In a significant surge, overseas Indians deposited nearly $3 billion into non-resident Indian (NRI) deposit schemes during April and May FY25, marking a fourfold increase from the $623 million deposited in the same period last year, according to data released by the Reserve Bank of India (RBI) on Thursday.
The total inflows into NRI schemes reached $2.72 billion during this period. Notably, inflows for May alone amounted to $1.7 billion, compared to $1.07 billion in April. The total outstanding NRI deposits stood at $154.72 billion as of May.
The drivers
The increase in deposits was primarily driven by foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits. NRE deposits saw an inflow of $1.13 billion during April-May FY25, reversing last year’s $10 million outflow and bringing the total outstanding to nearly $100 billion.
FCNR deposits also experienced substantial growth, with $1.10 billion in inflows compared to $524 million a year ago, resulting in a total outstanding balance of $26.8 billion. Similarly, NRO deposits received $481 million, up from $109 million during the same period last year, increasing the total outstanding to $28 billion.
