Gujarat Banks’ NRI Deposits Rise 8.15% in FY26, Reach Record High

Ahmedabad: Gujarat’s NRI deposit base has reached a record ₹1.18 lakh crore, reflecting continued confidence among overseas Gujaratis in the state’s banking system despite a slowdown in fresh NRI deposits across the country.

According to data from the State Level Bankers’ Committee (SLBC), Gujarat, outstanding NRI deposits stood at ₹1.17 lakh crore at the end of FY26, up 8.15% from ₹1.09 lakh crore a year earlier.

While deposits continued to rise, the pace of growth slowed compared to FY25, when NRI deposits had increased by 18.16%.

Meanwhile, Reserve Bank of India (RBI) data show that inflows into NRI deposit schemes moderated during FY26, particularly in Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, as the gap between interest rates in India and overseas markets narrowed.

To encourage overseas deposits, the RBI recently relaxed interest rate ceilings on FCNR(B) and Non-Resident External (NRE) deposits, allowing banks greater flexibility to offer higher returns.

Industry observers said Gujarat continues to be a preferred destination for NRI savings due to its strong overseas community, investment opportunities, and long-standing banking relationships with the diaspora. DeshGujarat