As GIFT City (Gujarat International Finance Tec-City) continues to evolve into a global financial powerhouse, Non-Resident Indians (NRIs) now have a unique opportunity to participate in India’s international banking ecosystem without the usual restrictions. Through International Banking Units (IBUs) located in GIFT City, NRIs can open foreign currency accounts, access global investments, and enjoy significant tax benefits—making it a compelling option for cross-border wealth planning.
In this complete 2025 guide, you’ll learn everything you need to know about opening a GIFT City account, comparing major banks, understanding documentation requirements, and leveraging this opportunity for long-term financial growth.
Table of Contents
Why NRIs Should Consider Opening a GIFT City Account
GIFT City operates under the International Financial Services Centre (IFSC) framework, governed by a distinct set of regulations compared to standard RBI norms. This opens doors for global financial participation—right from India. Here are the key benefits:
- Hold foreign currencies (USD, EUR, GBP, AUD, etc.) in India
- 100% repatriation of principal and returns
- Tax-free capital gains and dividend income on qualifying investments
- Diversified investment options including global ETFs, stocks, AIFs, and bonds
- Operate under a globally-aligned regulatory environment (IFSC Authority)
- Access world-class banking and investment services from Indian banks
Top Banks Offering GIFT City Accounts for NRIs in 2025
Several Indian banks have set up International Banking Units (IBUs) in GIFT City. Here’s a comparative overview of what each offers:
1. HDFC Bank – IBU FCNR & NRE Account
- Supported Currencies: USD, GBP, EUR, SGD
- Minimum Balance: USD 1,000
- Annual Charges: Nil
- Online Access: Yes
- Highlights: Seamless onboarding, robust digital infrastructure, competitive interest rates, and quick processing with video KYC.
2. ICICI Bank – Global NRE and FCNR via IFSC
- Supported Currencies: USD, EUR, GBP
- Minimum Balance: USD 2,000
- Annual Charges: Approx. USD 25
- Online Access: Yes
- Highlights: Easy global access, integration with ICICI’s international platforms, and digital documentation.
3. State Bank of India (SBI) – IBU Account
- Supported Currencies: USD, GBP, EUR
- Minimum Balance: USD 1,000
- Annual Charges: Minimal
- Online Access: Yes
- Highlights: Strong NRI reach, excellent support via global branches, and stable interest offerings.
4. YES Bank – Global IBU Account
- Supported Currencies: USD, GBP, EUR
- Minimum Balance: USD 5,000
- Annual Charges: Varies
- Online Access: Yes
- Highlights: Personalized RM service, strong forex capabilities, and suitable for NRIs seeking tailored solutions.
5. Axis Bank – FCNR via GIFT City
- Supported Currencies: USD, EUR, GBP, AUD
- Minimum Balance: USD 2,500
- Annual Charges: Often waived
- Online Access: Yes
- Highlights: Good digital tools, simplified account access, and investment-friendly platforms.
Documents Required to Open a GIFT City Account
To open an account with any GIFT City-based IBU, you need the following documentation:
- Valid passport (with visa or residence permit for foreign country)
- OCI or PIO card (if applicable)
- Proof of overseas address (utility bill, bank statement, etc.)
- PAN card (mandatory for tax and KYC compliance)
- Passport-size photograph
- Account opening form (usually downloadable or filled online)
Note: Most banks offer digital KYC or video KYC options for NRIs, making the onboarding process fast and paperless.
Step-by-Step Process to Open a GIFT City NRI Account
Opening an account is straightforward and can be initiated from abroad. Here’s the recommended approach:
Step 1: Choose the Right Bank
Evaluate your currency needs, minimum balance preferences, service charges, and available investment platforms.
Step 2: Visit the Bank’s GIFT City or NRI Services Page
Navigate to the official site of the bank or connect with their NRI banking helpline to initiate the account setup.
Step 3: Submit Required Documents
Upload your passport, overseas address proof, PAN, and OCI card online. Most banks offer e-signature or courier options for physical forms.
Step 4: Complete KYC
Banks may require video KYC or notarized documents. Your Relationship Manager (RM) will assist with the verification.
Step 5: Fund the Account
Transfer the minimum balance in supported currency (e.g., USD) from your overseas bank to activate the account.
Step 6: Begin Operations
Once active, use the account to hold foreign currency, make global investments, and remit funds as needed.
Charges and Fees You Should Know
While GIFT City accounts offer tax benefits and global access, you should be aware of the following potential charges:
- Account Maintenance Fees: Generally low or waived, especially with higher balances
- Forex Conversion Charges: Applicable when converting between currencies
- Annual Fees: Around USD 25–50, depending on bank and service type
- Investment-Linked Charges: When investing via fintech platforms or AIFs, expect platform fees or brokerage
- Transfer/Remittance Charges: These vary by bank and destination
Who Should Open a GIFT City Account?
This account suits NRIs who:
- Earn in foreign currency and wish to invest in India or internationally
- Want to enjoy tax benefits on capital gains, dividends, and interest
- Need a repatriable foreign currency account governed by IFSC laws
- Are interested in global investing (US stocks, ETFs, AIFs) through Indian platforms
- Seek simplified compliance with FEMA, RBI, and SEBI regulations
Tax Advantages of GIFT City Accounts
GIFT City accounts are structured under IFSC guidelines, which allow:
- No tax on capital gains from international assets routed via IFSC
- No tax on dividend income from specified foreign investments
- No tax on interest earned on FCNR deposits (subject to conditions)
- Simplified compliance with FATCA/CRS, depending on bank partnership
Note: Always consult a tax advisor to determine how these benefits align with your country of residence’s tax laws and Double Taxation Avoidance Agreement (DTAA) provisions.
Tips Before You Open Your GIFT City Account
- Keep your PAN active and updated—it’s required for all account openings
- Choose banks with strong NRI RM support—this helps with onboarding and future transactions
- Compare FCNR and NRE rates—to decide whether to use GIFT City or standard NRE/FCNR routes
- Track investment platform options—some banks integrate with Vested, Stockal, or INDMoney for global investments
- Ensure your overseas documents are valid and translated if needed
Conclusion
A GIFT City account gives NRIs access to a futuristic banking ecosystem—right from Indian soil. With benefits like foreign currency holdings, tax-free global investing, and simplified repatriation, it offers a superior alternative to traditional NRE/NRO setups. Whether you’re based in the US, UAE, UK, Canada, or Australia, GIFT City accounts help you bridge global wealth management with Indian compliance and access.
Choosing the right bank, understanding the features, and planning your investments strategically will allow you to maximize the benefits this unique ecosystem offers.
Need Help Choosing the Best GIFT City Account?
Contact Global NRI Advisor for personalized guidance based on your residence country, income profile, and investment goals. Let’s unlock your global financial potential—efficiently and compliantly.