India's growing appeal as a viable investment location has had many non-resident Indians interested in making huge deposits onshore, the Economic Times (of India) reports.

Citing latest figures from the Reserve Bank of India, the publication said that NRIs had been responsible for $2.7 billion worth of inflows in April to September, compared to just $1.1 billion in the previous year.

These numbers contrast sharply with the local activity as residents gradually moved away from deposits as a result of the global financial crisis. Term deposits reportedly dropped in the first half from Rs 3,68,000 crore (approximately $79 billion) in the previous corresponding period to Rs 3,57,000 crore (approximately $76.8 billion).

NRIs generally bring their deposits to three products - the FCNR (B), the NRE (RA) and the non-resident ordinary rupee account, the news service added. Both the FCNR (B) and NRE (A) are repatriable, while the ordinary account is non-repatriable.