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These latest figures underscore the continued appeal of India’s banking schemes to its global diaspora, particularly amidst fluctuating global markets
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The substantial increase in NRI deposits reflects overseas Indians’ growing confidence in India’s economic environment and robust financial structures
Non-resident Indian (NRI) deposits experienced a significant surge, doubling to $7.82 billion from April to August 2024, compared to $3.74 billion during the same period in 2023. The Reserve Bank of India (RBI) revealed that the total outstanding NRI deposits reached $158.94 billion as of August 2024. These deposits include Foreign Currency Non-Resident (FCNR) deposits, Non-Resident External (NRE) deposits, and Non-Resident Ordinary (NRO) deposits.
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NRE deposits saw inflows of $2.51 billion during this period, a substantial rise from the $868 million recorded the previous year, bringing the total outstanding amount to $100.54 billion by August 2024
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NRO deposits also recorded increased activity, with inflows of $1.84 billion from April to August 2024, up from $1.32 billion the previous year
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The outstanding balance in NRO accounts reached $29.19 billion
A major portion of this inflow targeted FCNR (B) accounts, with $3.47 billion deposited from April to August 2024, a noticeable increase from the $1.55 billion recorded in the same period last year. Outstanding FCNR (B) deposits now stand at $29.2 billion. This type of account allows NRIs to maintain fixed deposits in India in freely convertible foreign currencies for terms ranging from one to five years, effectively shielding these funds from currency fluctuations.
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