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Non-Resident Indian (NRI) deposits have seen a significant surge, with inflows reaching $12 billion in April-October FY25, almost double the amount deposited during the same period last year ¹. This growth is attributed to the three main NRI deposit schemes: Foreign Currency Non-Resident (FCNR) deposits, Non-Resident External (NRE) deposits, and Non-Resident Ordinary (NRO) deposits.

 

Breakdown of NRI Deposit Schemes:

- FCNR Deposits: Saw the maximum flows, with $6.1 billion deposited during the April-October period, compared to $2.06 billion in the corresponding period last year. FCNR (B) accounts allow customers to maintain fixed deposits in India in freely convertible foreign currencies for 1-5 years ¹.

- NRE Deposits: Witnessed an inflow of $3.09 billion during this period, compared to $1.95 billion in the corresponding period last year. NRE deposits are a high-return rupee deposit option for NRIs to invest their foreign income ¹.

- NRO Deposits: Saw substantial flows of $2.66 billion in the April-October period, compared to $2 billion during the same period last year. NRO accounts are rupee-denominated bank accounts for NRIs, persons of Indian origin, and overseas citizens of India who wish to deposit income earned in India ¹.

 

The total outstanding NRI deposits as of October 2024 stood at $162.69 billion, compared to $143.48 billion during the same period last year ¹.