Inflows Into NRI Deposits Swell 2x To Record $11.9 Bn

New Delhi: Inflows into in non-resident Indian (NRI) deposit accounts surged to $11.9 billion in April-October during the current financial year, which is nearly twice the corresponding figure of $6.1 billion for the same period last year, the latest figures compiled by the Reserve Bank of India (RBI) showed.

The total outstanding NRI deposits as of October 2024 has now gone up to $162.7 billion, compared to $143.5 billion during the same period last year.The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.

The figures also show that FCNR (B) deposits attracted the highest flows to the tune of $6.1 billion which is close to thrice the amount of $2.1 billion deposited in the same period last year. The total amount in these accounts stood at $31.87 billion.

These accounts are preferred by Indians working overseas as they can maintain fixed deposits from one to five years that enables them to earn higher interest.