Best GIFT City Bank Accounts for NRIs: Full Comparison Guide

A customer of ours based in Dubai once spent three weeks going back and forth with two banks. He was comparing their domestic NRE accounts, not their GIFT City IBU accounts.

The features, tax treatment, currencies, and even the onboarding process are entirely different at a GIFT City IFSC Banking Unit. This happens more often than you would expect.

Most NRIs know GIFT City exists.

Fewer know which bank to actually open an account with, or what separates one IBU from another. This guide gives you a side-by-side comparison across five active banks: ICICI, HDFC, SBI, Axis, and IDFC FIRST.

We cover account types, currencies, FD rates, minimum amounts, onboarding, remittance, and fees.

Where our editor flagged inaccuracies or ambiguities in earlier versions, we have noted them honestly rather than publishing numbers we cannot verify.

Why GIFT City Bank Accounts Are Different

Before comparing banks, it helps to understand what makes a GIFT City IBU account distinct from a regular NRE or NRO account.

GIFT City is India's International Financial Services Centre (IFSC), treated as an offshore entity under FEMA. Your account is denominated in foreign currency, typically USD. Interest income is completely tax-free in India, with no TDS deducted.

There is no repatriation ceiling and no forced conversion to rupees. One important caveat: GIFT City deposits are not covered by DICGC deposit insurance, which protects up to ₹5 lakh in domestic accounts.

Regulatory oversight is by IFSCA, combining the powers of RBI, SEBI, IRDAI, and PFRDA. (Source: IFSCA official site)

👉 Tip: If you are new to GIFT City, start with a fixed deposit before exploring mutual funds or AIFs. Use our NRI FD rates comparison tool to compare current rates before you decide.

Who Can Open a GIFT City Bank Account

GIFT City IBU accounts are open to NRIs, Overseas Citizens of India (OCIs), Persons of Indian Origin (PIOs), and foreign nationals.

Resident Indians can open a Foreign Currency Account (called a Call Account at most IBUs) under the Liberalised Remittance Scheme (LRS).

The annual remittance limit is USD 2,50,000 per financial year, as per RBI's Master Direction on LRS.

Resident Indians cannot open a Savings Account at most IBUs. They can open only a Call Account.

If you are a resident Indian with your entire portfolio in Indian mutual funds or stocks, this is your most practical route to global investing. We cover this in detail later in the article.

A Note on Minimum FD Amounts

Editorial correction: An earlier version of this article stated Axis Bank's GIFT City FD minimum as USD 500.

Axis Bank's own website shows it starting at USD 1,100. (Source: Axis Bank GIFT City fixed deposit page, verified May 2026.)

We have updated that figure throughout this guide. For all other banks, figures are from publicly available FAQs.

Minimum amounts and rates change without notice. Always confirm directly with the bank before booking.

Bank-by-Bank Overview

Account Types and Currencies Supported

Source: ICICI Bank GIFT City FAQs, HDFC Bank GIFT City FAQs, SBI IBU page, Axis Bank GIFT City, IDFC FIRST Bank. Verified May 2026.

FD Minimums and Tenures

ICICI Bank IBU: Best for Digital-First NRIs

ICICI's IBU is the most feature-complete option for NRIs who want digital convenience alongside wide currency coverage.

Their Global Savings Account supports eight currencies, the broadest range among the five banks compared here.

Interest rates are competitive, with some tenures reaching up to 4 to 5% p.a. in USD. (Source: Zerodha Z-Connect, verified data.) FD options run from 7 days to 5 years. Premature withdrawal carries a 0.50% penalty if the applicable rate exceeds 0.50%.

If the rate is below 0.50%, ICICI returns only the principal with zero interest paid. This is in their terms and conditions but is rarely highlighted upfront.

Onboarding: ICICI supports Video KYC (V-CIP) for NRIs in UAE, US, UK, Canada, Singapore, Germany, France, Japan, and South Korea. The process typically takes 15 to 30 minutes. (Source: ICICI Bank GIFT City FAQs)

On account funding timelines: An earlier version stated ICICI IBU accounts must be funded within 30 days of opening.

Our editor noted that the ICICI GIFT City FAQ specifies this condition for resident Indian accounts only. The applicable rule for NRI accounts is not clearly stated in the same FAQ.

Confirm the funding window directly with ICICI before opening.

Outward remittance: Available via SWIFT and ICICI's digital channel, Money2World. Net Banking supports payments in 10 currencies. Digital transaction limit is USD 1,00,000 per transaction.

ICICI Bank has also launched a Visa Debit card for GIFT City IBU customers. (Source: ICICI Bank GIFT City announcement)

👉 Tip: If you already bank with ICICI for your NRE or NRO account, IBU onboarding is significantly faster. Your KYC is already partially verified on their systems.

HDFC Bank IBU: Best for Wealth Management Access

HDFC's IBU is popular among NRIs who want to place a fixed deposit without opening a savings account first. Customers do not need to open an account to book a deposit.

They only need to complete KYC. (Source: HDFC Bank GIFT City FAQs)

The Call Account (available to both NRIs and Resident Indians under LRS) can be maintained at zero balance. Net Banking is available with no charges for inward remittances.

Savings interest rate is around 2.5 to 3% p.a. on USD savings. (Source: Zerodha Z-Connect)

Investment access: HDFC IBU distributes mutual funds, AIFs, and ETFs through its IFSCA capital markets licence.

It has tied up with global fund houses including Goldman Sachs, Nomura, Pine Bridge, and Robeco. No charges for inward remittance is a meaningful advantage if you are regularly funding your GIFT City account from overseas.

Always ask about outward SWIFT charges upfront. Our guide on NRI banking hidden fees covers exactly what to look for.

SBI IBU: What You Need to Know First

SBI's IBU offers standard GIFT City banking with strong institutional depth and a broad six-currency range (USD, EUR, GBP, JPY, AUD, CAD).

On loan facilities: An earlier version stated SBI IBU is particularly strong for NRIs who want to borrow against FCNR(B) deposits.

Our editor flagged that SBI's publicly available loan-against-deposit page appears to reference NRE and NRO accounts, not GIFT City IBU deposits. (Source: SBI NRI Loans page, verified May 2026.)

Whether a comparable facility exists at the IBU level is not clearly documented in public pages. We are not confirming this claim. Contact SBI IBU directly if this feature matters to you.

Savings interest rate: Around 2.5 to 3% p.a. in USD. (Source: Zerodha Z-Connect) SBI's strength is institutional trust and long-standing NRI customer relationships.

Onboarding: SBI's process is more documentation-heavy and branch-oriented compared to ICICI or IDFC FIRST. If speed and digital convenience matter to you, account opening with SBI IBU may take longer than the other options here.

👉 Tip: For any bank, ask your Relationship Manager to confirm which specific loan or leverage products are available through the IBU itself, not just through their domestic NRI branches. The product sets are not always identical.

Axis Bank IBU: Competitive FD Rates

Axis Bank's GIFT City IBU stands out on fixed deposit rates. Rates have ranged from 2.1 to 3.8% p.a. in USD. (Source: Axis Bank GIFT City page, verified November 2025.)

This is among the higher ranges offered by Indian bank IBUs.

Currency support covers USD, EUR, GBP, and AUD. Onboarding is digital-first with NRI support.

Outward remittance is available via SWIFT, without a proprietary digital remittance platform equivalent to ICICI's Money2World.

Who it works well for: NRIs who are rate-focused and want to maximise USD FD returns. If your goal is to park USD in a tax-free GIFT City investment and repatriate on maturity, Axis deserves serious consideration.

IDFC FIRST Bank IBU: Best for Zero-Fee Entry

IDFC FIRST's IBU is a strong option for NRIs who want clean, low-friction access to GIFT City banking. The bank offers accounts in USD and EUR, supports SWIFT-based remittances, and is known for straightforward pricing.

Zero minimum balance on savings accounts and a strong digital interface make it worth considering, particularly as a secondary GIFT City account alongside a primary one with ICICI or HDFC.

FD rates are competitive. Confirm the current minimum deposit amount directly with IDFC FIRST before opening.

FD Rate Comparison

Source: Axis Bank GIFT City (November 2025), Zerodha Z-Connect, Belong NRI FD tool. Rates are indicative and change without prior notice. Always verify before booking.

One important distinction from FCNR deposits: FCNR has a minimum lock-in of one year under RBI rules. GIFT City FDs can start from just 7 days. For NRIs who need short-term USD parking without long commitments, this flexibility is a practical advantage. See our GIFT City FDs vs regular bank FDs guide for a detailed comparison.

👉 Tip: Always confirm current FD rates directly with the bank before booking. IBU rates change without prior notice, as stated in ICICI and HDFC's own terms and conditions.

Outward Remittance: What You Need to Know

Outward remittance from a GIFT City account works via SWIFT. There is no ceiling on how much you can repatriate, unlike NRO accounts which have a USD 1 million per year limit.

See our full article on repatriable vs non-repatriable investments for context on how GIFT City compares to other investment routes.

SWIFT charges are set by correspondent banks in the chain and vary per transaction. Most IBUs do not publish a flat fee for outward SWIFT remittances.

Always ask your Relationship Manager for an indicative total cost before initiating a large transfer.

Online Onboarding: Speed and Convenience Compared

The introduction of Video KYC (V-CIP) by IFSCA changed the experience significantly. NRIs in several countries can now complete the process without visiting India or posting physical documents. (Source: IFSCA guidelines, July 2025 consultation)

For a detailed walkthrough of what the account-opening process involves, see our how to open a GIFT City account guide.

Fees: What Most Comparison Guides Miss

Our broader guide on NRI banking hidden fees goes into depth on what most NRIs overlook when comparing options.

Investment Products Beyond the Bank Account

Opening a GIFT City bank account is often just the starting point. Here is what you can access through it.

GIFT City Mutual Funds: USD-denominated funds investing in India and globally. Explore specific funds through Belong's GIFT City Mutual Funds tool, including the DSP Global Equity Fund, the Tata India Dynamic Equity Fund, the Edelweiss Greater China Equity Fund, and the Sundaram India Mid Cap Fund.

AIFs vs PMS — corrected: An earlier version stated the AIF minimum threshold at GIFT City dropped to USD 75,000 in February 2025.

That figure applies to Portfolio Management Services (PMS), not AIFs. The minimum for GIFT City Category III AIFs remains USD 1,50,000, as per current IFSCA regulations.

These are separate product categories with different structures and risk profiles. Verify current thresholds with your advisor before investing. Browse available AIF options on our GIFT City AIF explorer.

GIFT City IPOs: NRIs can now participate in GIFT City IPOs denominated in USD. Browse available options on Belong's IPO platform.

Track GIFT Nifty movements in real time using our GIFT Nifty live tracker, useful for understanding how global markets are pricing Indian equity sentiment.

👉 Tip: You do not need to open a separate IBU bank account to access GIFT City products. Belong lets you invest in GIFT City FDs, mutual funds, and AIFs through a single onboarding on the app.

For Resident Indians: GIFT City as a Route to Global Investing

If your entire portfolio sits in Indian mutual funds, stocks, or fixed deposits, GIFT City is your most practical route to global diversification, fully within the LRS framework.

Under LRS, you can remit up to USD 2,50,000 per financial year and open a Call Account at any GIFT City IBU. From there, you can invest in USD-denominated global funds, access international equities via NSE IFSC, or earn 4 to 5% p.a. on a USD fixed deposit.

The currency dimension matters here. The rupee has historically depreciated against the dollar over the long run. Holding even a portion of your portfolio in USD through GIFT City protects purchasing power for future international needs: education abroad, medical care, travel, or eventual migration.

This is structural risk management, not speculation.

You can compare approaches in our GIFT City vs mutual funds guide and explore the broader case in our investing in India vs investing abroad article.

👉 Tip: Resident Indians should factor TCS into their cash flow planning. Remittances beyond Rs 10 lakh per financial year attract 20% TCS under current rules. This is credited against your income tax liability but affects how much you need to set aside at the time of transfer. (Source: RBI LRS Master Direction, updated April 2025)

How to Decide Which Bank to Choose

For a broader overview of all banks operating in GIFT City, read our GIFT City banks guide.

FAQs

Are GIFT City bank accounts safe?

Yes. IBUs are regulated by IFSCA, which combines the oversight powers of RBI, SEBI, IRDAI, and PFRDA. Capital adequacy requirements are comparable to international banking standards. The key caveat: deposits are not covered by DICGC deposit insurance. (Source: IFSCA regulations)

Is interest on GIFT City accounts taxable?

For non-residents, interest is completely tax-free in India. No TDS is deducted. This is confirmed by CBDT Circular No. 26/2016 dated July 4, 2016, and remains the position as of FY 2025-26. (Source: HDFC Bank GIFT City FAQs citing CBDT)

Can I open a GIFT City account without visiting India?

Yes, for ICICI, Axis, and IDFC FIRST through Video KYC (V-CIP), if you are based in a supported country. IFSCA introduced this facility following its July 2025 consultation. (Source: IFSCA guidelines)

What is the minimum amount to start?

ICICI and HDFC typically start FDs at USD 1,000. Axis Bank shows a minimum of USD 1,100 on their GIFT City page. (Source: Axis Bank GIFT City, verified May 2026.) IDFC FIRST minimums should be confirmed directly with the bank.

What is the difference between AIFs and PMS at GIFT City?

These are separate product categories. The minimum for GIFT City AIFs is USD 1,50,000. The minimum for Portfolio Management Services (PMS) is USD 75,000. (Source: IFSCA product regulations.) Confirm current thresholds with your advisor before investing.

Is there a limit on how much I can repatriate from a GIFT City account?

No. Unlike NRO accounts, which cap repatriation at USD 1 million per financial year and require Form 15CA/15CB, GIFT City accounts have no repatriation ceiling. Funds move freely via SWIFT. (Source: FEMA and IFSCA framework)

Disclaimer: This article is for informational purposes only. It does not constitute personalised investment or tax advice. Please consult a SEBI-registered advisor before making investment decisions. Bank rates and product features are subject to change without notice. We have corrected factual inaccuracies flagged during editorial review and noted areas of ambiguity where we could not independently verify figures. Sources: IFSCA, ICICI Bank GIFT City FAQs, HDFC Bank GIFT City FAQs, SBI NRI Loans page, Axis Bank GIFT City, IDFC FIRST Bank, Zerodha Z-Connect, RBI LRS Master Direction, CBDT Circular No. 26/2016.