Non-resident Indian (NRI) deposit inflows jump 23% till February: Reserve Bank of India’s (RBI) monthly bulletin

Non-resident Indian (NRI) deposit inflows jumped by 23% during the first 11 months of FY25, according to the Reserve Bank of India (RBI). NRI inflows in deposits grew by Rs. 1,24,388 crore (US$ 14.55 billion) between April 2024 and February 2025, compared to Rs. 1,00,878 crore (US$ 11.8 billion) during the same period a year ago. The total outstanding NRI deposits at the end of February 2025 reached Rs. 13,70,661 crore (US$ 160.33 billion). Sequentially, outstanding deposits declined by Rs. 7,463.28 crore (US$ 873 million) from Rs. 13,78,184 crore (US$ 161.21 billion) in January 2025. NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. From April 2024 to February 2025, the maximum inflows came into FCNR (bank) or FCNR (B) deposits. 

According to RBI data, about Rs. 57,706 crore (US$ 6.75 billion) flowed into these accounts during this period, compared to Rs. 47,276 crore (US$ 5.53 billion) in the corresponding period a year ago. The outstanding amount in FCNR (B) accounts stood at Rs. 2,77,757 crore (US$ 32.49 billion) at the end of February 2025. An FCNR (B) account allows customers to maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit. Meanwhile, NRE deposits saw an inflow of Rs. 34,281 crore (US$ 4.01 billion) during this period, compared to Rs. 22,484 crore (US$ 2.63 billion) in the corresponding period a year ago. Outstanding NRE deposits stood at Rs. 837,204 crore (US$ 97.93 billion) in under review, compared to Rs. 31,033 crore (US$ 3.63 billion) during the same period a year ago. The total outstanding amount in NRO deposits was Rs. 2,55,615 crore (US$ 29.9 billion) in December 2024. 

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