Business

NRI Deposits Surge To $12 Billion In April-October FY25, RBI Data Shows

Overseas Indians deposited approximately $12 billion in non-resident Indian (NRI) deposit schemes during April-October FY25, nearly doubling the $6.11 billion deposited during the same period last year.

Data released by the Reserve Bank of India (RBI) on Tuesday highlighted this sharp increase in inflows.

As of October 2024, total outstanding NRI deposits reached $162.69 billion, compared to $143.48 billion in October 2023. In October alone, overseas Indians deposited over $1 billion across various NRI schemes.

The three NRI deposit schemes include foreign currency non-resident [FCNR (B)] deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. Among these, FCNR (B) deposits attracted the highest inflows during the period.

Also Read: Metro Commuters Embrace Digital Payments, Nagpur Metro Leads With 41% Adoption

According to RBI data, FCNR (B) deposits received $6.1 billion in inflows during April-October FY25, a significant rise from $2.06 billion in the same period last year. The total outstanding amount in these accounts now stands at $31.87 billion.

FCNR (B) accounts allow NRIs to maintain fixed deposits in foreign currencies for one to five years, protecting funds from currency fluctuations. Recently, the RBI raised interest rate ceilings on FCNR (B) deposits to encourage more dollar inflows and support the depreciating rupee.

NRE deposits, offering high returns on foreign income in rupee terms, saw inflows of $3.09 billion during the period, up from $1.95 billion a year ago. Meanwhile, NRO deposits, meant for NRIs to deposit income earned in India, attracted $2.66 billion, compared to $2 billion last year.

The surge in NRI deposits reflects increased confidence in Indian banking products and aligns with the RBI’s measures to attract foreign capital amid currency volatility.

Shibra Arshad

Recent Posts

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

8 mins ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

3 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

4 hours ago

Gautam Adani, Family Participate In Puri Rath Yatra; Launch Massive ‘Prasad Seva’ Initiative

Gautam Adani, along with his wife Priti Adani and son Karan Adani, joined thousands of…

5 hours ago

PM Modi, Leaders Pay Tribute To Former PM PV Narasimha Rao On Birth Anniversary

PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…

5 hours ago

Gautam Adani Hails Divine Experience At Rath Yatra; Praises Odisha’s Graceful Management

Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…

5 hours ago