The total NRI (Non-Resident Indian) deposits in banks across Kerala have crossed ₹3 lakh crore. As of December 2024, the figure stood at ₹2.86 lakh crore, and with the data from January to March 2025 now in, reports suggest the total has likely exceeded ₹3 lakh crore. This marks an increase of approximately ₹24,000 crore compared to the previous year, representing an annual growth rate of 9.4%.

Kerala ranks second in India in terms of NRI deposits, with Maharashtra leading the list. Of the total NRI deposits coming into India, 19.7% are directed to Kerala. Factors contributing to this achievement include the depreciation of the Indian rupee against the US dollar and an increase in migration to countries like Europe, the United States, Australia, and New Zealand.

In 2014, Kerala’s NRI deposits stood at ₹1 lakh crore, which doubled to ₹2 lakh crore by 2020. Since 2021, annual growth has been as high as 20%. The total number of Malayali expatriates is around 35.6 lakh, with 4.2 lakh residing in Gulf countries alone.

A significant portion of these funds is being deposited into foreign currency accounts, which offer interest benefits and currency advantages, rather than being sent as routine remittances. Post-COVID, there has also been a growing trend among expatriates to retain savings back home. Notably, one-third of India’s total NRI deposits originate from the United States, while 37.9% come from Gulf nations such as the UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain.

All these factors combined have enabled Kerala to mark a historic achievement in the domain of NRI deposits.