 "NRI deposit flows up 63.5% to $14.7 bn in FY24, the highest in 8 years")
The money flowing into Non-Resident Indians’ (NRIs’) deposits rose by 63.55 per cent to $ 14.7 billion in Financial Year 2024 (FY24), from $ 8.98 billion FY23.
The earlier high was $ 15.97 billion in FY16.
The maximum flows came into Foreign Currency Non-Resident (FCNR) accounts. The amount of money that came into FCNR accounts was $6.37 billion in the Fy24, compared to an inflow of $2.44 billion in the previous year period (FY23), according to data from the Reserve Bank of India (RBI).
The figures for Fy24 are provisional.
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Outstanding NRI deposits rose by $2.15 billion to $151.87 billion at the end of March 2024, up from $149.72 billion in February 2024. As for the annual trend, NRI deposits grew from $138.87 billion at the end of March 2023.
FCNR deposits were at $25.73 billion in March 2024, up from $24.90 billion in February 2024. This was higher than the $19.36 billion at the end of March 2023.
Non-Resident External (NRE) deposits were at $98.62 billion in March 2024, up from $97.68 billion in February 2024 and $95.81 billion at the end of March 2023.
Non-Resident Ordinary (NRO) deposits rose to $27.52 billion in March 2024, up from $27.14 billion in February 2024 and $23.69 billion a year ago.