Net inflows into NRI deposit schemes surged 678.2% year-on-year to $36.24 billion in April-July FY27, against $4.66 billion in the same period last year, according to RBI data published in the central bank's September bulletin.

The surge was driven by FCNR(B) deposits — foreign-currency accounts NRIs hold in India — which drew $34.53 billion, about 95% of total inflows, versus just $772 million a year earlier. The jump followed the RBI's concessional forex swap facility launched in June, which mobilised roughly $133 billion by August 31, according to IANS and The Hindu BusinessLine.

Total outstanding NRI deposits crossed $200.89 billion in July 2026, up from $167.86 billion a year earlier. Outstanding FCNR(B) deposits more than doubled to $68.28 billion.

In contrast, NRE deposit inflows — rupee accounts NRIs hold in India — collapsed to $207 million from $2.42 billion a year earlier, reflecting a rotation of NRI funds into dollar-denominated FCNR(B) accounts. The data points to strong overseas investor confidence in India amid favourable deposit terms, and analysts will watch whether the inflow pace holds once the swap facility winds down.