Indian banks collected these deposits between June 8 and August 21, 2026. FCNR-B accounts let non-resident Indians hold deposits in foreign currencies, including dollars and pounds. Banks have been offering interest of 6.00% to 7.50% for tenures of three to five years, making the deposits attractive compared with returns available in other markets.

The RBI’s concessional swap arrangement has also supported the inflows by helping banks manage the cost of foreign-currency deposits more cheaply. The central bank has brought forward the facility’s closing date to August 31, 2026. The report does not specify the earlier deadline.

That shorter window has prompted banks and customers to speed up transactions. Collections exceeded $13 billion during the final eight days covered by the report. Banks are also lending to NRIs to help them place larger FCNR-B deposits. Separately, overseas foreign-currency borrowing brought banks another $4.860 billion.

SBI’s Saumya Kanti Ghosh suggested that the early closure could reflect the RBI having achieved its targets. Estimates cited in the report put collections by the deadline at $85 billion, potentially producing a balance-of-payments surplus near $50 billion. These are projections rather than confirmed outcomes, and inflows through this route are expected to ease after the window closes.