The Indian diaspora deposited 23.3 per cent more money into non-resident Indians (NRI) accounts during the first 11 months of the financial year 2024-25 (FY25) against the same period a year ago.

       NRIs inflows in deposits grew by $14.55 billion between April 2024 and February 2025, against $11.8 billion during the same period a year ago, according to the Reserve Bank of India (RBI).

       The total outstanding NRI deposits at the end of February 2025 reached $160.33 billion. Sequentially outstanding deposits declined by $873 million from $161.21 billion in January 2025.

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

       During April 2024 to February 2025, the maximum inflows came into FCNR (bank), or FCNR(B) deposits.

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       According to RBI data, about $6.75 billion flowed into these accounts during this period, compared to $5.53 billion in the corresponding period a year ago.

       The outstanding amount in FCNR(B) accounts stood at $32.49 billion at the end of February 2025.

       An FCNR(B) account lets customers maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the tenure of the deposit.

       Meanwhile, NRE deposits saw an inflow of $4.01 billion during this period, compared to $2.63 billion in the corresponding period a year ago. Outstanding NRE deposits stood at $97.93 billion in February 2025.

       NRO deposits also saw inflows worth $3.79 billion during the period under review, compared to $3.63 billion during the same period a year ago.

       The total outstanding amount in NRO deposits was $29.9 billion in December 2024. An NRO account is a rupee-denominated bank account for NRIs.

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