IDFC FIRST Bank Launches Global Savings Account for NRIs

IDFC FIRST Bank has launched the IDFC FIRST Global Savings Account in USD and EUR, an exclusive foreign-currency savings solution offered through GIFT City, Gujarat for Non Resident Indians. The account is designed for internationally mobile customers who want to hold, save, and remit funds in foreign currency without conversion risks or cross-border banking friction.Key Benefits of IDFC FIRST Global Savings Account:1. 100% Repatriability: Both the principal and the interest earned are freely and fully transferable to overseas bank account without any limits or restrictions. This means that You can transfer all the money in this account — both your original deposits and the interest earned — back to any foreign bank account without limits.2. Hold funds in USD or EUR without conversion risk and with global flexibility. Your balance stays in dollars or euros. It is not converted into INR, so you avoid foreign exchange loss due to INR depreciation.3. Convenient, paperless, and efficient digital transfers from GIFT City to anywhere in the world. You can send money internationally from GIFT City through a fully online process — no paperwork, no branch visits.Also ReadEvery swipe counts: How IndiGo's new credit card can cut your travel costsIDFC First Bank's micro loan stress may bottom out in 2 quarters: MD & CEOpremiumRegret not insuring MFI business from start: IDFC Bank CEO VaidyanathanStock Market LIVE: Sensex up 150 pts, Nifty atop 25,900; Re recovers to 90.05/$; Silver at new highAstra Microwave set for growth; JM Financial initiates coverage with 'Buy'Implication:Faster remittances.Lower friction compared to traditional wire transfers.Makes GIFT City a direct alternative to foreign banks.4. Zero remittance Fee on Transfers. IDFC FIRST does not charge a fee when you transfer money abroad. Huge cost savings: foreign banks usually charge $20–$40 per transfer.5. TDS exempted interest on FIRST Global Savings Account and Fixed deposits for NRIs.The interest you earn is not subject to TDS (Tax Deducted at Source).You take home the full interest amount.6. Attractive Interest rate of 4.75% currently, for balances in USD Savings Account. You earn 4.75% annual interest, which is significantly higher than most foreign banks.7. Monthly Interest Credit resulting in monthly compounding interest earning for customers.8. Single Mobile Banking App Experience to manage both NRI and the GIFT City Global Savings accounts.You don’t need different apps or platforms to manage your NRI account and your GIFT City foreign-currency account.9. Integrated Banking Experience and convenience of a single Relationship Manager for NRI and GIFT City banking needs. A single point of contact handles your NRI and GIFT City banking requirements.10. Option to book USD and Euro Fixed Deposit at Attractive Rates. You can lock in your savings into foreign-currency fixed deposits at high interest rates.The Euro savings account and USD/EUR fixed deposits at competitive rates further expand the tax-efficient savings options available to NRIs through India’s growing international financial services hub."The FIRST Global Savings Account is set to redefine how NRIs bank with India. By allowing customers to maintain savings in USD or Euro, earn higher interest, enjoy zero-fee remittances, and experience a premium digital interface, we are simplifying international banking for global Indians," said Ashish Singh, Head of Retail Liabilities, IDFC FIRST Bank.The product is positioned to offer significant cost savings, especially for NRIs who frequently remit money, make international investments, or maintain foreign-currency earnings.Why GIFT City Is Becoming the New Banking Gateway for NRIsGIFT City has emerged as a major global finance hub, offering:Tax-efficient investment and banking structuresFaster cross-border fund flowsLower transaction costsRegulatory clarity aimed at global investorsFor NRIs, GIFT City accounts offer an attractive alternative to holding money overseas, especially for those who want to consolidate global finances within a trusted Indian banking ecosystem while preserving currency flexibility.