Accounts and Deposits FAQs
Can individuals open an account in GIFT City?
Yes, they can. Non-Resident Indians (NRIs) and foreign nationals can open Offshore Accounts & Deposits for GIFT City in India.
What is an Offshore Deposit Account?
An Offshore Deposit allows you to park denominations of four major currencies including USD, GBP, EUR and AUD for a fixed tenure. Such deposits come with a tenure up to five years, and you can earn interest at competitive rates. The bank also offers a Loan against the Offshore Deposits for up to three years at attractive interest rates.
Which banks are enlisted with GIFT City?
Over 22 banks have been licensed to operate in GIFT City. The list of licensed banks includes both domestic and global banks.
How do I open an account with a GIFT City Bank?
To open an Offshore Deposit or Call Account with HDFC Bank, you need to fill out the online lead form. Enter your name, mobile number and email address and select your city. Click on submit and wait for an HDFC Bank executive to get in touch with you. They will guide you through the account opening process.
What are the interest rates offered for Offshore Deposits & Accounts?
You can view the list of interest rates here.
What is the minimum amount required for Deposits for GIFT City?
You are not required to maintain a minimum balance for Call Accounts as they are zero-balance accounts. However, in case of Offshore Deposits, you must invest a minimum amount as follows:
- For USD: USD 5,000
- For GBP: GBP 5,000
- For EUR: EUR 5,000
- For AUD: AUD 5,000
