Flows into NRI deposits double to $7.3 bn in April-November 2023

The flow of money into Non-Resident Indians' (NRIs') deposits doubled to $7.3 billion in April-November 2023 from $3.63 billion in the same period a year ago. Inflows into Foreign Currency Non-Resident (FCNR) accounts increased to $2.5 billion in April-November 2023 as against an outflow of $199 billion in the same period of 2022, according to Reserve Bank of India (RBI) data

The outstanding NRI deposits rose by $1 billion to $144.48 billion at the end of November 2023, up from $143.48 billion in October 2023. They showed a marked increase from $134.5 billion a year ago.

The FCNR deposits stood at $21.86 billion in November 2023, a minor sequential rise from $21.42 billion in October 2023. They were substantially higher than the $16.71 billion recorded a year ago.

Non-Resident External (NRE) deposits stood at $96.79 billion in November 2023, sequentially up from $96.56 billion in October and $95.31 billion in November 2022.

Non-Resident Ordinary (NRO) deposits touched $25.83 billion in November 2023, up from $25.48 billion in October 2023 and $22.46 billion a year ago.

In July 2022, the RBI implemented measures to enhance inflows into NRI accounts. These included easing caps on interest rates for both FCNR (B) and NRE deposits, as well as exempting the maintenance of the cash reserve ratio and statutory liquidity ratio on incremental deposits until November 4, 2022.