Fresh NRI deposits fell to $2.78 billion in the first quarter of FY27, while foreign-currency deposits more than doubled amid a special RBI facility
Fresh deposits by non-resident Indians (NRIs) fell 23 per cent year-on-year to $2.775 billion in the April-June quarter of 2026-27, according to the latest data from the Reserve Bank of India (RBI). In the corresponding quarter a year earlier, NRI deposit inflows stood at $3.614 billion.
Despite the decline in new inflows, the total stock of NRI deposits edged up to $168.506 billion at the end of June 2026, compared with $168.327 billion a year earlier. The increase was supported mainly by growth in NRO and Foreign Currency Non-Resident (Bank), or FCNR(B), deposits.
FCNR(B) deposits recorded a sharp rise during the quarter. Inflows reached $1.732 billion, more than double the $774 million recorded during April-June 2025-26, representing an increase of about 124 per cent
The outstanding value of FCNR(B) deposits also climbed to $35.487 billion by the end of June, from $33.583 billion a year earlier. On a monthly basis, the figure increased from $34.038 billion at the end of May.
The surge followed the RBI’s introduction of a special FCNR(B) window in June, under which the central bank agreed to bear currency-hedging costs to encourage foreign-currency inflows and strengthen India’s external position.
However, the RBI has brought forward the closure of the facility. On August 14, it announced that fresh deposits under the special swap arrangement would stop on August 31, a month earlier than the previously scheduled September 30 deadline.
By August 21, the facility had attracted $72.848 billion in total foreign-exchange inflows. FCNR(B) deposits accounted for $65.397 billion, followed by overseas foreign-currency borrowings at $4.86 billion and external commercial borrowings at $2.591 billion.
