Politics · India Bureau
NRI deposits surge sixfold to $36.2 billion in first four months of FY27
Foreign Currency Non-Resident deposits and outward remittances have picked up significantly in the current financial year, according to latest Reserve Bank of India data. The surge reflects renewed investor confidence and active capital flows from the Indian diaspora.
LSN India ·
Non-resident Indian (NRI) deposit inflows have accelerated sharply in the opening months of the 2026-27 financial year, with flows reaching $36.2 billion during April-July, according to Reserve Bank of India statistics released this week.
Forex Currency Non-Resident Account deposits, known as FCNR(B), comprised the bulk of inflows, accumulating $34.53 billion during the four-month period. This represents a substantial increase from the previous comparable period, reflecting heightened participation from overseas Indians in rupee-denominated instruments.
Simultaneously, outward remittances filed under the Liberalised Remittance Scheme climbed to $9.37 billion during the same period, marking a 4.7 per cent year-on-year increase. The scheme allows resident individuals to remit funds abroad for permitted current or capital account transactions.
The combined momentum in deposits and remittances suggests a robust engagement from India's overseas population with domestic financial markets and cross-border capital movements. Analysts attribute the uptick partly to improved sentiment around the Indian economy and competitive returns on foreign currency deposits offered by domestic banks.