SBI secures over $1.5 billion foreign-currency deposits from Indians abroad
Business
State Bank of India (SBI) just pulled in over $1.5 billion in foreign-currency deposits since June 2026, thanks to a special push aimed at boosting India's foreign reserves.
The program has especially caught the eye of Indians living abroad, about 35 million people worldwide.
SBI offers 5.25% to 5.75% rates
To sweeten the deal, SBI is offering interest rates from 5.25% up to 5.75% on some deposits, with extra support from the Reserve Bank of India (RBI) covering hedging costs for longer tenures.
They're also stepping up outreach through relationship managers and targeted marketing in places like the Middle East, Singapore, and London, a playbook that worked during past currency challenges.
All this has helped SBI attract deposits quickly under the program.