In a remarkable surge, overseas Indians deposited nearly $3 billion into non-resident Indian (NRI) deposit schemes during April-May FY25, a figure that surpasses last year’s deposits by more than four times, according to data released by the Reserve Bank of India (RBI). The total inflow for this period reached $2.72 billion, a significant increase from $623 million in the same timeframe the previous year. By the end of May, the total outstanding NRI deposits had risen to $154.72 billion.
In May alone, deposits into NRI schemes totaled $1.7 billion, compared to $1.07 billion in April. The NRI deposit schemes encompass foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.
Among these, NRE deposits saw the highest inflow, with $1.13 billion coming in during April-May FY25, a stark contrast to the $10 million outflow recorded during the same period last year. The total outstanding NRE deposits now approach $100 billion. FCNR deposits also experienced a significant boost, with $1.10 billion inflow, up from $524 million a year earlier, bringing the total to $26.8 billion.
NRO deposits similarly enjoyed a notable increase, attracting $481 million during April-May FY25, compared to $109 million in the previous year. The total outstanding NRO deposits now stand at $28 billion.
