Flows in NRI deposits up 43% to $13.33 bn in April-December 2024: RBI

The total outstanding NRI deposits as of the end of December 2024 stood at $161.8 billion, the latest data released by RBI showed

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The flow of money from overseas Indians into non-resident Indian (NRI) deposit schemes rose by 42.8 per cent to $13.33 billion between April and December 2024, from $9.33 billion during the same period in 2023, data released by the Reserve Bank of India (RBI) showed.

 

The total outstanding NRI deposits as of the end of December 2024 stood at $161.8 billion, the latest RBI data showed. The outstanding NRI deposits were $146.9 billion in December 2023 and $162.69 billion in November 2024.

 

NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.

 

During the April-December 2024 period, the maximum flows came into FCNR (bank), or FCNR(B), deposits. According to RBI data, about $6.46 billion flowed into these accounts during this period, compared to $3.45 billion in the corresponding period a year ago.

 

The outstanding amount in FCNR(B) accounts stood at $32.19 billion. An 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. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.

 

Meanwhile, NRE deposits saw an inflow of $3.57 billion during this period, compared to $2.91 billion in the corresponding period a year ago. Outstanding NRE deposits stood at $99.56 billion in December 2024.

 

NRO deposits also saw inflows worth $3.29 billion in April–December 2024, compared to $2.97 billion during the same period a year ago. The total outstanding amount in NRO deposits was $30.04 billion in December 2024. An NRO account is a rupee-denominated bank account for NRIs.