Flows into NRI deposits up 72.7% in April-December 2023: RBI Bulletin

Money flowing into non-resident Indians’ (NRIs’) deposits rose 72.7 per cent to $9.33 billion in April-December 2023, from $5.40 billion in the same period a year ago.

Flows into foreign currency non-resident (FCNR) accounts surged nearly fivefold to $3.45 billion in the April-December 2023 period, compared to an inflow of $640 million in 2022, according to data from the Reserve Bank of India (RBI).

Outstanding NRI deposits rose by $2.42 billion to $146.9 billion at the end of December 2023, up from $144.48 billion in November 2023. This marked an increase from $134.48 billion at the end of December 2022.

FCNR deposits were at $22.81 billion in December 2023, nearly a $1 billion increase from $21.86 billion in November 2023. This was significantly higher than the $17.55 billion at the end of December 2022.

Non-resident external (NRE) deposits were at $97.69 billion in December 2023, up from $96.79 billion in November and $94.46 billion at the end of December 2022.

Non-resident ordinary (NRO) deposits, too, reached $26.40 billion in December 2023, up from $25.83 billion in November 2023 and $22.45 billion a year ago.