Did you know that NRIs can avail Fixed Deposits in foreign currencies like US Dollar (USD), Euro (EUR), British Pound (GBP), UAE Dirham (AED), Australian Dollar (AUD), Singapore Dollar (SGD) out of India in GIFT City, Gujarat?
An IBU, which stands for IFSC Banking Unit, is equivalent to an overseas branch of an Indian bank, set up under the Banking Regulation Act, 1949, as permitted by the Reserve Bank of India. As such, Indian and foreign banks have been allowed to set up branches under the International Financial Services Centre (IFSC) Authority at GIFT (Gujarat International Finance Tec-City) City in Gandhinagar, Gujarat.
As the branches of the banks set up as IBU in GIFT City are created as overseas branches or are foreign branches, these branches offer FDs in foreign currency. These FDs may be in USD, GBP, EUR, AED and AUD. Such FDs allow NRIs to maintain FDs in foreign exchange instead of converting the same into INR and then investing the same in FDs. As an investor, this protects you from the risk of fluctuations in the value of foreign currency against the Indian Rupee (INR).
These foreign currency IBU FDs are different from FCNR deposits as well as NRE savings/deposit accounts offered by most banks across India, which are only available to Non Resident Indians (NRIs). Additionally, the typical minimum tenure of an FCNR Deposit is 1 year, while FDs offered by IBUs can have shorter tenures and generally offer a wider range of tenure options as well. The bank branches in IBU GIFT City may offer these Fixed Deposits to foreign nationals also as these branches are treated as overseas branches.
What are the interest rates for FDs in banks in IBU?
We will look at the interest rates offered by different banks for FDs in foreign currency below. These rates are current as of July 31, 2024. For the most up to date interest rate information, please refer to the corresponding bank’s official website linked below.
- Indian Public Sector Banks (PSBs)
- Indian Private Sector Banks
- Foreign Banks (MNC Banks)
Indian Public Sector Banks
State Bank of India (SBI)
SBI offers premature withdrawal facility (Callable Deposit) on deposits in USD. The applicable rates are:
Period of FD | Deposit < 1 million USD | Deposit >= 1 million USD |
7 Days to 1 Month | 4.70 % | 4.80 % |
1 Month 1 Day to 3 Months | 5.20 % | 5.30 % |
3 Months 1 Day to 6 Months | 5.40 % | 5.50 % |
6 Months 1 Day to 9 Months | 5.50 % | 5.60 % |
9 Months 1 Day to 12 Months | 5.75 % | 5.85 % |
1 Year 1 Day to 3 Years | 5.40 % | 5.50 % |
3 Years 1 Day to 5 Years | 4.90 % | 5.00 % |
Website: https://ifsc.statebank/interest-rates
Bank of India
Bank of India offers premature withdrawal facility (Callable Deposit) on deposits in USD. The applicable rates are:
Period of FD | Deposit < 0.5 million USD | Deposit = 0.5 million USD |
7 Days to 30 Days | 4.00 % | 4.50 % |
31 Days to 90 Days | 5.10 % | 5.30 % |
91 Days to 180 Days | 5.15 % | 5.35 % |
181 Days to 270 Days | 5.55 % | 5.75 % |
271 Days to 365 Days | 5.60 % | 5.80 % |
>12 Months to <=15 Months | 5.60 % | 5.80 % |
>15 Months to <=18 Months | 5.20 % | 5.40 % |
>18 Months to <=2 Years | 4.80 % | 5.00 % |
>2 Years to <=5 Years | 3.30 % | 3.50 % |
For deposits above USD 0.5 million, you may contact the bank through this link to inquire about the latest applicable rates.
Website: https://bankofindia.co.in/ibu-you-can-reach-us#interest
Bank of Baroda
Bank of Baroda accepts FDs in 4 currencies – USD, EUR, GBP and AUD. It also offers separate rates for FDs with premature withdrawal facility (Callable Deposit), and Non-Callable Deposits. The rates for Callable Deposits are tabulated here. You can additionally check the rates for Non-Callable Deposits on their website linked below.
Period of FD | USD | EUR | GBP | AUD |
7 Days to <=30 Days | 5.40 % | 2.25 % | 4.25 % | 1.00 % |
>30 Days to <=90 Days | 5.70 % | 2.50 % | 4.25 % | 2.25 % |
>90 Days to <=180 Days | 5.75 % | 2.50 % | 4.25 % | 3.50 % |
>180 Days to <=270 Days | 5.80 % | 2.50 % | 4.00 % | 3.50 % |
>270 Days to <=367 Days | 6.05 % | 2.50 % | 4.00 % | 3.50 % |
>367 Days to <=18 Months | 5.30 % | 2.25 % | 3.50 % | 3.25 % |
>18 Months to <=2 Years | 4.25 % | 2.00 % | 2.35 % | 3.00 % |
>2 Years to <=3 Years | 4.00 % | 2.00 % | 2.45 % | 3.00 % |
>3 Years to <=5 Years | 3.80 % | 2.00 % | 2.45 % | 3.00 % |
Website: https://ifsc.bankofbaroda.in/rates-and-charges/interest-rates
Indian Private Sector Banks
HDFC Bank
HDFC Bank accepts FDs in 3 currencies – USD, EUR, and GBP. It also offers separate rates for USD FDs with premature withdrawal facility (Callable Deposit), and Non-Callable USD Deposits.
Period of FD | USD (With Premature Withdrawal) | USD (Without Premature Withdrawal) | EUR | GBP |
7 Days to < 1 Month | 4.70 % | 4.75 % | NA | NA |
1 Month to < 2 Months | 5.10 % | 5.20 % | 3.25 % | 4.60 % |
2 Months to < 3 Months | 5.20 % | 5.30 % | 3.35 % | 4.75 % |
3 Months to < 6 Months | 5.30 % | 5.40 % | 3.45 % | 4.90 % |
6 Months to < 9 Months | 5.20 % | 5.30 % | 3.25 % | 4.80 % |
9 Months to < 12 Months | 5.05 % | 5.15 % | 3.15 % | 4.70 % |
12 Months to < 18 Months | 4.30 % | 4.40 % | 2.45 % | 4.00 % |
18 Months to < 2 Years | 3.60 % | 3.70 % | 1.80 % | 3.35 % |
2 Years to < 3 Years | 3.00 % | 3.10 % | 1.25 % | 2.80 % |
3 Years to < 4 Years | 2.50 % | 2.60 % | 0.85 % | 2.30 % |
4 Years to < 5 Years | 2.25 % | 2.35 % | 0.65 % | 2.00 % |
5 Years | 2.10 % | 2.20 % | 0.55 % | 1.80 % |
ICICI Bank
ICICI Bank offers premature withdrawal facility (Callable Deposit) on deposits in USD, GBP, EUR and AED. The applicable rates are:
Period of FD | USD | GBP | EUR | AED |
7 Days to < 30 Days | 5.10 % | 4.90 % | 3.40 % | 4.85 % |
30 Days to < 3 Months | 5.10 % | 4.90 % | 3.30 % | 4.85 % |
3 Months to < 6 Months | 5.45 % | 5.20 % | 3.60 % | 5.10 % |
6 Months to < 9 Months | 5.40 % | 5.15 % | 3.55 % | 5.15 % |
9 Months to < 12 Months | 5.35 % | 5.15 % | 3.50 % | 5.10 % |
12 Months to < 15 Months | 5.35 % | 5.10 % | 3.50 % | 5.15 % |
15 Months to < 18 Months | 4.15 % | 3.90 % | 2.30 % | 3.80 % |
18 Months to < 24 Months | 3.40 % | 3.15 % | 1.65 % | 3.20 % |
24 Months to < 36 Months | 3.40 % | 3.20 % | 1.70 % | 3.30 % |
36 Months to 39 Months | 3.40 % | 3.20 % | 1.70 % | 3.30 % |
Website: https://www.giftcity.icicibank.com/giftcity/fixed-deposit-rates-for-individuals
Axis Bank
Axis Bank offers premature withdrawal facility (Callable Deposit) on deposits in USD. The applicable rates are:
Period of FD | Deposit < 1 million USD | Deposit > = 1 million USD |
1 Week to < 1 Month | 4.15 % | 4.20 % |
1 Month to < 3 Months | 5.10 % | 5.15 % |
3 Months to < 6 Months | 5.40 % | 5.45 % |
6 Months to < 9 Months | 5.40 % | 5.45 % |
9 Months to < 1 Year | 5.40 % | 5.45 % |
1 Year to < 15 Months | 5.45 % | 5.50 % |
15 Months to < 2 Years | 5.35 % | 5.45 % |
2 Years to < 30 Months | 4.50 % | 5.10 % |
30 Months to < 3 years | 4.10 % | 4.90 % |
3 Years to < 4 years | 3.75 % | 4.80 % |
4 Years to < 5 Years | 3.40 % | 4.80 % |
5 Years to <= 10 Years | 3.40 % | 4.80 % |
Website: https://www.axisbank.com/corporate/retail-term-deposit
Kotak Mahindra Bank
Kotak Mahindra Bank accepts FDs in USD. It also offers separate rates for FDs with premature withdrawal facility (Callable Deposit), and Non-Callable Deposits. The rates for Callable Deposits are tabulated here. You can additionally check the rates for Non-Callable Deposits on their website linked below.
Period of FD | Deposit < 0.5 million USD | Deposit >= 0.5 million USD to < 2 million USD | Deposit >= 2 million USD |
7 Days to 30 Days | 3.00 % | 3.00 % | 3.00 % |
31 Days to 60 Days | 4.90 % | 4.90 % | 4.90 % |
61 Days to 90 Days | 5.10 % | 5.10 % | 5.10 % |
91 Days to 120 Days | 5.40 % | 5.40 % | 5.40 % |
121 Days to < 6 Months | 5.50 % | 5.50 % | 5.50 % |
6 Months to < 9 Months | 5.50 % | 5.50 % | 5.50 % |
9 Months to 280 Days | 3.90 % | 3.90 % | 3.90 % |
281 Days to < 12 Months | 5.50 % | 5.50 % | 5.50 % |
12 Months to < 15 Months | 5.50 % | 5.50 % | 5.50 % |
15 Months to < 18 Months | 5.50 % | 5.50 % | 5.50 % |
18 Months to < 24 Months | 5.35 % | 5.35 % | 5.35 % |
24 Months to < 36 Months | 4.40 % | 4.40 % | 4.40 % |
36 Months to < 48 Months | 3.90 % | 3.90 % | 3.90 % |
48 Months to < 60 Months | 3.40 % | 3.40 % | 3.40 % |
60 Months | 3.40 % | 3.40 % | 3.40 % |
Website: https://www.kotak.com/en/personal-banking/gift/deposit-rates-gift-City.html
Federal Bank
Federal Bank accepts FDs in 4 currencies – USD, EUR, GBP, and AUD. The applicable rates are:
Period of FD | USD | GBP | EUR | AUD |
7 Days to 13 Days | 5.05 % | 4.95 % | 3.10 % | 3.20 % |
14 Days to 29 Days | 5.10 % | 5.10 % | 3.15 % | 3.25 % |
30 Days to 59 Days | 5.40 % | 5.15 % | 3.50 % | 3.95 % |
60 Days to 89 Days | 5.50 % | 5.25 % | 3.55 % | 4.00 % |
90 Days to 179 Days | 5.55 % | 5.35 % | 3.60 % | 4.05 % |
180 Days to 359 Days | 5.60 % | 5.40 % | 3.65 % | 4.10 % |
360 Days to 719 Days | 5.40 % | 5.45 % | 3.70 % | 4.15 % |
720 Days to 1079 Days | 4.25 % | 4.95 % | 2.00 % | 3.95 % |
1080 Days to 5 Years | 3.35 % | 2.95 % | 1.65 % | 3.55 % |
Website: https://www.federalbank.co.in/ibu-gift-city-deposit-rates
Yes Bank
Yes Bank offers premature withdrawal facility (Callable Deposit) on deposits in USD, GBP, EUR, SGD, and AUD. The applicable rates are:
Period of FD | USD | GBP | EUR | SGD | AED |
7 Days to 14 Days | 5.00 % | NA | 3.45 % | 0.05 % | 0.10 % |
15 Days to 30 Days | 5.10 % | 4.80 % | 3.45 % | 0.05 % | 3.60 % |
31 Days to 45 Days | 5.30 % | 4.90 % | 3.50 % | 0.05 % | 3.60 % |
46 Days to 90 Days | 5.35 % | 4.90 % | 3.55 % | 0.20 % | 3.60 % |
91 Days to 180 Days | 5.70 % | 4.90 % | 3.75 % | 0.30 % | 3.75 % |
181 Days to 271 Days | 5.75 % | 5.15 % | 3.75 % | 1.40 % | 4.00 % |
272 Days to < 1 Year | 5.75 % | 5.30 % | 3.90 % | 1.60 % | 4.00 % |
12 Months | 5.80 % | 5.90 % | 4.10 % | 1.10 % | 4.60 % |
1 Year 1 Day to < 15 Months | 5.70 % | 5.80 % | 2.00 % | 1.10 % | 4.60 % |
15 Months | 5.70 % | 5.70 % | 2.00 % | 1.10 % | 4.60 % |
15 Months 1 Day to < 2 Years | 5.70 % | 5.65 % | 2.00 % | 1.10 % | 4.60 % |
2 Years to < 3 Years | 5.25 % | 5.00 % | 2.00 % | 1.20 % | 4.30 % |
3 Years to < 4 Years | 4.75 % | 4.25 % | 2.00 % | 1.20 % | 3.80 % |
4 Years to < 5 Years | 4.40 % | 4.20 % | 2.00 % | 1.15 % | 3.80 % |
5 Years | 4.25 % | 4.25 % | 2.00 % | 1.05 % | 2.25 % |
Website: https://www.yesbank.in/personal-banking/nri-banking/nri-accounts/savings-account/yes-one-world
IndusInd Bank
IndusInd Bank accepts FDs in 3 currencies – USD, EUR, and GBP. It also offers separate rates for FDs with premature withdrawal facility (Callable Deposit), and Non-Callable Deposits. The rates for Callable Deposits are tabulated here. You can additionally check the rates for Non-Callable Deposits on their website linked below.
Period of FD | USD | EUR | GBP |
7 Days to 29 Days | 5.30 % | 3.45 % | 4.50 % |
30 Days to 59 Days | 5.45 % | 3.50 % | 4.60 % |
60 Days to 89 Days | 5.50 % | 3.55 % | 4.75 % |
90 Days to 119 Days | 5.60 % | 3.65 % | 4.85 % |
120 Days to 149 Days | 5.65 % | 3.70 % | 4.85 % |
150 Days to 179 Days | 5.65 % | 3.75 % | 5.00 % |
180 Days to 269 Days | 5.70 % | 3.75 % | 5.15 % |
270 Days to < 1 Year | 5.70 % | 3.90 % | 5.30 % |
1 Year to < 2 Years | 5.75 % | 4.10 % | 5.65 % |
2 Years to < 2 Years 6 Months | 4.70 % | 3.00 % | 4.50 % |
2 Years 6 Months to < 2 Years 9 Months | 4.70 % | 3.00 % | 4.50 % |
2 Years 9 Months to 3 Years | 4.45 % | 2.35 % | 4.20 % |
> 3 Years to < 61 Months | 4.35 % | 1.80 % | 4.00 % |
>= 61 Months to 10 Years | 4.35 % | 1.80 % | 4.00 % |
Website: https://www.indusind.com/in/en/personal/rates.html
Foreign Banks
HSBC
HSBC accepts FDs in 3 currencies - USD, EUR and GBP. The applicable rates are:
Period of FD | USD | EUR | GBP |
7 Days to 9 Days | 3.25 % | 1.80 % | 3.15 % |
9 Days to 14 Days | 3.25 % | 1.80 % | 3.15 % |
15 Days to 29 Days | 3.25 % | 1.80 % | 3.15 % |
30 Days to 59 Days | 3.30 % | 1.75 % | 3.20 % |
60 Days to 89 Days | 3.30 % | 1.90 % | 3.20 % |
90 Days to 119 Days | 3.35 % | 1.85 % | 3.25 % |
120 Days to 179 Days | 3.40 % | 1.95 % | 3.25 % |
180 Days to 364 Days | 3.45 % | 1.95 % | 3.30 % |
Website: https://www.business.hsbc.co.in/en-gb/ifsc-banking-unit
Conclusion
Foreign currency term deposits with Indian IBUs are a great investment option for NRIs. The interest rates offered on FDs by various Indian banks operating IBU branches at GIFT City are as mentioned above. This blog contains the updated FD rates as per the official websites of the banks as of July 31, 2024. Please visit the individual official websites of the respective banks to find the updated rates, terms, and conditions in detail.
