NRI deposits see US$ 3 billion inflows in April-May FY25, shows RBI data

Overseas Indians deposited nearly US$ 3 billion in non-resident Indian (NRI) deposit schemes during April-May FY25, marking a more than fourfold increase compared to last year, according to the Reserve Bank of India (RBI) data. Inflows into NRI schemes totalled US$ 2.72 billion in April-May FY25, compared to US$ 623 million during the same period in the previous year. As of May, the total outstanding NRI deposits amounted to US$ 154.72 billion. Notably, inflows in May alone reached US$ 1.7 billion, up from US$ 1.07 billion in April.

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-May FY25 period, NRE deposits attracted the largest inflows, with US$ 1.13 billion, compared to an outflow of US$ 10 million in the same period last year, bringing the total outstanding NRE deposits to nearly US$ 100 billion. FCNR deposits saw an inflow of over US$ 1.10 billion, up from US$ 524 million a year ago, raising the total outstanding to US$ 26.8 billion. Similarly, NRO deposits experienced significant inflows of US$ 481 million, compared to US$ 109 million during the same period last year, with the total outstanding reaching US$ 28 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.