Indian banks have launched a coordinated drive to pull more than $50 billion in dollar deposits from the 35 million‑strong diaspora. Offering guaranteed returns up to 7.1%, lenders have stationed relationship managers in Dubai, Singapore and London and flooded social media with ads aimed at affluent NRIs. The push follows a Reserve Bank of India decision to absorb hedging costs, freeing banks to price aggressively.

State‑run banks and foreign lenders such as HDFC Bank, Kotak Mahindra and JPMorgan Chase have flooded NRIs with phone calls, emails and targeted campaigns. Dubai‑based businessman Atul Sinha said he was contacted by multiple banks and intends to park funds in a globally present institution, citing stability amid crypto, equity and real‑estate turbulence. Smaller banks promise the 7.1% rate on five‑year tenors, while larger players cap at 6%.

Analysts warn the scheme, running until September, will boost foreign exchange reserves but cannot replace structural reforms. Remittances already totalled $155 billion in fiscal 2025‑26; adding the targeted deposits could push inflows past $200 billion. Gaura Sengupta of IDFC FIRST notes that diaspora flows hinge on global labor markets, so the deposit drive offers only a temporary cushion for a battered rupee.