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NRIs park more forex in India! Fund flows into FCNR (B) deposits, designed for non-resident Indians (NRIs), have more than doubled this year, indicati ....
Fresh inflows under FCNR(B) which eliminates currency risk for NRIs, touched $2 billion in April-October, compared with an outflow of $841 million in the same period a year ago, showed the latest Reserve Bank of India (RBI) data published in its monthly Bulletin. Overall, fresh NRI deposits doubled to $6 billion during the April-October of 2023, from $3 billion in the same period a year ago. ....
"Relatively higher interest rates happen to be one of the driving factors," said Madan Sabnavis, chief economist, Bank of Baroda. FCNR(B) returns offered by the State Bank of India were more than 5%, compared with less than 3% returns offered by American Banks. ....