Flows into NRI deposits surge in April-Sept, but outstanding amount falling

NRE deposits were at $100.8 billion in March

The flow of money into non-resident Indian (NRI) deposits improved to $2.78 billion in April-September this year, over $1.74 billion in April-September 2021, showing the effect of sops like easing limits on interest rate.

However, the streak of decline in outstanding NRI deposits continued in the six months of 2022-23. They fell to $133.6 billion in September, from $139 billion in March and $141.55 billion a year ago. They also shrunk from $134.68 billion in August, revealed the Reserve Bank of India (RBI) data.

State Bank of India Chairman Dinesh Khara told Business Standard while flows into deposits have increased, some funds