Inflows into non-resident Indian (NRI) deposit schemes surged 678.2 per cent year-on-year to $36.24 billion during the first four months of FY27 (April–July), compared with $4.66 billion in the same period of FY26, according to data released by the Reserve Bank of India.
The sharp rise was driven largely by strong growth in foreign currency deposits following the special concessional swap facility the RBI introduced in June to attract foreign currency inflows. The central bank’s move helped mobilise around $133 billion until August 31.
FCNR(B) accounts did the heavy lifting
The surge was led almost entirely by foreign currency non-resident (bank), or FCNR(B), deposits. During April–July FY27, FCNR(B) deposit inflows soared to $34.53 billion, compared with just $772 million in the same period a year earlier. Reflecting the increase, the outstanding amount in FCNR(B) accounts rose to $68.28 billion at the end of July 2026.
FCNR(B) accounts allow NRIs to maintain fixed deposits in freely convertible foreign currencies for tenures ranging from one to five years, protecting depositors from exchange rate fluctuations during the deposit period.
Rotation away from rupee deposits
While FCNR(B) deposits recorded a substantial rise, NRE deposit inflows moderated sharply. NRE deposits registered net inflows of just $207 million during April–July FY27, compared with $2.42 billion in the corresponding period last year. Outstanding NRE deposits stood at $98.02 billion in July 2026, lower than $102.03 billion a year earlier.
NRO deposits continued to witness steady growth. Inflows into NRO accounts rose to $1.51 billion during April–July FY27 from $1.47 billion in the same period of the previous year, with the outstanding amount standing at $34.59 billion in July 2026.
Total stock crosses $200 billion
Overall, total outstanding NRI deposits climbed to $200.89 billion as of July 2026, up from $167.86 billion in July 2025 and $168.51 billion in June 2026. The influx has helped the RBI rebuild its dollar buffer at a time when the rupee has traded close to 96 per dollar and foreign investors have been selling Indian stocks amid elevated crude prices.
Sources:
- hi INDiA/IANS — NRI deposit inflows surge nearly 7-fold to $36.24 billion in April-July FY27: RBI data
- OmmCom News — NRI Deposit Inflows Surge Nearly 7-Fold To $36.24 Billion In April-July FY27: RBI Data
The sharp rise was driven largely by strong growth in foreign currency deposits following the special concessional swap facility the RBI introduced in June to attract foreign currency inflows. The central bank’s move helped mobilise around $133 billion until August 31.
FCNR(B) accounts did the heavy lifting
The surge was led almost entirely by foreign currency non-resident (bank), or FCNR(B), deposits. During April–July FY27, FCNR(B) deposit inflows soared to $34.53 billion, compared with just $772 million in the same period a year earlier. Reflecting the increase, the outstanding amount in FCNR(B) accounts rose to $68.28 billion at the end of July 2026.
FCNR(B) accounts allow NRIs to maintain fixed deposits in freely convertible foreign currencies for tenures ranging from one to five years, protecting depositors from exchange rate fluctuations during the deposit period.
Rotation away from rupee deposits
While FCNR(B) deposits recorded a substantial rise, NRE deposit inflows moderated sharply. NRE deposits registered net inflows of just $207 million during April–July FY27, compared with $2.42 billion in the corresponding period last year. Outstanding NRE deposits stood at $98.02 billion in July 2026, lower than $102.03 billion a year earlier.
NRO deposits continued to witness steady growth. Inflows into NRO accounts rose to $1.51 billion during April–July FY27 from $1.47 billion in the same period of the previous year, with the outstanding amount standing at $34.59 billion in July 2026.
Total stock crosses $200 billion
Overall, total outstanding NRI deposits climbed to $200.89 billion as of July 2026, up from $167.86 billion in July 2025 and $168.51 billion in June 2026. The influx has helped the RBI rebuild its dollar buffer at a time when the rupee has traded close to 96 per dollar and foreign investors have been selling Indian stocks amid elevated crude prices.
Sources:
- hi INDiA/IANS — NRI deposit inflows surge nearly 7-fold to $36.24 billion in April-July FY27: RBI data
- OmmCom News — NRI Deposit Inflows Surge Nearly 7-Fold To $36.24 Billion In April-July FY27: RBI Data
