You must be one happy individual at the current moment! For others’ understanding, I’d like to explain why.
The Indian rupee is hogging all the limelight currently, considering its hovering close to 73 against the US Dollar mark. While this fall in the rupee is giving policymakers and students abroad sleepless nights, for non-resident Indians (NRIs) it has provided NRIs with a stellar opportunity to earn significantly higher value for the same money that they used to earn earlier.
This is because the foreign exchange, that is the value of the rupee against the dollar, is in their favour right now. The reason for this is that most NRIs send their money back home (in India) via remittances. A remittance is the money a foreign worker or an NRI sends to his/her family in another country.
Not just wages, a number of NRIs also wait for the rupee to fall so that they can invest in realty as well as other financial instruments.
Coming back to your question, urged by the RBI, banks have raised their Non-Resident External (NRE) and Foreign Currency Non-Repatriable (FCNR) deposit rates for deposits of 3-5 years.
You should note that NRE and FCNR accounts are fully repatriable and FCNR account also allows you to keep your money in foreign currency itself, thereby helping you save on the exchange cost. Non-Resident Ordinary (NRO) deposits, which are in Indian rupees, are already getting interest rates comparable to domestic deposits, which is 9-10%.
One way NRIs can play the rupee is to invest in India in a phased manner at current levels and with every Rs 2 movement in the rupee.