Inflows in NRI deposits increases nearly 10% in FY25, shows RBI data

Outstanding deposits up $12.8 bn in year to $ 164.7 bn

The country’s diaspora put 9.9 per cent more money in banks’ non-resident Indian (NRI) accounts during 12 months of FY25 compared to a year ago.

 

Inflows to deposit schemes for NRIs grew to $16.16 billion from $14.70 billion in FY24, according to the Reserve Bank of India (RBI). Total outstanding NRI deposits reached $164.7 billion at the end of March 2025, up from $151.9 billion the same time last year. Sequentially, outstanding deposits were at $160.33 billion in February 2025.

 

NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits and non-resident ordinary (NRO) deposits. In FY25, the maximum inflows came to FCNR (bank) or FCNR(B) deposits. 

 

As much as $7.1 billion flowed into FCNR (bank) accounts in FY25, compared to $6.3 billion the year before. Outstanding amount in FCNR (B) accounts stood at $ 32.8 billion at the end of March 2025, according to RBI data.

 

A FCNR (B) account lets customers maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. As the account is in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.

 

Meanwhile, NRE deposits saw an inflow of $4.7 billion during this period (Fy25), compared to $4.2 billion in the corresponding period a year ago (Fy24). Outstanding NRE deposits stood at $100.7 billion in March 2025. 

 

NRO deposits also saw inflows of $4.4 billion in FY25, compared to $4.2 billion a year ago. The total outstanding amount in NRO deposits was $31.1 billion in March 2025. An NRO account is a rupee-denominated bank account for NRIs.