Inflows in Non-Resident Indian (NRI) deposits almost doubled to US$ 10.2 billion (Rs. 86,119 crore) in H1FY25: Reserve Bank of India (RBI)

The inflow of funds into Non-Resident Indian (NRI) deposit schemes almost doubled to US$ 10.2 billion (Rs. 86,119 crore) in the H1FY25 (April-September 2024), up from US$ 5.41 billion (Rs. 45,677 crore) during the same period in 2023, as per the Reserve Bank of India (RBI). The total outstanding NRI deposits stood at US$ 161.62 billion (Rs. 13,64,558 crore) as of September 2024. These schemes include Foreign Currency Non-Resident (FCNR) deposits, Non-Resident External (NRE) deposits, and Non-Resident Ordinary (NRO) deposits. The growth was driven primarily by FCNR deposits, which saw an inflow of US$ 5.34 billion (Rs. 45,086 crore) in H1FY25, compared to US$ 1.92 billion (Rs. 16,211 crore) in H1FY23. The outstanding balance in FCNR (B) accounts reached US$ 31.08 billion (Rs. 2,62,408 crore). These accounts allow customers to maintain fixed deposits in freely convertible foreign currencies for terms ranging from one to five years, offering protection against currency fluctuations.

NRE deposits, which are maintained in Indian Rupees, also saw significant growth, with inflows rising to US$ 2.65 billion (Rs. 22,374 crore) in H1FY25, up from US$ 1.61 billion (Rs. 13,593 crore) in the previous year. The outstanding balance in NRE accounts stood at $100.92 billion as of September 2024. Additionally, NRO deposits recorded an inflow of US$ 2.19 billion (Rs. 18,490 crore) during the H1FY25, an increase from US$ 1.88 billion 15,873 crore) in H1FY23, bringing the total outstanding amount in NRO accounts to US$ 29.61 billion (Rs. 2,49,997 crore). NRO accounts are rupee-denominated and primarily used to manage income earned in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.