Sounds too good to be true? For NRIs, it’s now possible with FCNR(B) deposits. The RBI just made it smarter: you deposit dollars, banks lend against it, and you earn more without touching your principal. Example: $100k deposit + $900k loan (leveraged 9x) = $60k interest earned minus $36k loan cost = $24k net gain. That’s 24% on your original capital. And since it’s all in USD, no rupee depreciation worries. But; catch? Borrowing costs are rising. Also, not all NRIs benefit equally. US/UK residents still pay tax back home. UAE-based NRIs face red tape. And if you become a resident Indian mid-deposit? Interest becomes taxable. Bottom line: This isn’t just a deposit. It’s a strategic tool; for the RBI to boost reserves, and for you to earn smartly. If you’re an NRI with dollars and a long-term horizon, this might be your best window yet. Just read the fine print.