IDFC FIRST Bank Launches Zero-Fee USD And EUR Global Saviangs Account for NRIs via GIFT City

IDFC FIRST Bank has launched the IDFC FIRST Global Savings Account in US dollars and euros for Non-Resident Indians (NRIs). The foreign-currency account is offered through GIFT City in Gujarat and is designed for customers who want to hold, save and transfer money in foreign currency without conversion risks.

100% Repatriable With No Restrictions

A key feature of the account is full repatriability. Both the principal amount and the interest earned can be transferred freely to overseas bank accounts without any limits or conditions. This allows NRIs to move their money globally with complete flexibility.

No Currency Conversion Risk

The account lets customers hold funds directly in USD or EUR. Since the balance is not converted into Indian rupees, customers are protected from exchange rate losses due to rupee depreciation and can manage their foreign-currency savings more efficiently.

Zero-Fee And Fully Digital Remittances

IDFC FIRST Bank offers zero remittance charges on international transfers from this account. Transfers can be done fully online from GIFT City, without paperwork or branch visits. This can result in significant cost savings compared to traditional foreign bank wire transfers.

Attractive Interest And Tax Benefits

The USD savings account currently offers an interest rate of 4.75% per year, which is higher than what most overseas banks provide. Interest is credited monthly, allowing customers to benefit from compounding.

In addition, interest earned on the Global Savings Account and foreign-currency fixed deposits is exempt from TDS, enabling NRIs to receive the full interest amount.

Single App And Relationship Manager

Customers can manage both their NRI accounts and GIFT City Global Savings Account through a single mobile banking app. The bank also provides one dedicated relationship manager to handle all NRI and GIFT City banking needs, offering a seamless banking experience.

Option To Invest In Usd And Eur Fixed Deposits

NRIs also have the option to invest in USD and EUR fixed deposits at attractive interest rates. This allows them to lock in returns while continuing to enjoy tax efficiency and currency flexibility.

Why Gift City Is Gaining Popularity Among NRIs

GIFT City is fast becoming a preferred financial hub due to its tax-efficient structures, faster cross-border transactions, lower costs and clear regulatory framework. For NRIs, it offers a strong alternative to overseas banking while keeping funds within India’s regulated financial system.

IDFC First Bank Share Price Movement

IDFC First Bank share price (NSE: IDFCFIRSTB) was trading nearly flat at ₹83.45 on the NSE around 1:29 pm IST on December 17, down marginally by 0.01% for the day. The stock opened at ₹83.31 and moved in a narrow range between an intraday high of ₹84.14 and a low of ₹83.26. The bank has a market capitalisation of about ₹71.72 lakh crore and is currently valued at a price-to-earnings ratio of 42.88. Over the past year, the stock has touched a 52-week high of ₹84.43 and a low of ₹52.46. IDFC First Bank has a dividend yield of 0.30%, with a quarterly dividend amount of ₹0.06 per share.

Conclusion

IDFC FIRST Bank’s Global Savings Account offers NRIs a simple and cost-effective way to manage foreign-currency savings. With zero remittance fees, full repatriation, higher interest rates and digital convenience, the product aims to make international banking easier for global Indians.

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