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Rupee at 95 plus pushes India to lure NRI dollars with revamped deposit incentives
Economy
Published on 14 May 2026
India may need 6 to 6.25% NRI deposit rewards
With the rupee slipping past 95 per dollar and West Asian tensions keeping risk elevated, India is weighing a return to NRI-focused dollar deposit schemes. The idea echoes 2000 and 2013, when incentives helped mobilise foreign currency and stabilise sentiment. But today’s backdrop is tougher: US rates are around 3.5%, making attractive coupons costlier. Estimates suggest a 3-year deposit rate of 6.0–6.25% may be needed, with funding support of 2.75–3.0%, potentially larger than earlier programmes.
- Rupee weakening beyond 95 per dollar is driving new inflow strategies
- India is considering reviving NRI dollar deposit incentives from 2000 and 2013
- Estimated 3-year NRI deposit pricing: 6.0–6.25% with support 2.75–3.0%
- For every $10 billion raised, support could total about $700–850 million
- BoP deficit is projected for a third straight year, though reserves still provide cover
- 2013 NRI mobilisation raised $26 billion, roughly 10% of reserves then
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times