NRI deposits near $11 billion so far this year

invRsNRI deposit inflows are near $11 billion so far this year, boosted by a weak rupee. Bankers say the liquidity factor and safety element of bank deposits continues to attract NRIs.

Bank of America Merrill Lynch recently raised its banking capital inflows to $15 billion on account of higher NRI deposits. They say there is often a direct correlation between remittances and the depreciating rupee. High net worth individuals and NRIs also see this as an opportune time to send money back home to benefit from the currency rate advantage.

Dun & Bradstreet India said they expect the rupee to depreciate to around 66.60 per US$ during the month of September.