IDFC FIRST Bank Global Savings Account for NRIs: Interest rates, features, and more

Named the IDFC FIRST Global Savings Account, this offering enables NRIs to maintain balances in US dollars (USD) or euros (EUR) through the bank’s GIFT City banking unit. This account is separate from the bank’s existing domestic and NRI savings accounts and is designed for customers who prefer managing savings in foreign currencies.

Attractive interest rates

Earn competitive interest rates on your savings, credited monthly to boost financial growth.

USD: 4.75% per annum

EUR: 1.50% per annum

Freely repatriable

Transfer funds abroad without restrictions, whenever required.

Multicurrency support

Hold funds in major foreign currencies like USD and EUR, avoiding conversion hassles.

Tax advantages

Interest earned is currently tax-exempt in India under GIFT City regulations.

Zero-fee banking

No account maintenance charges or international fund transfer fees.

Average monthly balance requirement: Zero

Fund transfer charges (International): Zero

Account maintenance charges: Zero

Is the interest taxable in India?

No, interest earned is currently not taxable in India.

Is there a minimum balance requirement?

No minimum balance is required to enjoy the account’s features.

Can I transfer funds between NRE/NRO accounts and the Global Savings Account?

Yes, transfers are allowed, subject to RBI and IFSC guidelines and any applicable documentation or approvals based on currency and purpose.