Can NRIs Open a GIFT City Bank Account Online?

For most of GIFT City's early history, opening an IBU account meant one of two things.

Either you visited India and walked into a GIFT City branch. Or you navigated a weeks-long process of notarised documents, embassy attestations, and international courier deliveries.

Many NRIs gave up halfway.

In July 2025, IFSCA implemented the Video-based Customer Identification Process, known as V-CIP. This changed the account opening experience completely. Source: IFSCA V-CIP guidelines, July 2025; Belong GIFT City myths guide.

NRIs in supported countries can now open a GIFT City bank account entirely online, from their living room in Dubai, London, or New York. No embassy visits. No notarised couriers. No India trip required. Source: Belong GIFT City facts guide.

At Belong, we guide NRIs and resident Indians through GIFT City account opening regularly.

This article covers exactly what the online process looks like, which countries are supported, how long it takes, what each bank offers digitally, and where the process is still not fully online.

What "Opening Online" Actually Means at a GIFT City IBU

Before getting into specifics, it is worth being precise about what online opening does and does not mean.

At most GIFT City IBUs, the process is not entirely self-serve the way a consumer fintech app is. You cannot open an account by clicking through a website form in five minutes.

What it does mean is this: NRIs in supported countries can complete the full account opening process remotely, without physically visiting India or posting documents.

The Video KYC session is the core of this. Everything else, the form submission, document upload, and account activation, happens digitally around it.

Axis Bank is the most advanced on the digital journey. In November 2025, Axis Bank announced it had become the first bank to offer a fully digital USD fixed deposit opening at GIFT City through its Open by Axis Bank mobile app. NRI customers can now open USD FDs at GIFT City entirely through the app.

Source: Business Standard, November 2025.

For other banks, the process involves an online application or lead form, followed by a Video KYC session, followed by digital account activation. The experience varies by bank. We cover each bank separately below.

How V-CIP Works: The Video KYC Process

V-CIP uses AI-based face matching and liveness detection through encrypted video sessions. Source: Investmates GIFT City NRI investment guide.

Here is what to expect.

Before the Session

You fill in an online application form on your chosen bank's GIFT City website. You upload digital scans of your documents: passport, overseas address proof, visa or residence permit, PAN card, and recent photograph.

The bank schedules a Video KYC session at a time convenient for you. For UAE-based NRIs, sessions are typically available during Indian business hours (9 AM to 6 PM IST). Source: Belong GIFT City facts guide.

During the Session

The session runs for 15 to 30 minutes with a bank representative. Source: Belong GIFT City account opening guide; Belong GIFT City myths guide.

You display your original physical documents on camera, one at a time. The representative performs liveness checks and AI-based face matching against your uploaded documents.

Standard questions during the session cover your source of funds, intended use of the account, employment or business details, and confirmation of your overseas address.

After the Session

The bank reviews the V-CIP recording and documentation. Account activation typically takes 3 to 7 business days at ICICI, 3 to 5 business days at HDFC IBU with V-CIP, and similar timelines at Axis and IDFC FIRST. Source: Belong UK NRI GIFT City guide; Investmates GIFT City guide.

You receive account details by email once activated. You then fund the account via SWIFT from your overseas bank.

👉 Tip: Schedule your Video KYC session during Indian business hours, ideally before 3 PM IST. Sessions scheduled later in the day may not be reviewed until the next business day, extending your activation timeline. Source: Belong GIFT City facts guide.

Which Countries Support Online Opening Through V-CIP

V-CIP is available for NRIs resident in what IFSCA classifies as low-risk jurisdictions.

Countries currently confirmed as V-CIP eligible include UAE, US, UK, Canada, Singapore, Germany, France, Japan, and South Korea. Source: IFSCA V-CIP guidelines, July 2025; Belong GIFT City account opening guide; Belong GIFT City myths guide.

Some sources additionally mention several other countries. However, since the official IFSCA list is the governing document and the country list may expand over time, always confirm V-CIP eligibility for your specific country with your chosen bank before starting the application process.

For NRIs in Countries Not on the V-CIP List

If you are in a country not currently covered by V-CIP, you have two options.

First, physical document submission. Most IBUs accept notarised or certified document packages by post. This process adds one to two weeks to the timeline. Source: Belong UK NRI GIFT City guide.

Second, completing the process during a visit to India. Most IBU branches can complete in-person KYC the same day with the correct documents.

IFSCA is expected to expand the V-CIP country list over time. Check with your chosen bank for the most current supported country list.

Online Opening by Bank: What Each Offers

ICICI Bank IBU

ICICI Bank's GIFT City website has a dedicated online application pathway. NRIs apply through the GIFT City portal at giftcity.icici.bank.in. An RM follows up to initiate the V-CIP session.

V-CIP is available for UAE, US, UK, Canada, Singapore, Germany, France, Japan, and South Korea. Source: IFSCA V-CIP guidelines.

ICICI has a strong digital infrastructure for IBU accounts. Net Banking access is provided with account activation. Retail Internet Banking includes features such as FD booking, balance viewing, and beneficiary management. Source: ICICI Bank GIFT City FAQs.

ICICI also offers outward remittance through Money2World digitally, up to USD 1,00,000 per transaction. Source: ICICI Bank GIFT City FAQs.

Account must be funded within 30 days of opening. Source: ICICI Bank GIFT City FAQs.

Digital maturity rating: High. ICICI has the most developed online infrastructure among Indian bank IBUs for NRI account opening and management.

Axis Bank IBU

Axis Bank is the most advanced on fully digital FD opening.

In November 2025, Axis Bank became the first bank to offer a digital USD FD opening journey at GIFT City through the Open by Axis Bank mobile app. NRI customers of Axis Bank can open USD FDs entirely through the app. Source: Business Standard, November 2025.

For new NRI customers opening a fresh Axis IBU account, the process involves the RM-assisted application and V-CIP path before the fully digital FD booking becomes available.

Digital maturity rating: High for FD booking. Standard for initial account opening.

IDFC FIRST Bank IBU

IDFC FIRST launched its GIFT City Global Savings Account in December 2025 with a digital-first design. The account is described as paperless and efficient, with fully digital international transfers. Source: Business Standard, December 2025.

The account opening form is submitted to your RM or IDFC FIRST staff digitally. Source: IDFC FIRST Bank GIFT City Global Savings Account page.

IDFC FIRST does not have UAE or overseas branches. All interaction is digital and via phone. Source: Belong FCNR rates guide.

Digital maturity rating: High for account management. RM-assisted for initial opening.

HDFC Bank IBU

HDFC uses a lead form model. You fill in your details on their GIFT City page and an HDFC IBU executive contacts you to guide the process.

With V-CIP, account activation takes 3 to 5 business days. Physical document submission adds one to two weeks. Source: Belong UK NRI GIFT City guide.

HDFC's digital interface mirrors standard NetBanking, making the post-opening experience seamless for existing HDFC customers. Source: Kalviro Ventures GIFT City guide.

Digital maturity rating: Moderate. Lead form plus RM model; not fully self-serve.

SBI IBU

SBI's IBU account opening is the least digitised among the major banks.

SBI's process is more documentation-heavy and branch-oriented. For NRIs who cannot visit India, the postal document submission route is the primary option. V-CIP availability at SBI IBU requires direct confirmation with SBI's GIFT City team. Source: Belong GIFT City banks guide.

Digital maturity rating: Lower than private sector peers. Best for NRIs with existing SBI relationships or those who can visit India.

Online Opening Timeline: What to Expect

Source: Investmates GIFT City NRI guide; Belong GIFT City account opening guide; Belong UK NRI GIFT City guide. Verified May 2026.

Plan for ten to fourteen days from the start of your application to a funded, active account under normal conditions. Build this into your timeline before a planned FD booking or investment.

Digital Opening Comparison by Bank

Source: Business Standard November 2025; IDFC FIRST Bank GIFT City page; ICICI Bank GIFT City FAQs; Belong GIFT City banks guide. Verified May 2026.

What You Cannot Do Fully Online Yet

Being transparent about current limitations is important.

Joint account opening: Most IBUs require both account holders to complete KYC. V-CIP for joint accounts may require both holders to be present in the same session or complete separate sessions. Confirm with your bank. Source: ICICI Bank GIFT City FAQs (confirms joint accounts are available but does not specify V-CIP joint process).

Large outward remittances: ICICI's digital Money2World channel handles up to USD 1,00,000 per transaction. Larger amounts require RM coordination rather than a fully self-serve digital process. Source: ICICI Bank GIFT City FAQs.

Non-V-CIP countries: NRIs in countries outside the supported list cannot complete the process online. Physical submission or India visit remains required.

SBI IBU: V-CIP availability requires direct confirmation. The SBI IBU process is generally more RM-driven than peer banks.

The Belong Alternative: GIFT City Without an IBU Account

If the IBU account opening process feels time-consuming or complex for your situation, there is a simpler path.

Belong lets you invest in GIFT City FDs and mutual funds through a single onboarding in the app. You do not need to open a separate IBU bank account at any bank. You complete onboarding once in the Belong app and access multiple GIFT City products through your Belong wallet.

This is particularly useful for NRIs who want to start with a small GIFT City FD, test the process, and expand later without committing to the full IBU account setup at the outset.

Explore available GIFT City mutual funds 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 through our GIFT City Mutual Funds tool.

For AIF options, browse our GIFT City AIF explorer.

Browse GIFT City IPOs denominated in USD or explore available IPO products on Belong.

Compare current FD rates before choosing your bank using our NRI FD rates tool.

Track GIFT Nifty movements in real time using our GIFT Nifty live tracker.

Explore Indian and global fund options together through Belong's mutual funds platform.

For Resident Indians: Can You Open a GIFT City Account Online Too?

If you are a resident Indian considering GIFT City through LRS, the online opening process applies to you as well in principle.

ICICI Bank GIFT City confirms that resident Indians can open a Foreign Currency Savings Account at GIFT City. Source: ICICI Bank GIFT City FAQs.

Your domestic KYC at your existing Indian bank will likely be the basis for your IBU account opening. The specific online process for resident Indians at each IBU requires direct confirmation with the bank before starting.

What changes for resident Indians is the funding mechanism. You remit USD from your Indian bank under LRS. Your domestic bank processes the LRS remittance. The IBU receives the funds. The LRS remittance itself requires Form A2 at your domestic bank. This part of the process is managed at the domestic bank level, not the IBU level.

Remittances above Rs 10 lakh per financial year attract 20% TCS, credited against your income tax liability. Source: RBI LRS Master Direction, updated April 2025.

For the full FEMA framework see our FEMA guidelines guide.

👉 Tip: If you are a resident Indian with your entire portfolio in Indian assets, GIFT City is now the most regulated, most familiar route to USD exposure. The same banks you already use, SBI, HDFC, ICICI, now offer you a structured path to USD investing through their GIFT City IBUs. Ask your RM about LRS-based Call Account access before assuming it requires a completely new banking relationship.

FAQs

Can NRIs open a GIFT City account without visiting India?

Yes, for NRIs in V-CIP supported countries. IFSCA implemented Video KYC in July 2025 allowing complete remote account opening for NRIs in UAE, US, UK, Canada, Singapore, Germany, France, Japan, and South Korea. Source: IFSCA V-CIP guidelines, July 2025; Belong GIFT City myths guide.

How long does online GIFT City account opening take?

From application to a funded account, the typical timeline is seven to fourteen business days under normal conditions. V-CIP session itself takes 15 to 30 minutes. Account activation after V-CIP takes three to seven business days depending on the bank. Source: Investmates GIFT City NRI guide; Belong GIFT City account opening guide.

Which bank has the most digital GIFT City account opening?

Axis Bank was the first to offer fully digital USD FD opening through its Open by Axis Bank mobile app, announced November 2025. ICICI Bank offers the most comprehensive Net Banking infrastructure post-activation. IDFC FIRST Bank's Global Savings Account is digital-first end-to-end. Source: Business Standard November 2025; IDFC FIRST Bank GIFT City page; ICICI Bank GIFT City FAQs.

What do I need to prepare for a V-CIP session?

Prepare original physical copies of your passport, overseas address proof, and visa or residence permit. Have clear digital scans of the same documents ready on your device. Be in a well-lit space with a stable internet connection. Schedule during Indian business hours (9 AM to 6 PM IST) for faster processing. Source: Belong GIFT City account opening guide; Belong GIFT City facts guide.

Can I open a GIFT City account online if I am in Bahrain, Qatar, or Australia?

These countries are not on the currently confirmed V-CIP supported list. Confirm directly with your chosen bank whether V-CIP is available for your specific country before starting. If not, physical document submission or an India visit remains the alternative. The V-CIP country list is expected to expand.

Is the online GIFT City account opening process secure?

Yes. V-CIP uses AI-based face matching and liveness detection through encrypted video sessions. The process follows IFSCA's KYC guidelines, which are aligned with international AML and KYC standards. The banks conducting V-CIP sessions are the same institutions regulated by both IFSCA and RBI. Source: Investmates GIFT City NRI guide; IFSCA regulations.

Do I need to open an IBU bank account to invest in GIFT City products?

No. Belong lets you invest in GIFT City FDs and mutual funds through a single app onboarding without opening a separate IBU bank account. You complete onboarding once and access multiple GIFT City products through your Belong wallet. Source: Belong GIFT City account opening guide.

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. Processes and timelines are subject to change by individual banks and IFSCA without notice. Always verify the current online opening process directly with your chosen bank before starting. Sources: IFSCA V-CIP guidelines July 2025, ICICI Bank GIFT City FAQs, IDFC FIRST Bank GIFT City Global Savings Account page, Axis Bank GIFT City FD page and Business Standard November 2025, Belong GIFT City account opening guide, Belong GIFT City myths guide, Belong GIFT City facts guide, Investmates GIFT City NRI investment guide, Kalviro Ventures GIFT City Investment Guide 2026, RBI LRS Master Direction April 2025.