The latest data released by the Reserve Bank of India (RBI) reveals money inflow in NRI (non-resident Indian) deposits having doubled up from what it was during the same period (April-September) last year.

The NRI deposit schemes, which include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits, recorded a total outstanding of $161.62 billion, as of September 2024. The April-September period is considered as the first half of the reporting financial year (H1).

It is during this period that the inflow had almost doubled from $5.41 billion in 2023 to $10.19 billion this year.

Maximum money flow was noticed in FCNR (B) deposits, where the outstanding amount stood at $31.08 billion. From $1.92 billion last year, the account recorded $5.34 billion in 2024. This account secures funds against currency fluctuations during the tenure of the deposit as it is maintained in foreign currency.

On the other hand, NRE deposits saw an inflow of $2.65 billion compared to $1.61 billion a year ago. The outstanding NRE deposits stood at $100.92 billion.

The total outstanding amount in NRO deposits was $29.61 billion. This rupee-denominated bank account for NRIs witnessed inflows worth $2.19 billion; a year ago, it was $1.88 billion. – Illustration by freepik – editor@nrifocus.com