Inflows in NRI deposits increases nearly 10% in FY25, shows RBI data

During the 12 months of FY25, the country's diaspora increased their deposits in non-resident Indian (NRI) accounts by 9.9%. According to the Reserve Bank of India (RBI), inflows to NRI deposit schemes grew to Rs. 1,38,911 crore (US$ 16.16 billion), up from Rs. 1,26,361 crore (US$ 14.7 billion) in FY24. Total outstanding NRI deposits reached Rs. 14,15,761 crore (US$ 164.7 billion) at the end of March 2025, compared to Rs. 13,05,732 crore (US$ 151.9 billion) at the same time last year. Sequentially, outstanding deposits were at Rs. 13,78,197 crore (US$ 160.33 billion) in February 2025. NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. In FY25, the maximum inflows were to FCNR (bank) or FCNR (B) deposits. As much as Rs. 61,032 crore (US$ 7.1 billion) flowed into FCNR (B) accounts in FY25, compared to Rs. 54,155 crore (US$ 6.3 billion) the year before. According to RBI data, the outstanding amount in FCNR (B) accounts stood at Rs. 2,81,949 crore (US$ 32.8 billion) at the end of March 2025. FCNR (B) accounts allow customers to maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. As the account is in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.
Meanwhile, NRE deposits saw an inflow of Rs. 40,401 crore (US$ 4.7 billion) during this period (FY25), compared to Rs. 36,103 crore (US$ 4.2 billion) in the corresponding period a year ago (FY24). Outstanding NRE deposits stood at Rs. 8,65,617 crore (US$ 100.7 billion) in March 2025. NRO deposits also saw inflows of Rs. 37,822 crore (US$ 4.4 billion) in FY25, compared to Rs. 36,103 crore (US$ 4.2 billion) a year ago. The total outstanding amount in NRO deposits was Rs. 2,67,336 crore (US$ 31.1 billion) in March 2025. An NRO account is a rupee-denominated bank account for NRIs.

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