Indians residing overseas have deposited over $5.82 billion in Non-Resident Indian (NRI) deposit schemes between April and July of the 2025 fiscal year. The amount deposited under this scheme during the same period last year was 93.35 percent less, according to data issued by the Reserve Bank of India on Friday.
As of July 2024, NRI deposits totaled $157.15 billion. Non-Resident External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident (FCNR) deposits are all included in the NRI deposit system.
During April-July 2024, the highest inflow has been in FCNR (B) deposits. According to Reserve Bank data, about $ 2.83 billion has come into these accounts, while $ 1.44 billion came in the same period last year. The amount deposited in FCNR (B) accounts is $ 28.57 billion.
Customers can create fixed deposits in India with FCNR (B) accounts that have a term of one to five years and are directly convertible into foreign currency. The account is safeguarded against currency fluctuations during the deposit term because it is maintained in a foreign currency.
NRE deposits for this time totaled $1.78 billion, compared to $568 million for the same period in the previous year. Total deposits in NRE accounts presently stand at $99.98 billion.
Similarly, NRO deposits have seen $1.2 billion during the April-July period of FY 2024, as against $1 billion in the same period last year.
The total amount in NRO deposits was $28.6 billion in July 2024. The money of migrants is deposited in rupees in the NRO account.
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