A recent data released by the Reserve Bank of India showed a 71% rise in money inflow into non-resident Indian (NRI) deposit schemes. The deposits made by Overseas Indians in the period between April and November 2024 had shot up from $7.30 billion in the previous year to $12.5 billion. As of November last year, the total outstanding NRI deposits stood at $162.69 billion.

NRIs credit their money into any one or more of the deposit schemes, which comprise foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.

The RBI data revealed that maximum flows were noticed in FCNR (B) deposits. About $6.3 billion had flowed into this account compared to $2.5 billion in the same period a year ago with the outstanding amount at $32.04 billion.

On the other hand, NRE deposits had an inflow of $3.4 billion. With an outstanding of $100.66 billion in November 2024, the inflow was just $2.31 billion in the corresponding period a year ago.

Huge inflows were noticed in NRO deposits as well, where the total outstanding amount was $30 billion. This account saw inflows amounting to $2.9 billion. It was $2.5 billion around the same period the previous year. – editor@nrifocus.com