http://www.financialexpress.com/news/nri-bank-deposits-double-to-10.14-bn-in-aproct/1043264
Dollar inflows from non-resident Indians into bank deposits have doubled during April-October this year to $10.14 billion as NRIs took advantage of higher returns and a weak rupee. During the corresponding period last year, inflows were at $4.88 billion.
During the period, non resident (external) rupee accounts saw an inflow of $11.61 billion, almost five times that of last year, data from the Reserve Bank of India showed.
Non-resident (ordinary) rupee accounts and Foreign currency non-resident accounts saw an outflow this year as against an inflow last year. Inflows had surged in April and May after the rupee depreciated sharply. The currency hit an all-time low of 57.32/$ in June.
Non-resident (ordinary) rupee accounts saw an outflow of $255 million in October.
“Not only interest rates were higher than other countries, but even on the currency difference the return went up substantially,” said the treasury head of a public sector bank.
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