From April to August 2024, investments by Overseas Indians in non-resident Indian (NRI) deposit schemes surged to $7.82 billion, significantly increasing from $3.74 billion during the same timeframe in 2023, according to the Reserve Bank of India (RBI). As of August 2024, the total outstanding NRI deposits amounted to $158.94 billion. These deposit schemes include foreign currency non-resident (FCNR) deposits,
non-resident external (NRE), and non-resident ordinary (NRO) deposits.
During this period, a notable portion of inflows was directed towards FCNR (B) deposits, which garnered $3.47 billion—up from $1.55 billion the previous year.
NRE deposits also saw substantial growth, receiving inflows of $2.51 billion, a marked increase from $868 million the previous year, leading to total outstanding NRE deposits of $100.54 billion. Meanwhile, NRO deposits registered inflows of $1.84 billion, up from $1.32 billion, resulting in total outstanding NRO deposits of $29.19 billion. It is important to note that NRO accounts are rupee-denominated accounts specifically for NRIs.
