Balance of Payments August 2026: $83 Billion NRI Deposits Turn BoP to $45.4 Billion Surplus

$83 billion of NRI deposits came into India’s banks in a single month. That is the standout figure in the RBI’s balance of payments data for August 2026, released on 15 October. It helped India record an overall balance of payments surplus of $45.4 billion for the month, even though the current account stayed in deficit. Most of the money came through a special RBI scheme for Foreign Currency Non-Resident (FCNR(B)) deposits that closed on 31 August. Here is how to read the August balance of payments numbers, what was behind the NRI deposit surge, and why it matters for the rupee and your money.

Balance of payments August 2026: key figures

Source: RBI press release 2026-2027/1335, 15 October 2026. August 2026 data is preliminary; 2025 data is partially revised.

How to read these numbers

The balance of payments records all money flowing into and out of India.

• The current account covers trade in goods and services, remittances (transfers) and income such as interest and dividends. A deficit means India spent more abroad on these than it earned.
• The capital account covers investment and borrowing: foreign direct investment, portfolio flows, loans and bank deposits from non-residents.
• The overall balance is the sum. A surplus usually adds to foreign exchange reserves; the RBI’s table shows a $45.4 billion increase under “monetary movements” in August.

In August, the current account deficit narrowed slightly to $5.2 billion. A $26.6 billion goods deficit was offset by a $16.5 billion services surplus and $12.8 billion of transfers, mostly remittances from Indians working abroad. For April to August, though, the deficit was $18.3 billion, wider than last year’s $12.8 billion, because the goods deficit grew.

Where the capital came from

Source: same release. NRI deposits for April to August were $119.2 billion, against $5.6 billion in the same months of 2025.

Two items pulled in opposite directions. NRI deposits brought in $83 billion. External commercial borrowings showed a net outflow of $22.4 billion, mainly under the “by India” line, which the release does not explain further.

Why NRI deposits surged

On 8 June 2026, the RBI opened a special US dollar-rupee swap facility covering FCNR(B) deposits, external commercial borrowings and overseas foreign currency borrowings. Under such a facility, banks that raise foreign currency deposits can swap the dollars with the RBI. The design lowers banks’ cost of covering currency risk, which can let them offer NRIs more attractive deposit terms.

The window for FCNR(B) deposits closed on 31 August 2026. According to the RBI’s press release of 21 September, FCNR(B) deposits mobilised under the facility totalled $132.98 billion, and total inflows including borrowings were $143.60 billion. August, the last month of the window, saw the biggest rush, which is what the BoP data reflects.

FCNR(B) deposits in brief

General features under RBI’s deposit rules; tenure limits and rates vary by bank.

Why this matters for you

The rupee

Large inflows add to foreign exchange reserves and give the RBI more room to steady the rupee. The rupee has still been under pressure this month, prompting fresh RBI measures; see our report on RBI forex measures and our rupee close report. Today’s rate is on our dollar to rupee page.

NRIs and their families

If you are an NRI who opened an FCNR(B) deposit in this window, your deposit stays in foreign currency, so you are not exposed to rupee swings on the principal. Note the maturity date and the bank’s renewal terms; the special swap window has closed, so renewal rates may be different.

Remittance-receiving households

Transfers of $66.8 billion in April to August, up from $55.6 billion, show remittances remain a major support for India’s external accounts and for millions of families.

Borrowers and savers

External stability influences the RBI’s interest rate decisions. The RBI raised the repo rate on 7 October; read our MPC report for how that feeds into loans and deposits.

One-off, not a trend

The August surplus came largely from a time-bound scheme. With the FCNR(B) window closed, September’s NRI deposit inflows are likely to be far smaller. Meanwhile, the goods trade deficit for April to September has widened compared with last year, as the Commerce Ministry’s data released the same day showed. The underlying current account deficit, not the one-month surplus, is what matters for the rupee over the coming months.

Here are answers to the questions readers ask most.

FAQs

What was India’s current account deficit in August 2026?

$5.2 billion, preliminary, compared with $6.1 billion in August 2025, as per RBI.

Why was there a balance of payments surplus in August 2026?

Mainly because of $83 billion of net NRI deposit inflows, driven by the RBI’s FCNR(B) swap window, which closed on 31 August.

Can NRIs still use the special FCNR(B) swap window?

No. It closed for FCNR(B) deposits on 31 August 2026. It stays open for ECBs and overseas borrowings until 31 December 2026.

Did foreign investors bring money in August?

Modestly. Net foreign direct investment was $3.3 billion and net portfolio investment $1.7 billion, both positive after small outflows in August 2025.

Are remittances counted here?

Yes, under transfers in the current account: $12.8 billion net in August 2026.

Takeaway: The balance of payments for August 2026 showed a $45.4 billion surplus, powered by $83 billion of NRI deposits from the RBI’s FCNR(B) swap window. That window has closed, so the current account deficit, $18.3 billion for April to August, remains the number to watch for the rupee.