Flows into NRI deposits up 70.35% in April-January, shows RBI data

Non-Resident Ordinary (NRO) deposits reached a level of $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year ago

The amount flowing into non-resident Indians’ (NRIs’) deposits surged 70.35 per cent to $10.1 billion in the first 10 months of this financial year, from $5.96 billion in the year-ago period.

Flows into foreign currency non-resident (FCNR) accounts increased to $4.15 billion in the April 2023-January 2024 period, compared to an inflow of $1.28 billion in the year-ago period, according to data from the Reserve Bank of India (RBI).

Outstanding NRI deposits rose by $823 million to $147.73 billion at the end of January 2024, up from $146.90 billion in December 2023. As for the annual trend, NRI deposits grew from $136.82 billion at the end of January 2023. 

FCNR deposits were at $23.51 billion in January 2024, up from $22.81 billion in December 2023. This was higher than the $18.20 billion at the end of January 2023.

Non-resident external deposits were at $97.46 billion in January, down from $97.69 billion in December 2023 and $95.49 billion at the end of January 2023.

Non-resident ordinary deposits reached $26.74 billion in January, up from $26.40 billion in December 2023 and $23.12 billion a year ago.