NRIs remain an integral part of the Indian economy despite settling abroad for work. According to the latest data, their contribution continues to grow as they have sent more money to India than ever!
From April to December 2024, Deposits in Indian banks have seen a huge surge of 42.8%. This amounts to a massive $13.33 billion deposit in 9 months, compared to $9.33 billion last year.
The total NRI savings in Indian banks have now hit $161.8 billion. This is a sharp rise from $146.9 billion in 2023, according to RBI data.
Seeing the Rupee plummet compared to the US dollar, most of these funds were seen in FCNR deposits, allowing NRI to hold money in foreign currency. These accounts saw an inflow of $6.46 billion, almost doubling last year’s deposits of $3.45 billion.
The main reason behind this sudden surge is raised interest rates on FCNR(B) deposits. Banks are now offering better returns, luring more NRI money, and with the rupee struggling, NRIs see this as a smart way to grow their wealth.
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