Summary:

According to the Reserve Bank of India, NRI deposit inflows more than quadrupled in the first half of FY25, reaching US$ 10.2 billion, up from US$ 5.41 billion in FY23. By September 2024, the total outstanding NRI deposits had reached US$ 161.62 billion. The increase was primarily driven by FCNR deposits, which saw inflows of US$ 5.34 billion in H1FY25, compared to US$ 1.92 billion in H1FY23. FCNR accounts allow for fixed deposits in foreign currencies for 1-5 years, offering protection against currency fluctuations.

NRE deposits, held in Indian Rupees, saw inflows rise to US$ 2.65 billion (Rs. 22,374 crore) in H1FY25, up from US$ 1.61 billion (Rs. 13,593 crore) in H1FY24. As of September 2024, the outstanding balance in NRE accounts was US$ 100.92 billion. NRO deposits also grew, with an inflow of US$ 2.19 billion (Rs. 18,490 crore), raising the total outstanding NRO balance to US$ 29.61 billion (Rs. 2,49,997 crore).

Source: IBEF 

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.