{"id":9902,"date":"2026-06-15T16:26:50","date_gmt":"2026-06-15T10:56:50","guid":{"rendered":"https:\/\/tradebrains.in\/money\/?p=9902"},"modified":"2026-06-15T17:10:13","modified_gmt":"2026-06-15T11:40:13","slug":"4-major-banks-offering-gift-city-fixed-deposits-high-returns-tax-benefits-global-access","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/money\/4-major-banks-offering-gift-city-fixed-deposits-high-returns-tax-benefits-global-access\/","title":{"rendered":"4 Major Banks Offering GIFT City Fixed Deposits for NRIs: High Returns, Tax Benefits &amp; Global Access"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Synopsis:<\/strong> <em>GIFT City Fixed Deposits lets NRIs and businesses hold foreign-currency term deposits with India&#8217;s offshore IFSC Banking Units (IBUs) and the interest is tax fee and is fully-transferable. This article compares the features, current rates, tenures and minimum deposit norms across major banks in GIFT City.<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>A GIFT City Fixed Deposit is a foreign-currency term deposit booked through a bank&#8217;s International Banking Unit (IBU) located in the Gujarat International Finance Tec-City (GIFT City) Special Economic Zone, Gandhinagar. Under the FEMA, IBU is treated as a non-resident jurisdiction, this is the reason why these deposits function differently from the regular domestic NRI FD.<\/p><div class=\"trade-content-3\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2531993338\"><a data-no-instant=\"1\" href=\"https:\/\/tradebrains.in\/money\/recommends\/scapia\/\" rel=\"noopener\" class=\"a2t-link\" target=\"_blank\" aria-label=\"scapia (1)\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/money\/wp-content\/uploads\/2025\/12\/scapia-1.jpg\" alt=\"scapia (1)\"  srcset=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/money\/wp-content\/uploads\/2025\/12\/scapia-1.jpg 1000w, https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/money\/wp-content\/uploads\/2025\/12\/scapia-1-980x980.jpg 980w, https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/money\/wp-content\/uploads\/2025\/12\/scapia-1-480x480.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1000px, 100vw\" width=\"350\" height=\"350\"  style=\"display: inline-block;\" \/><\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-features-that-the-investors-should-consider\" style=\"font-size:22px\"><strong>Key Features that the Investors Should Consider<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Foreign currency denomination<\/strong>: Held in USD, EUR, GBP or AUD the currency choice is subject to the bank.<\/li>\n\n\n\n<li><strong>Tax-free interest<\/strong>: Interest income is exempt from Indian income tax and TDS for NRIs.<\/li>\n\n\n\n<li><strong>Fully-transferable<\/strong>: Both principal and interest can be transferred abroad without restriction, and is subject to FEMA and IFSCA compliance.<\/li>\n\n\n\n<li><strong>Funding route<\/strong>: Deposits are funded via SWIFT or telegraphic transfer from an overseas account, or from an existing NRE or FCNR account in India.<\/li>\n\n\n\n<li><strong>Flexible tenures<\/strong>: Tenure ranges from as short as 7 days to as long as 10 years and it depends on the bank.<\/li>\n\n\n\n<li><strong>No deposit insurance<\/strong>: The domestic deposits are covered under DICGC, while the deposits held with a GIFT City IBU are not covered under any deposit insurance scheme.<\/li>\n\n\n\n<li><strong>Premature withdrawal<\/strong>: Generally permitted, though the penalty and other related terms differ by bank.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gift-city-fd-vs-traditional-fcnr-deposits\" style=\"font-size:22px\"><strong>GIFT City FD vs Traditional FCNR Deposits<\/strong><\/h2>\n\n\n<div id=\"footable_parent_9903\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui \">\n                <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"9903\" data-filter-delay=\"1000\" aria-label=\"Credit Card - Sheet1 (39).csv\"            id=\"footable_9903\"\n           data-unique_identifier=\"ninja_table_unique_id_3131164822_9903\"\n           class=\" foo-table ninja_footable foo_table_9903 ninja_table_unique_id_3131164822_9903 ui table  ninja_search_right nt_type_ajax_table selectable striped compact vertical_centered  footable-paging-right ninja_table_search_disabled\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n            <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-major-banks-offering-gift-city-deposits\" style=\"font-size:22px\"><strong>Major Banks Offering GIFT City Deposits<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-idfc-first-bank\" style=\"font-size:18px\"><strong>IDFC FIRST Bank<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investment Options:<\/strong> The GIFT City FD is booked under the FIRST Global Savings Account and an NRI must hold a Global Savings Account in the relevant currency to open the linked fixed deposit. Booking and liquidation can be done digitally through the mobile app.<\/li>\n\n\n\n<li><strong>Available Currencies:<\/strong> USD<\/li>\n\n\n\n<li><strong>Fixed Deposit Interest Rates-<\/strong> Interest rates range from 3.5% to 4.5% from 7 days to 5 years in USD, and 1.25% to 2.10% from tenures of 7 days to 5 years in EUR.<\/li>\n\n\n\n<li><strong>Minimum Deposit Requirement:<\/strong> USD 1,000<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hdfc-bank-gift-city\" style=\"font-size:18px\"><strong>HDFC Bank GIFT City<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investment Options:<\/strong> With the Offshore Deposit account with an automatic renewal facility and also provides the ability to switch the deposit&#8217;s currency during its tenure along with loan or overdraft facilities are available against the deposit in multiple currencies, including USD, GBP, AUD, EUR.<\/li>\n\n\n\n<li><strong>Available Currencies:<\/strong> USD, GBP, EUR and AUD<\/li>\n\n\n\n<li><strong>Fixed Deposit Interest Rates-<\/strong> The tenure usually ranges from 7 days to 5 years with the interest rate starting from 3.00% to 4.35% in USD with premature withdrawal, and 3.30% to 4.45% without premature withdrawal in USD. The FD interest rates start from 1.00% to 2.35% in the tenure of 1 month to 5 years in EUR. The FD interest rates start from 2.65% to 4.15% in the tenure of 1 month to 5 years in EUR.<\/li>\n\n\n\n<li><strong>Minimum Deposit Requirement:<\/strong> 5,000 units for each of USD, GBP, EUR and AUD<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Also read:<\/strong> <a href=\"https:\/\/tradebrains.in\/money\/mumbai-vs-gift-city-which-will-be-indias-top-financial-hub-by-2035\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mumbai vs GIFT City: Which Will Be India&#8217;s Top Financial Hub by 2035?<\/a><\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-axis-bank\" style=\"font-size:18px\"><strong>Axis Bank<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investment Options:<\/strong> The GIFT City FD in Axis Bank for USD deposits can be opened digitally through their dedicated mobile app, with partial or full premature closure also available digitally. Deposits in GBP, CAD, EUR, AUD and JPY must be booked physically through the GIFT City IBU branch or through a relationship manager.<\/li>\n\n\n\n<li><strong>Available Currencies:<\/strong> USD in digital and GBP, CAD, EUR, AUD and JPY offline through branch or Relationship Manager (RM)<\/li>\n\n\n\n<li><strong>Fixed Deposit Interest Rates-<\/strong> Below USD 1 million, the interest rate from 2.90% to 4.20% and for FD above USD 1 million interest rate ranges from 3.00% to 4.30% for the tenure starting from 1 week to 10 years.<\/li>\n\n\n\n<li><strong>Minimum Deposit Requirement:<\/strong> From USD 1,100 going up to USD 10 million.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hsbc\" style=\"font-size:18px\"><strong>HSBC<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Investment Options:<\/strong> Foreign currency term deposit and current account through HSBC&#8217;s IBU at GIFT City, available exclusively to existing HSBC India customers who hold an active relationship and meet the minimum deposit criteria. Deposits can be reinvested or renewed at the maturity at the latest applicable rates.<\/li>\n\n\n\n<li><strong>Available Currencies:<\/strong> USD, GBP and EUR<\/li>\n\n\n\n<li><strong>Fixed Deposit Interest Rates-<\/strong> Starting from 2.25% to 3.30% in USD (for FD amount up to USD 500,000), 2.65% to 3.00% in GBP (for FD amount up to GBP 415,000), and 0.75% to 0.95% in EUR (for FD amount up to EUR 415,000) for the tenure 7 days to less than 3 years (36 months). For the FD amounts above the specified limits, bank branch or relationship manager (RM) should be contacted.<\/li>\n\n\n\n<li><strong>Minimum Deposit Requirement:<\/strong> USD 1,000, EUR 750, GBP 500. Only NRI customers are eligible to place term deposits.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bank-wise-information\" style=\"font-size:22px\"><strong>Bank-wise Information<\/strong><\/h2>\n\n\n<div id=\"footable_parent_9904\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui \">\n                <table data-ninja_table_instance=\"ninja_table_instance_1\" data-footable_id=\"9904\" data-filter-delay=\"1000\" aria-label=\"Credit Card - Sheet1 (40).csv\"            id=\"footable_9904\"\n           data-unique_identifier=\"ninja_table_unique_id_2332153606_9904\"\n           class=\" foo-table ninja_footable foo_table_9904 ninja_table_unique_id_2332153606_9904 ui table  ninja_search_right nt_type_ajax_table selectable striped compact vertical_centered  footable-paging-right ninja_table_search_disabled\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                    <\/colgroup>\n            <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<p><strong>Note:<\/strong><em> Deposit Rates are subject to change as per bank policies. Investors are requested to contact their respective bank branch or relationship manager for more accurate information.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-gift-city-is-the-preferred-banking-hub-for-nris\" style=\"font-size:22px\"><strong>Why GIFT City is the Preferred Banking Hub for NRIs<\/strong><\/h2>\n\n\n\n<p>GIFT City operates under the unified regulatory of the IFSCA, with IBUs and is jointly regulated by the RBI and IFSCA. As an IFSC is treated as a non-resident jurisdiction under FEMA, NRIs can hold and transact in major foreign currencies without routine conversion to INR, <strong>avoiding repeated currency-conversion costs<\/strong>. Interest income, capital gains and IFSC exchange transactions carry <strong>tax exemptions<\/strong>, and both principal and interest on deposits remain <strong>freely repatriable<\/strong> under FEMA and IFSCA guidelines. Beyond deposits, the same IBU relationships give NRIs access to a broader suite of GIFT City-based products including bonds, mutual funds, AIFs and demat or trading accounts, hence, making it a one-stop offshore banking and investment gateway located close to mainland India.<\/p><div class=\"trade-in-content\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-484611700\"><script data-cfasync=\"false\" type=\"text\/javascript\" id=\"AdsCoreLoader101144\" src=\"https:\/\/sads.adsboosters.xyz\/fbda060f29d5b8e8c653abce4ac69b7b.js\"><\/script>\r\n\u00a0<div class=\"ads-core-ads\"><\/div><\/div>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Written by Jahnavi<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis: GIFT City Fixed Deposits lets NRIs and businesses hold foreign-currency term deposits with India&#8217;s offshore IFSC Banking Units (IBUs) and the interest is tax fee and is fully-transferable. This article compares the features, current rates, tenures and minimum deposit norms across major banks in GIFT City. A GIFT City Fixed Deposit is a foreign-currency [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":9906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[6,9,14],"tags":[],"ppma_author":[3062],"class_list":["post-9902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-investment","category-trending"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Major Banks Offering GIFT City Fixed Deposits for NRIs: High Returns, Tax Benefits &amp; Global Access<\/title>\n<meta name=\"description\" content=\"GIFT City Fixed Deposits lets NRIs and businesses hold foreign-currency term deposits with India&#039;s offshore IFSC Banking Units (IBUs) and the interest is tax fee and is fully-transferable. 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