NRI Deposits Surge 42.8% to $13.33 Billion in April-December 2024: RBI

The inflow of funds into non-resident Indian (NRI) deposit schemes saw a significant rise of 42.8%, reaching $13.33 billion between April and December 2024, compared to $9.33 billion during the same period in 2023, according to data released by the Reserve Bank of India (RBI).

As of December 2024, total outstanding NRI deposits stood at $161.8 billion, up from $146.9 billion in December 2023. However, the figure was slightly lower than the $162.69 billion recorded in November 2024.

NRI deposit schemes include Foreign Currency Non-Resident (FCNR) deposits, Non-Resident External (NRE) deposits, and Non-Resident Ordinary (NRO) deposits. The highest inflows during the April-December 2024 period were recorded in FCNR (Bank) deposits, which attracted $6.46 billion, nearly doubling from $3.45 billion in the same period a year ago. The outstanding balance in these accounts reached $32.19 billion by the end of December.

NRE deposits saw inflows of $3.57 billion, up from $2.91 billion in the previous year, with total outstanding deposits reaching $99.56 billion. Meanwhile, NRO deposits recorded inflows of $3.29 billion, compared to $2.97 billion in the previous year, bringing the total outstanding amount to $30.04 billion.

FCNR(B) accounts allow NRIs to maintain fixed deposits in freely convertible foreign currencies for a tenure of one to five years, protecting funds from currency fluctuations. NRE accounts, on the other hand, are rupee-denominated and allow tax-free repatriation of both principal and interest, while NRO accounts are used to manage income earned in India.

Also Read: RBI Introduces '.bank.in' Domain To Combat Digital Fraud