The figures for FY24 are provisional, reflecting a robust upward trend in NRI deposits, driven by significant inflows into FCNR accounts
In Financial Year 2024 (FY24), Non-Resident Indian (NRI) deposits experienced a substantial increase, soaring by 63.55% to reach $14.7 billion, a significant rise from $8.98 billion in FY23. This marks the highest level of NRI deposits in eight years, with the previous peak being $15.97 billion in FY16.
The most notable growth was observed in Foreign Currency Non-Resident (FCNR) accounts, which saw inflows jump to $6.37 billion in FY24, compared to $2.44 billion in the previous year, according to data from the Reserve Bank of India (RBI).
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 earlier.
As of the end of March 2024, the total outstanding NRI deposits had risen by $2.15 billion, amounting to $151.87 billion, up from $149.72 billion in February 2024. Over the annual period, there was an increase from $138.87 billion at the end of March 2023.
Specifically, FCNR deposits grew to $25.73 billion in March 2024, up from $24.90 billion in February 2024 and significantly higher than the $19.36 billion recorded at the end of March 2023. Non-Resident External (NRE) deposits also saw growth, reaching $98.62 billion in March 2024, compared to $97.68 billion in February 2024 and $95.81 billion in March 2023.
Additionally, 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 earlier.
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