Outstanding NRI deposits rose by 0.1 per cent to $142 billion in April 2021 as compared to the preceding month.
In absolute terms, NRI deposits saw a net inflow of $149 million in April 2021 as against a net outflow of $460 million in March 2021.
A Non-Resident External (NRE) account is a rupee dominated account opened by an NRI to facilitate deposit of foreign currency earnings. Outstanding non-resident rupee deposits increased by $611 million to $103.2 billion.
An NRO account is a savings or current account held by NRIs in India to manage their income earned in India. Outstanding non-resident ordinary rupee (NRO) deposits fell by $38 million to $18.8 billion.
Foreign Currency Non Resident [FCNR] accounts are deposits designated in foreign currency opened and maintained by a non-resident Indian who may be an Indian citizen. Outstanding foreign currency non-resident (Banks) (FCNR(B)) deposits too fell by $424 million to $20 billion.
Story: Shivani Sharma
Design: Mohsin Shaikh