The Reserve Bank of India is out with current data that reveals Non-Resident Indians’ (NRI) deposits as being upbeat from last year. The annual trend shows how NRI deposits have grown from $135.54 billion at the end of February 2023.

From April 2023-February 2024, the money flow into NRI deposits had risen by 84.4% recording a significant leap – from $6.40 billion to $11.8 billion. Foreign Currency Non-Resident (FCNR) accounts registered the maximum flow, from $1.48 billion to $5.53 billion during that period. FCNR deposits rose from $23.51 billion in January 2024 to $24.90 billion in February 2024.

Outstanding NRI deposits also rose from $147.73 billion in January 2024 to $149.72 billion at the end of February 2024.

In February 2024, Non-Resident External (NRE) deposits were at $97.68 billion, up from $97.46 billion in January 2024, while Non-Resident Ordinary (NRO) deposits rose from $26.74 billion in January 2024 to $27.14 billion in February 2024. – editor@nrifocus.com