Flows in NRI deposits up 71% in April-November 2024, shows RBI data

Total outstanding NRI deposits stood at $162.7 billion

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The flow of money from Overseas Indians in non-resident Indian (NRI) deposit schemes rose by 71 per cent to $ 12.5 billion between April and November, 2024 from $ 7.30 billion that they put in these schemes during the same period in 2023, data released by the Reserve Bank of India (RBI) showed.

 

The total outstanding NRI deposits as of November, 2024 stood at $ 162.69 billion, revealed the data released on Friday in RBI’s January 2025 bulletin.

 

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

 

During the April-November, 2024 period, maximum flows came into FCNR (B) deposits. According to RBI data, about $ 6.3 billion flowed into these accounts during this period, compared to $ 2.5 billion in the corresponding period a year ago.

 

The outstanding amount in FCNR (B) accounts stood at $32.04 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 witnessed an inflow of $3.4 billion during this period, compared to an inflow of $2.31 billion in the corresponding period a year ago. The outstanding NRE deposits now stand at $100.66 billion in November, 2024.

 

NRO deposits also saw inflows worth $2.9 billion from April–November, 2024, compared to $2.5 billion during the same period a year ago. The total outstanding amount in NRO deposits was $30 billion in November, 2024. An NRO account is a rupee-denominated bank account for NRIs.