NRI deposits witness $7.82 billion inflows in April-August 2024: RBI data

Between April and August 2024, investments by Overseas Indians in non-resident Indian (NRI) deposit schemes doubled to US$ 7.82 billion, up from US$ 3.74 billion during the same period in 2023, according to data from the Reserve Bank of India (RBI). As of August 2024, total outstanding NRI deposits reached US$ 158.94 billion. The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. During this period, most inflows were into FCNR (B) deposits, which saw US$ 3.47 billion, compared to US$ 1.55 billion a year earlier, bringing the outstanding balance to US$ 29.2 billion.

NRE deposits also experienced significant growth, with inflows of US$ 2.51 billion, up from US$ 868 million last year, resulting in total outstanding NRE deposits of US$ 100.54 billion. NRO deposits recorded inflows of US$ 1.84 billion, increasing from US$ 1.32 billion, with total outstanding NRO deposits at US$ 29.19 billion. NRO accounts are rupee-denominated accounts for NRIs.

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