India's FCNR deposits projected to hit $80-85 billion, surpassing 2013 levels: SBI Research

India is poised to attract between $80 billion and $85 billion in Foreign Currency Non-Resident (Bank) deposits, according to a report by SBI Research. This projection significantly exceeds the total mobilized during a three-month period in 2013, with the current trend indicating that the amount collected in just 45 days has already surpassed that previous benchmark.

As of July 17, 2026, FCNR(B) deposits had reached $17.41 billion, according to data from the Reserve Bank of India. The overall deposit inflows by the same date totaled $20.72 billion, which included contributions from Overseas Foreign Currency Borrowings (OFCBs) and External Commercial Borrowings (ECBs). SBI Research has revised its total FCNR forecast upward to $65-70 billion by the scheme's conclusion, a substantial increase from its earlier estimate of $40-45 billion.

Public sector banks have been identified as the main force behind this mobilization effort. The report anticipates that a significant portion of existing FCNR deposits maturing in August and September 2026 will be renewed under the new scheme, attracted by higher interest rates. This renewal is expected to further bolster FCNR(B) inflows.

SBI Research also estimates that an additional $10 billion, conservatively, could be mobilized from economies offering tax concessions. Foreign Currency Assets (FCA) saw an increase of $7.6 billion between June 8 and July 17. The report projects that FCA inflows for the next 15 days, through July 31, could reach $10-12 billion, contributing significantly to the overall FCA accruals for July.