NRI deposit inflows, which had stabilised at around $6 billion annually between 2017-18 and 2022-23, rose to $9 billion in 2023-24 and $13 billion in 2024-25. But now, it has fallen 16% to $11.20 billion during April-December FY26.

The decline points to a reversal of a steep surge of 42.8% noticed in the corresponding period of FY25.

The significant moderation comes after two years of strong and steady growth. Inflows rose 72.7% in FY24 and 42.8% in FY25. This was a remarkable recovery from the 61.1% contraction recorded in FY22.

The past decade has seen inflows drastically swinging between double-digit growth and sharp contractions, making growth in NRI deposits inconsistent.

The current decline could mean that inflows would gradually gravitate to normal level of less than $10 billion.

The total outstanding NRI deposits as of the end of December 2025 stood at $169.27 billion. The outstanding NRI deposits were $161.80 billion in December 2024 and $167.97 billion in November 2025.

NRI deposit schemes include Foreign Currency Non-Resident (FCNR) deposits, Non-Resident External (NRE) deposits and Non-Resident Ordinary (NRO) deposits. – editor@nrifocus.com