Gujarat NRI Deposits Hit Rs 1.22 Lakh Crore in Q1 FY27

Gujarat’s Non-Resident Indian (NRI) deposit pool expanded significantly, growing by 12.4% year-on-year to reach Rs 1,22,363.74 crore in the first quarter of the 2026-27 fiscal year. This marked an approximate increase of Rs 13,466 crore from the prior year, according to the State Level Bankers’ Committee (SLBC) Gujarat report.

Key Contributions Across Districts

Ahmedabad emerged as the primary contributor to this substantial deposit base, holding Rs 27,326.02 crore. This figure alone accounts for 22.3% of the state’s total NRI deposits, highlighting its central role. Vadodara and Kutch also demonstrated significant contributions, securing the second and third positions respectively.

Vadodara’s deposits totaled Rs 19,447.11 crore, while Kutch recorded Rs 18,212.65 crore. Together, these three leading districts collectively manage over half of Gujarat’s entire NRI deposit base. This concentration underscores the regional hubs driving the state’s financial inflows.

Drivers Behind the Inflow

A senior banking sector source revealed that this surge indicates a sustained interest among overseas Gujaratis in directing their investments back into the state. A considerable portion of these funds is being channeled into high-end residential properties, particularly within Ahmedabad. Mutual funds are also gaining traction as a preferred investment vehicle among these non-residents.

Shifting District Dynamics

Beyond the top three, other districts also reported notable NRI deposit figures, contributing to the state’s overall growth. These include Anand with Rs 9,746.58 crore, Surat at Rs 9,480.82 crore, and Rajkot contributing Rs 9,368.49 crore. Navsari also held a substantial Rs 6,928.78 crore in deposits.

Gandhinagar notably entered the top ten list with Rs 5,353.23 crore, displacing Jamnagar from its previous position. Kheda and Porbandar completed the top ten rankings with Rs 3,138.04 crore and Rs 2,805.37 crore, respectively. This shift indicates evolving investment landscapes across the state.

Regarding annual additions, Ahmedabad added approximately Rs 2,138 crore over the year, demonstrating consistent growth. Vadodara saw an increase of nearly Rs 1,593 crore, while Kutch’s deposits grew by about Rs 1,426 crore. The district-wise rankings for the top seven contributors largely remained stable.