India's $30 Billion NRI Deposit Drive Surges Ahead as Deadline Nears
India's state-run banks are on track to reel in a massive $30 billion from Non-Resident Indians (NRIs) through the Reserve Bank of India's (RBI) special dollar deposit scheme by its September 30 deadline. Launched in June 2026, this initiative, offering attractive interest rates up to 7.1% on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits, has already mobilized about $10 billion, with a significant acceleration expected in the final weeks. This aggressive push aims to bolster India's foreign exchange reserves and strengthen the Indian Rupee amid global economic uncertainties.












