NRI deposit flows surge over 6x to $36.2 bn in Apr-Jul FY27: RBI data | Finance News

The flow of money from overseas Indians into non-resident Indian (NRI) deposit schemes rose 678.2 per cent to $36.24 billion in the April-July period of FY27, from $4.66 billion during the same period in FY26, on the back of strong FCNR(B) deposit flows, according to Reserve Bank of India (RBI) data. This was mainly due to a concessional swap facility introduced by the RBI in June, which led to mobilisation of $133 billion till August 31.

Also, in the same period, outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals were up 4.7 per cent year-on-year (YoY) to $9.37 billion, led by overseas investments.

The total outstanding NRI deposits stood at $200.89 billion as of the end of July 2026. The outstanding NRI deposits were $167.86 billion in July 2025 and $168.51 billion in June 2026.

NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits and non-resident ordinary (NRO) deposits.

During the April-July 2026 period, FCNR (bank), or FCNR(B), deposit flows rocketed to $34.53 billion, compared with $772 million in the corresponding year-ago period.

In July, the outstanding amount in FCNR(B) accounts rose to $68.28 billion. An FCNR(B) account lets customers maintain a fixed deposit in India in freely convertible foreign currencies for a tenure ranging from one to five years. Since the account is maintained in foreign currency, it secures funds against currency fluctuations during the deposit’s tenure.

NRE deposits saw an inflow of $207 million during the April-July period of FY27, compared with $2.42 billion in the corresponding period a year ago. Outstanding NRE deposits stood at $98.02 billion in July 2026, against $102.03 billion in July 2025.

NRO deposits also saw inflows worth $1.51 billion in April-July 2026, compared with $1.47 billion during the same period a year ago. The total outstanding amount in NRO deposits was $34.59 billion in July 2026, compared with $34.26 billion. An NRO account is a rupee-denominated bank account for NRIs.

The RBI said net inflows under non-resident deposits rose sharply in July 2026, reflecting an increase in FCNR(B) deposits on account of recent policy measures.

Outward remittances under the LRS rose to $9.37 billion so far in the financial year, led by overseas investments, despite a dip in foreign travel and overseas education. Remittances for investment in equity/debt doubled to $1.4 billion, while deposit-related remittances rose 39.3 per cent YoY to $330.32 million. At the same time, remittances for the purchase of immovable property rose 13.34 per cent YoY to $185.33 million, while travel-related remittances were down 1.31 per cent YoY to $5.27 billion. Overseas education was also down 30.6 per cent YoY to $472.66 million.

In July, remittances were up 5.3 per cent YoY to $2.45 billion, supported by an increase in overseas investment and a rise in international travel.