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Overseas Indians deposit $12 billion in NRI schemes: RBI
The three main categories of NRI deposit schemes—Foreign Currency Non-Resident (FCNR), Non-Resident External (NRE), and Non-Resident Ordinary (NRO) deposits—experienced substantial growth.
The data, released by the Reserve Bank of India (RBI) on Dec.24, highlights a significant surge in NRI investments in India’s banking sector. / RBI
Overseas Indians contributed nearly $12 billion to non-resident Indian (NRI) deposit schemes between April and October in the fiscal year 2024-25 (FY25), almost doubling the $6.11 billion deposited during the same period last year.
The data, released by the Reserve Bank of India (RBI) on Dec.24, highlights a significant surge in NRI investments in India’s banking sector.
As of October 2024, the total outstanding NRI deposits stood at $162.69 billion, marking a significant rise from $143.48 billion in October 2023. Notably, October alone witnessed over $1 billion in fresh deposits by overseas Indians.
The three main categories of NRI deposit schemes—Foreign Currency Non-Resident (FCNR), Non-Resident External (NRE), and Non-Resident Ordinary (NRO) deposits—experienced substantial growth.
FCNR deposits attracted the highest inflows, with $6.1 billion deposited during the April-October period, compared to $2.06 billion during the same period last year. This brought the total outstanding amount in FCNR accounts to $31.87 billion.
FCNR accounts allow NRIs to maintain fixed deposits in foreign currencies for durations ranging from one to five years, providing protection against currency fluctuations. The RBI recently raised interest rate ceilings on FCNR accounts to encourage more dollar inflows and provide additional support for the rupee amid depreciation against the US dollar.
NRE deposits, a rupee-denominated high-return investment option for NRIs, saw inflows of $3.09 billion during the April-October period, up from $1.95 billion a year ago. Similarly, NRO deposits, which cater to income earned in India, attracted $2.66 billion in the same period, compared to $2 billion last year.
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