NRI deposits witness $5.82 billion inflows in April-July 24, shows RBI data | Economy & Policy News – Business Standard

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The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits

Overseas Indians deposited about $5.82 billion in non-resident Indian (NRI) deposit schemes in April–July 2024 (FY25), up 93.35 per cent over the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Friday showed.

The total outstanding NRI deposits as of July 2024 stood at $157.15 billion. 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–July 2024 period, maximum flows came into FCNR (B) deposits. According to RBI data, about $2.83 billion flowed into these accounts during this period, compared to $1.44 billion in the corresponding period a year ago. The outstanding amount in FCNR (B) accounts stood at $28.57 billion. An FCNR (B) account lets customers maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.