The Reserve Bank of India (RBI) is out with its latest data that shows the total outstanding NRI deposits at $158.94 billion. The figures were derived for the period from April-August this year. It is to be noted that money put in by overseas Indians in these NRI deposit schemes had doubled to $7.82 billion, compared to $3.74 billion last year.

Maximum flows have been noticed in FCNR (B) deposits, in which the outstanding amount stands at $29.2 billion. What was $1.55 billion in the same period last year is now $3.47 billion. Since this account allows customers to maintain a fixed deposit in India, it is possible to easily convert foreign currencies for a period of up to five years.

The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.

The outstanding NRE deposits were $100.54 billion in August, 2024, witnessing an inflow of $2.51 billion. It was $868 million the same time a year ago.

The total outstanding amount in NRO deposits was $29.19 billion. This account saw an inflow of $1.84 billion, compared to $1.32 billion last year. – Photo by freepik.com – editor@nrifocus.com