Can I transfer from my NRE account to GIFT City through IDFC First Bank?

Yes. NRIs can transfer from both NRE and regular savings accounts. For NRE account transfers, no additional documents are required. The 'Pay Abroad' feature works seamlessly for both account types.

What are the transfer limits?

Under RBI's Liberalised Remittance Scheme (LRS), resident Indians can transfer up to USD 250,000 per financial year. For newly added beneficiaries, there's a 24-hour cooling period with a limit of ₹2,50,000. After that, regular limits apply.

How long does the transfer take?

Typically 1-3 working days. Requests submitted before 3 PM IST on working days are processed the same day. IDFC's SWIFT GPI tracking lets you monitor exactly where your money is.

Are there any hidden charges?

IDFC First Bank charges zero processing fees for Pay Abroad transactions. However, correspondent banks involved in the SWIFT transfer may levy charges (usually $15-25). TCS is applicable on remittances above ₹7 lakh per year, but it's refundable when you file ITR.

I don't have an IDFC First Bank account. Can I still transfer to GIFT City?

Yes! Most major banks offer similar international remittance features. Check our guides for SBI , HDFC , ICICI , and Axis Bank transfers to GIFT City. Or you can open an IDFC First Bank account online - they have a fully digital account opening process.

Transfer Money from IDFC First Bank to GIFT City

You've heard about GIFT City's tax-free USD fixed deposits. The returns sound attractive - 5% or more in dollars, with zero TDS.

But here's where most NRIs get stuck: actually sending the money.

If you have an IDFC First Bank account (savings or NRE), you're in luck. Their 'Pay Abroad' feature makes transfers to GIFT City surprisingly simple.

At Belong, we've walked dozens of NRIs through this process, and what used to take branch visits and paperwork now happens in 10 minutes on your phone.

This guide shows you exactly how to do it - with real screenshots from the IDFC First Bank app.

What You'll Need Before Starting

IDFC First Bank mobile app (latest version)
Active savings or NRE account with IDFC First Bank
Your GIFT City bank account details (account number, SWIFT code, branch address)
PAN card linked to your IDFC account (mandatory for LRS transactions)
Mobile number registered with the bank for OTP verification

Transfer Money from IDFC First Bank to GIFT City | NRI Guide

Part A: Adding Your GIFT City Account as a Payee

Before you can transfer money, you need to register your GIFT City bank account as a beneficiary. This is a one-time setup - once done, future transfers take just 2 minutes.

Step 1: Open the IDFC First Bank App and Navigate to 'Pay Abroad'

Log into your IDFC First Bank mobile app. On the home screen, look for the 'Pay' section. You'll see several options - tap on 'Pay abroad'.

This opens IDFC's international remittance feature, which works under RBI's Liberalised Remittance Scheme (LRS). You can send up to USD 250,000 per financial year through this channel.

Step 2: Get Started with the 'Pay Abroad' Feature

IDFC First Bank will show you an introduction screen explaining their global payments service. Key highlights:

Zero transaction fees from IDFC's end
Transfer to 100+ countries
SWIFT GPI tracking for real-time updates

Tap 'Get Started' to begin adding your GIFT City account.

IDFC First Bank Pay Abroad Home Screen The Pay section in IDFC First Bank app showing 'Pay abroad' option — *IDFC First Bank global payments intro screen.*

Step 3: Select 'Self-Transfer' as Recipient Type

The app asks: "Whom are you sending money to?"

For GIFT City investments, select 'Self-transfer' - because you're sending money to your own account at a GIFT City bank.

Other options like 'Someone else' or 'Business' are for different purposes like family maintenance or vendor payments.

Transfer Money from IDFC Bank to GIFT City_Self_Transfer — *Selecting self-transfer option.*

Step 4: Choose the Purpose of Transfer

Select 'Transfer to my own bank account overseas (S0023)' from the options.

This purpose code (S0023) is specifically for transferring funds to your own foreign currency account. Since GIFT City operates as an International Financial Services Centre, transfers there are treated as overseas transactions under FEMA regulations.

Transfer Money from IDFC Bank to GIFT City_Transfer_Purpose — *Selecting purpose of transfer.*

Step 5: Declare Your Source of Income

The app asks about your income source. Options include:

Income from Salary/Savings
Income from Business/Rent
Income from Property
Gifts/Inheritance from Friends/Relatives

Select the option that accurately describes where your funds come from. Most salaried professionals choose 'Income from Salary/Savings'.

Transfer Money from IDFC Bank to GIFT City_Source_of_Income — *Selecting source of income & country.*

Step 6: Select India as the Destination Country

Here's where it gets interesting. You need to select 'India' as the destination country.

"Wait, India? But I'm already in India!" - I hear this a lot.

You might be in India or overseas as NRI. The final destination is GIFT City.

GIFT City operates as a Special Economic Zone with 'deemed foreign territory' status. Transfers to GIFT City banks are technically international transactions, but the beneficiary country is still India. The app's country list includes India for exactly this scenario.

Type 'India' in the search bar and select it.

Transfer Money from IDFC Bank to GIFT City_Choose_Country — *Adding payee bank details.*

Step 7: Enter Your GIFT City Bank Account Details

This is the critical step. You need to enter your GIFT City bank account information accurately:

Payee Name: Your name exactly as it appears on your GIFT City account
Payee Address: The GIFT City branch address (e.g., 'RBL Branch, Hiranandani Signature GIFT City')
Account Number: Your GIFT City bank account number
SWIFT Code: The bank's SWIFT/BIC code for GIFT City (e.g., RATNINB2 for RBL Bank GIFT City)

Confirm Bank Details — *Confirming Bank Details.*

👉 Tip: Double-check the SWIFT code! An incorrect code can delay your transfer by days. If you open your account through Belong, you can see these details on the Belong app itself.

Common GIFT City Bank SWIFT Codes

Bank (GIFT City IBU)	SWIFT Code
RBL Bank GIFT City	RATNINB2
ICICI Bank GIFT City	ABORINBBGIF
Axis Bank GIFT City	ABORINBBGIF
HDFC Bank GIFT City	HABORINBBGIF

Step 8: Review and Submit Payee Details

The app shows a summary of all the information you've entered:

Whom you're sending to (Self-transfer)
Purpose (Transfer to own bank account overseas)
Source of income
Destination country (India)
Complete bank details

Verify everything is correct, then tap 'Submit'.

Transfer Money from IDFC Bank to GIFT City_Choose_Bank_Details — *Check details and click submit.*

Step 9: Complete OTP Verification

For security, IDFC First Bank sends a One-Time Password (OTP) to your registered mobile number. Enter the 6-digit code to verify your identity.

The OTP expires in 5 minutes. If you don't receive it, tap 'Resend OTP on SMS'.

Step 10: Payee Added Successfully

Once verified, you'll see a confirmation screen: "Payee added successfully!"

The screen shows all your payee details for reference. Important note: You can add up to 2 beneficiaries every 24 hours, with a transaction limit of INR 2,50,000 on newly added beneficiaries during this cooling period.

From here, you can either:

Tap 'Send Money' to transfer funds immediately
Tap 'Done' and transfer later

Payee Added Successfully — *Confirmation showing payee added successfully.*

Part B: Transferring Money to Your GIFT City Account

With your payee set up, transferring funds takes just a few taps.

Step 11: Enter the Transfer Amount

Go to Pay Abroad and select your GIFT City payee. The app shows a 'Fund Transfer' screen where you enter:

Amount in USD: How much you want your GIFT City account to receive
Amount in INR: The rupee equivalent that will be debited from your account

The app displays the live conversion rate (locked for 72 hours once you proceed). In this example, the rate is $1 = ₹90.85.

Transfer Money from IDFC Bank to GIFT City_Amount_To_Sent — *Entering amount to be sent.*

Step 12: Review Fees and Savings

IDFC First Bank often runs promotions with zero transfer fees. In this example:

Transfer amount: ₹25,000 (converting to ~$27.52)
Total fees: ₹0 (regular fee of ₹5,000 waived)
TCS (Tax Collected at Source): ₹45
Grand total debited: ₹2,545

The banner shows: "You saved total ₹5,000.00" - that's real savings on transfer fees.

📌 About TCS: Tax Collected at Source (TCS) is applicable on LRS remittances above ₹7 lakh per financial year (5% rate for most purposes). This TCS is refundable when you file your income tax return, so it's not an extra cost - just an advance tax collection.

Transfer Money from IDFC Bank to GIFT City_Fees — *Screen showing fees.*

Step 13: Confirm Payment Details and Complete Transfer

The final screen shows complete payment details:

Personal details (your name, country)
Account details (GIFT City bank, account number, SWIFT code)
Payment breakdown (conversion rate, fees, TCS, grand total)
Purpose of transfer

Check the box to agree to Terms and Conditions, then tap 'Proceed' to complete the transfer.

Expected delivery: Funds typically reach your GIFT City account within 1-3 working days. IDFC's SWIFT GPI tracking lets you monitor the transfer status in real-time through the app.

Transfer Money from IDFC Bank to GIFT City_Transfer_Confirmation — *Final payment confirmation screen.*

What Happens After You Transfer?

Once your transfer is processed:

You'll receive an email with the SWIFT confirmation
Track the transfer status through 'Pay Abroad' → 'Transactions'
Funds land in your GIFT City account in USD
You can then book a USD Fixed Deposit earning 4.5-5%+ interest, completely tax-free in India

Why Transfer to GIFT City? The Numbers Make Sense

Let me share a quick comparison I often show clients:

Feature	NRE FD (Rupee)	GIFT City USD FD
Currency	INR	USD ✓
Interest Rate	6.5-7.5%	4.5-5.5%
TDS in India	Tax-free for NRIs	Tax-free ✓
Currency Risk	Exposed to INR depreciation	Protected (USD) ✓
Repatriation	Fully repatriable	Fully repatriable ✓

The real advantage? Rupee has depreciated 4-5% annually against the dollar over the past decade. With a USD FD, you earn interest AND benefit from this depreciation when you eventually convert back.

👉 Pro Tip: Use Belong's Rupee vs Dollar Tracker to see historical currency trends and make informed decisions about timing your transfers.

Ready to Start Your GIFT City Investment Journey?

Transferring money to GIFT City doesn't have to be complicated. With IDFC First Bank's Pay Abroad feature, you can move funds in under 10 minutes - no branch visits, no paperwork, no hassle.

Here's my suggestion: start with a small amount to test the process. Once you're comfortable, you can scale up. That's exactly what I did when I made my first GIFT City investment, and I've never looked back.

Need help opening a GIFT City account?

Download the Belong app to get started with our partner banks. We handle the KYC, paperwork, and setup - you just provide the documents. Plus, use our free NRI FD comparison tool to find the best rates across NRE, NRO, FCNR, and GIFT City deposits.

Disclaimer: Screenshots provided are for reference sake. Actual bank/mobile interface might be different. Please use the graphics as directions.

Sources

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How to Transfer Money from IDFC First Bank to GIFT City - Step-by-Step Guide