- As GIFT City continues to emerge as a global financial hub offering tax efficiency, regulatory clarity, and faster cross-border fund flows, products like the IDFC FIRST Global Savings Account are positioning India as a compelling banking gateway for NRIs seeking flexibility, efficiency, and cost savings
IDFC FIRST Bank has strengthened its international banking offerings with the launch of the IDFC FIRST Global Savings Account, a foreign-currency savings solution designed specifically for Non-Resident Indians (NRIs). Offered through India’s International Financial Services Centre (IFSC) at GIFT City, Gujarat, the account allows customers to hold and manage savings directly in US dollars (USD) or euros (EUR), without the challenges typically associated with cross-border banking.
The new account addresses a key concern for globally mobile Indians: exposure to currency conversion risk. Since balances are maintained entirely in USD or EUR and not converted into Indian rupees, customers are insulated from foreign exchange losses linked to INR fluctuations. This makes the product particularly relevant for NRIs with overseas income, international investments, or frequent remittance needs.
Commenting on the launch, Ashish Singh, Head of Retail Liabilities at IDFC FIRST Bank, said the product aims to simplify international banking for global Indians by combining higher returns, zero-fee remittances, and a seamless digital interface
One of the standout features of the Global Savings Account is complete repatriability. Both the principal amount and the interest earned can be freely transferred to overseas bank accounts without limits or restrictions. In addition, IDFC FIRST Bank offers zero remittance fees on international transfers, helping customers avoid the $20–$40 charges commonly levied by foreign banks and significantly lowering transaction costs.
The account is fully digital, enabling paperless international transfers directly from GIFT City to destinations worldwide. This results in faster remittances, reduced operational friction, and positions GIFT City as a viable alternative to maintaining accounts with overseas banks. Interest earned on the Global Savings Account and related fixed deposits is exempt from Tax Deducted at Source (TDS), allowing NRIs to retain the full interest income.
Currently, the USD savings account offers an attractive interest rate of up to 4.75% per annum, which is higher than rates offered by many international banks. Interest is credited monthly, enabling monthly compounding and enhanced returns. Customers can also choose to invest in USD or EUR fixed deposits at competitive rates, further expanding their foreign-currency savings options.
For convenience, IDFC FIRST Bank provides a unified digital experience, allowing customers to manage both their NRI banking and GIFT City accounts through a single mobile banking app. An integrated relationship management model ensures that clients have one dedicated relationship manager for both domestic and international banking needs.
