Inflows into Non-Resident Indian, NRI, deposit accounts surged 11.9 billion dollar in April-October during the current financial year. According to the latest figures compiled by the Reserve Bank of India, this amount is nearly twice the corresponding figure of 6.1 billion dollar for the same period last year.  

 

 

The total outstanding NRI deposits as of October 2024 has now gone up to 162.7 billion dollar, compared to over 143 billion dollar during the same period last year.

 

 

The NRI deposit schemes include foreign currency non-resident FCNR deposits, non-resident external, NRE, deposits, and non-resident ordinary, NRO, deposits. 

 

 

These accounts are preferred by Indians working overseas as they can maintain fixed deposits from one to five years that enables them to earn higher interest. Since these accounts are in foreign currency these deposits are safeguarded against fluctuations in the rupee.