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
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