with total outstanding deposits reaching Rs. 8,62,488 crore (US$ 99.56 billion) by December 2024. NRO deposits, which are rupee-denominated accounts for NRIs, also saw inflows of Rs. 28,501 crore (US$ 3.29 billion), compared to Rs. 25,729 crore (US$ 2.97 billion) during the same period in 2023. The total outstanding NRO deposits stood at Rs. 2,60,236 crore (US$ 30.04 billion) in December 2024. The strong inflow into NRI deposit schemes reflects higher interest rates, currency stability, and increased remittances from overseas Indians, reinforcing India’s position as a preferred destination for NRI savings.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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