Non-resident Indians step up deposits in November by $4.15 billion

Non-resident Indians (NRI) stepped up their deposits in India in November, data released by the Reserve Bank of India showed.

Outstanding NRI deposits stood at $125.68 billion in November, from $121.53 billion in October — a rise of $4.15 billion. Majority of the rise in deposits was in the non-resident external rupee account, rising $4.94 billion in the month, according to RBI’s January bulletin. The data comes with a two month lag in RBI bulletins.

In this account, dollars are converted into rupees and deposited. While the interest rate offered is at par with domestic deposit rates, the main attraction is always