Gujarat NRI Deposits Surge 12.4% to ₹1.22 Lakh Crore
By ThePip Desk
Gujarat sees a 12.4% surge in NRI deposits, reaching ₹1.22 lakh crore in Q1 FY27. Ahmedabad leads contributions, showcasing strong financial confidence in the state’s economy.
Non-Resident Indian (NRI) deposits in Gujarat soared by 12.4% to reach ₹1,22,363.74 crore during the first quarter of financial year 2026-27. This substantial increase highlights the sustained financial confidence overseas Gujaratis place in their home state’s economy.
Key Deposit Figures
- Total NRI deposits in FY27 Q1: ₹1,22,363.74 crore
- Year-on-year growth: 12.4% from ₹1,08,897.99 crore in the same period last year
Ahmedabad continues to lead the contributions, accounting for 22.3% of the total NRI deposits. This translates to a significant ₹27,326.02 crore flowing into the region.
Top Contributing Districts
- Ahmedabad: ₹27,326.02 crore (22.3% of total)
- Vadodara: ₹19,447.11 crore
- Kutch: ₹18,212.62 crore
Districts like Surat and Rajkot also showcased robust year-on-year growth in NRI deposits. Surat’s deposits climbed from ₹8,268.46 crore to ₹9,480.82 crore, while Rajkot saw an increase from ₹8,597.65 crore to ₹9,368.49 crore.
Expanding Financial Footprint
- Navsari entered the top seven with ₹6,928.78 crore.
- Gandhinagar is now among the top ten, recording ₹5,353.23 crore.
- Kheda and Porbandar completed the top ten with ₹3,138.04 crore and ₹2,805.37 crore, respectively.
Beyond traditional bank deposits, there is a notable shift in how these funds are being deployed. NRIs are increasingly directing their capital into investments like high-end residential properties, particularly within Ahmedabad, and various mutual funds.
This evolving investment pattern underscores the deeper integration of Non-Resident Indian capital into Gujarat’s broader financial and investment ecosystem. Such diversification signals a maturing relationship between overseas wealth and the state’s economic development.