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flag NRI bank deposits in India surged 42.8% to $13.33 billion in 2024, fueled by higher interest rates.

flag Non-resident Indian (NRI) bank account deposits saw a 42.8% increase to $13.33 billion between April and December 2024, compared to $9.33 billion in the same period in 2023. flag Total outstanding NRI deposits rose to $161.8 billion by December 2024, up from $146.9 billion the previous year. flag Foreign Currency Non-Resident (FCNR) deposits saw the highest inflow at $6.46 billion, while NRE deposits attracted $3.57 billion. flag The Reserve Bank of India raised the interest rate ceiling on FCNR-B deposits to bolster foreign currency inflows and support the rupee.

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