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Unlock new horizons of growth in India’s
first international financial hub.
A GIFT City fixed deposit account is a specialised foreign currency term deposit designed for Non-Resident Indians (NRIs), offering stable returns, capital protection, and tax-efficient benefits through India’s International Financial Services Centre (IFSC) in GIFT City, Gandhinagar. IDFC FIRST Bank’s GIFT City Fixed Deposit serves as a reliable global investment avenue offering unique features like flexible tenures, competitive interest rates, and premature withdrawal options. It is an ideal solution for NRIs looking to grow their offshore savings securely and conveniently. Read more
A GIFT City fixed deposit is a special type of term deposit offered by IDFC FIRST Bank through its International Banking Unit (IBU) in GIFT City, Gandhinagar. It allows Non-Resident Indians (NRIs) to invest in foreign currencies and earn fixed returns over a specified period. This account is designed to offer global investment convenience with flexibility and consistent earnings.
Here are the key features of GIFT City fixed deposits that make them a smart choice for global investors. Designed for NRIs, these deposits offer stability, flexibility, and currency diversification all in one.
The FIRST Global Savings Account is packed with several attractive features, making it a convenient and rewarding banking solution for NRIs:
Currently available in
USD and EUR
Tenure ranges from
7 days to 5 years
For GIFT City fixed deposits, the calendar year is considered as 360 days, regardless of whether it is a leap year or not
Interest is compounded every 180 days,
then added to the principal
Premature and partial withdrawal
options are available
Investing in fixed deposits through GIFT City offers a unique blend of global access, stable returns, and tax efficiency. It is an ideal option for NRIs looking to grow their foreign currency savings securely.
Diversify your holdings globally with foreign-currency deposits
Interest earned on GIFT City fixed deposits is exempt from taxes in India
Capital protection with predictable returns
Principal and interest are freely repatriable
Facility to add nominee is available
Easy renewal on maturity at prevailing interest rates
Flexible tenure options for both short-term and long-term goals
No penalty on premature/partial withdrawal currently applicable
| GIFT City Fixed Deposits - Period | Rate of Interest (% p.a.) w.e.f. 13th May 2025 |
|---|---|
| 7 – 14 days | 4.10% |
| 15 - 29 days | 4.30% |
| 30 - 45 days | 4.30% |
| 46 - 90 days | 4.70% |
| 91 - 180 days | 4.70% |
| 181 days - < 1 year | 4.70% |
| 1 year | 4.05% |
| > 1 year - < 2 years | 4.05% |
| 2 years - < 3 years | 4.05% |
| 3 years - < 4 years | 4.05% |
| 4 years - < 5 years | 3.25% |
Note: Calendar year is considered as 360 days for interest calculations.
This exclusive fixed term deposit is available to:
Non-Resident Indians (NRIs)
Persons of Indian Origin (PIOs)
Individuals or entities eligible under Foreign Exchange Management Act (FEMA) guidelines for investing in foreign currency deposits
Existing Global Savings Account holders in IDFC FIRST Bank’s IBU can place a request to open a GIFT City FD.
Getting started is quick and seamless:
Reach out to your relationship manager or your nearest IDFC FIRST Bank branch
Complete the application form and Know Your Customer (KYC) documentation
Choose your currency, investment amount, and tenure.
Submit the remittance through eligible Non-Resident External (NRE)/ Foreign Currency Non-Resident (FCNR) accounts
Receive FD confirmation with terms and interest details.
Your GIFT City Fixed Deposit can now be booked through the mobile banking app too.
There are specific regulations that NRIs in the USA must adhere to when opening an NRI account in India. The Reserve Bank of India (RBI) has set guidelines to ensure compliance and transparency. NRIs need to provide valid identification documents, proof of NRI status, and adhere to the Foreign Account Tax Compliance Act (FATCA) regulations. FATCA requires individuals to report their financial accounts held outside the USA, and Indian banks, including IDFC FIRST Bank, must report NRI account details.
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