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Priyankka Deo shares key considerations for NRIs as India courts foreign savings
Deo said NRIs should consider the broader financial implications before moving their savings to India.
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Malvika Choudhary - Thu, 16, Jul 2026
- 13:39 EDT
- 49
Priyankka Deo / X/ Priyankka Deo
Indian American media professional Priyankka Deo urged non-resident Indians (NRIs) to look beyond higher interest rates as India steps up efforts to attract more foreign currency deposits from the diaspora.
"The biggest mistake that I see is people chasing the highest interest rate without looking at the bigger financial picture for themselves," Deo said in a video discussing the Indian government's latest outreach to NRIs.
Also Read: H-1B visa holders create jobs for Americans: Suhas Subramanyam
Deo said the announcement could affect millions of NRIs, explaining that the government's outreach is aimed at encouraging overseas Indians to place more savings in India through specialized foreign currency deposit accounts rather than simply sending money home. She said the initiative highlights the importance of the Indian diaspora to India's economy.
Finance Minister @nsitharaman wants Indian banks to strengthen outreach to NRIs and attract more foreign currency deposits.
— Priyankka Deo (@priyankadeo) July 16, 2026
Higher interest rates can be tempting, but exchange rates, taxes, and your long-term financial goals matter just as much.
Here’s what every NRI should… pic.twitter.com/Qrg0aV7Wno
"Every dollar that overseas Indians send or invest strengthens India's foreign exchange reserves and supports the Indian economy," she said.
According to Deo, many NRIs are unaware that there are different ways to keep money in India. Beyond traditional remittances, she said, specialized foreign currency deposit accounts allow overseas Indians to hold savings in India while reducing exchange-rate risk and earning interest. She added that some banks are currently offering historically competitive interest rates on such deposits.
However, Deo said interest rates should not be the sole factor in choosing a deposit product. She advised NRIs to consider whether they would need their savings in U.S. dollars or Indian rupees, whether they were investing for the long term or planning to return to India after retirement, and the tax implications in both countries before making a decision.
In a post on X, Deo said Finance Minister Nirmala Sitharaman wants Indian banks to strengthen outreach to NRIs and attract more foreign currency deposits. She said the policy change is one overseas Indians should pay attention to because it could lead to more banking options, improved financial products and greater financial security for those planning their retirement.
Sitharaman's call came during a review meeting on the Reserve Bank of India's (RBI) special measures for Foreign Currency Non-Resident (Bank), or FCNR(B), deposits, External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs). She urged banks to intensify engagement with the Indian diaspora, introduce innovative deposit products and sustain the momentum of foreign currency mobilization. Banks also reported strong interest from NRIs in the United States, the United Kingdom, Singapore, Hong Kong and the Gulf region.
The RBI has also introduced a temporary swap window to lower banks' hedging costs, allowing banks to offer more competitive interest rates on FCNR(B) deposits as part of efforts to attract additional foreign currency inflows and strengthen India's foreign exchange reserves.
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