3 days ago
- Business
- New Indian Express
Slowing NRI deposits shows new investment trends
KOLLAM: In an interesting trend, domestic bank deposits in Kerala have been growing faster compared to NRI deposits. Between 2019 and 2024, domestic deposits grew by approximately 73% — from Rs 3.03 lakh crore to Rs 5.25 lakh crore — while NRI deposits increased by just 42.6%, from Rs 1.90 lakh crore to Rs 2.71 lakh crore.
According to economists, the slower growth rate in NRI deposits reflects evolving migration patterns, global economic uncertainties and a growing preference for investments outside traditional bank deposits.
'The slowdown in the growth of NRI deposits in Kerala shows that more people are looking for long-term investments in foreign countries. These include countries like Australia, the US, Canada, European countries and the Gulf,' said S Irudaya Rajan, former faculty at the Centre for Development Studies and Chairman of the International Institute for Migration and Development.
