NRI deposits in Gujarat swell by 115% in the past three years and breached 50000 Crore mark in 2014-15. The economic uncertainty, steep fall in the rupee, and attractive interest rates offered to NRIs by Indian banks are said to be the reason for NRIs lining to country.
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The interest rates offered to NRIs in India is around 1.5%-2% more than what is offered in the US. NRIs from Gujarat form 33% of NRIs staying abroad. Gujarat is in the top five states in the country in terms of NRI deposits.
NRI deposits form significant share in the total bank deposits in Gujarat. 54574 Crore NRI deposits in Gujarat form 11.13% of the total 4.9 Lakh Crore bank deposits in the state as on March 2015. With a stable government at the center, the deposits are expected to swell further.
