GIFT City Fixed Deposit for NRIs: Tax-Free, High-Interest FDs

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Overview

GIFT City fixed deposits offer a promising opportunity for NRIs looking for secure, high-yield, and tax-efficient investments in India. Now, our NRI customers can easily open foreign currency fixed deposits at GIFT City through IDFC FIRST Bank. With attractive interest rates, tax-free interest, and a flexible range of tenures, GIFT City deposits are one of the best investment options available. Don't miss out on this lucrative investment option! Read more

What is a GIFT City fixed deposit account?

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.

Key Features of
GIFT City FDs

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.

Key Features of
GIFT City FDs

The FIRST Global Savings Account is packed with several attractive features, making it a convenient and rewarding banking solution for NRIs:

GIFT City Fixed Deposits are currently offered in USD and EURO

Fixed returns on your deposits

Flexible tenures ranging from 7 days to 5 years

Principal and Interest are freely repatriable

Nominee facility available

Deposits are booked in auto-renewal mode or paid on maturity

Interest earned on GIFT City Fixed Deposits is exempt from taxes in India

Digital – real-time booking and liquidation on the mobile app itself!

Benefits of investing in fixed deposits
via GIFT City

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.

Digital

A real time booking and liquidation on the mobile app itself!

Global
Diversification

Diversify your holdings globally with foreign-currency deposits

Tax-Free
Interest

Interest earned on GIFT City fixed deposits is exempt from taxes in India

Capital
Safety

Capital protection with predictable returns

Free
Repatriation

Principal and interest are freely repatriable

Nominee
Facility

Facility to add nominee is available

Seamless
Renewal

Easy renewal on maturity at prevailing interest rates

Flexible tenure

Flexible tenure options for both short-term and long-term goals

GIFT City fixed deposit interest rates

Please click here to view FIRST Fixed Deposit rates

Who can open a
GIFT City FD?

This exclusive fixed term deposit is available to:

Existing NRI customers of the bank can book a GIFT city deposit using their existing mobile app itself !

How to Open a GIFT City Fixed Deposit?

Getting started is quick and seamless:

1

Log into your mobile app
2

Navigate to the Deposits section.
3

Click on “Create GIFT City FD”

4

Select the amount and tenure
5

Your deposit will be created, and you can view the deposit under the deposits section.

Your GIFT City Fixed Deposit can now be booked through the mobile banking app too.

Frequently asked questions

Can I prematurely withdraw my GIFT City FD?

Yes. Premature withdrawal is allowed. Currently, no penalty is charged. However, interest will be paid at the applicable rate for the actual tenure completed.

What currencies can I invest in for a GIFT City FD?

At present, GIFT City fixed deposits are available in US Dollar (USD) and Euro (EUR) only.

Is the interest earned on GIFT City fixed deposits taxable?

Interest may be non-taxable in India depending on your tax residency status and applicable Double Taxation Avoidance Agreement (DTAA). it is advisable to consult your tax advisor for personalised guidance.

What is the minimum and maximum amount I can invest?

A minimum deposit of 1000 (in any currency) is required to open GIFT City fixed deposits. While there is no defined upper limit, the amount must meet currency-specific norms. Please speak with your relationship manager for exact thresholds.

What is the tenure range for GIFT City fixed deposits?

The tenure range for GIFT City fixed deposits starts from 7 days and goes up to 5 years.

How does FCNR differ from a GIFT City deposit?

While both FCNR and GIFT City deposits cater to NRIs, they differ in structure, regulation, and investment flexibility. Here's a quick comparison to help you understand the key differences -

Feature	FCNR Deposit	GIFT City Fixed Deposit
Regulated by	Reserve Bank of India (RBI)	International Financial Services Centres Authority (IFSCA) (GIFT CITY)

Deposit insurance	Covered (in India)	Not covered
Tenure	1 to 5 years	7 days to 5 years
Premature withdrawal	Allowed with no penalty	Allowed with no penalty
Currency options	Major foreign currencies	Major foreign currencies
Tax benefits	Interest is tax-free in India for NRIs	Interest is tax-free in India for NRIs

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IDFC FIRST Bank’s
GIFT City Fixed Deposit

Overview

What is a GIFT City fixed deposit account?