IDFC FIRST Bank Launches Global Savings Account for NRIs in GIFT City with Foreign Currency Options

IDFC FIRST Bank has introduced the IDFC FIRST Global Savings Account for non-resident Indians (NRIs) from its banking unit in GIFT City, Gujarat.  

The offering enables NRIs to open and operate savings accounts in major foreign currencies such as US dollar and euro, providing them with digital convenience, full repatriation, and tax exemptions within the special financial centre’s regulatory framework. 

Key Features of the IDFC FIRST Global Savings Account for NRIs 

The newly launched Global Savings Account allows NRIs to maintain savings in foreign currencies, primarily in USD ($) and EURO (€). Customers can open the account through a fully digital process.  

The bank stated there are no transfer fees on international remittances made from this account. It also ensures full repatriation of both principal and interest without restrictions, aligning with the regulations applicable to GIFT City accounts.  

As per the current structure, interest earned on both savings balances and fixed deposits is exempt from tax deduction at source (TDS) for NRIs. 

The account is a separate product from IDFC FIRST Bank’s existing domestic and conventional NRI savings accounts. It is operated through the GIFT City International Financial Services Centre (IFSC), offering customers the benefits of international banking from India. 

Interest Rates and Deposit Options 

The bank is offering an interest rate of 4.75% on US dollar savings account balances, with monthly interest credit.  

In addition to the savings facility, the account also provides fixed deposit options in both USD ($) and EURO (€) offering flexibility based on customers’ currency preferences. These investment avenues are managed under the GIFT City IFSC norms. 

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Unified Platform and Relationship Management 

Account holders can manage both their standard NRI and Global Savings accounts using a unified mobile application. IDFC FIRST Bank is also offering a single relationship management structure to maintain the convenience of service under one digital framework.  

This approach is designed to help customers seamlessly manage cross-border banking requirements while maintaining oversight through a central digital interface. 

IDFC First Bank Share Price Performance 

 As of December 18, 2025, at 1:45 PM, IDFC First Bank share price on NSE was trading at ₹83.84 down by 0.13% from the previous closing price. 

Conclusion 

IDFC FIRST Bank’s launch of the Global Savings Account in GIFT City provides NRIs with a regulated platform to maintain foreign currency balances, repatriate funds freely, and enjoy tax-related benefits. The offering integrates digital tooling with international banking norms. 

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