IDFC FIRST Bank has taken an important step to make banking simpler and more rewarding for Non-Resident Indians (NRIs).
The bank has introduced the IDFC FIRST Global Savings Account, a special non-resident savings account launched under the IFSC framework at GIFT City.
This account is designed especially for NRIs and allows them to hold and manage savings in foreign currencies such as US Dollars (USD) and Euros.
It is different from regular domestic savings accounts and traditional NRI accounts, offering a unique global banking solution.
What Is the IDFC FIRST Global Savings Account?
The IDFC FIRST Global Savings Account allows NRIs to maintain their savings directly in USD or Euro, without the need for currency conversion.
This helps customers protect their money from currency fluctuation risks and makes global transactions smoother and more convenient.
10 Key Benefits of IDFC FIRST Global Savings Account
1. 100% Repatriation Facility
Both the deposited amount and the interest earned can be transferred abroad without any limits or restrictions.
2. Savings in USD and Euro Without Currency Risk
Customers can keep money in foreign currencies, avoiding currency conversion losses and gaining global financial flexibility.
3. Fully Digital International Transfers
Money transfers from GIFT City are fast, easy, and completely paperless, allowing transactions worldwide.
4. Zero Remittance Charges
No remittance fees are charged, helping customers save on transfer costs.
5. No TDS on Interest Earned
NRIs do not have to pay TDS on the interest earned from the Global Savings Account or its linked Fixed Deposits.
6. Attractive Interest Rates on USD Savings
The USD Savings Account currently offers interest rates of up to 4.75%, making it a rewarding option.
7. Monthly Interest Credit
Interest is credited every month, allowing customers to benefit from monthly compounding.
8. Single Mobile App for Complete Banking
Customers can manage both their NRI account and GIFT City Global Savings Account through one mobile banking app.
9. Dedicated Relationship Manager
A single relationship manager handles both NRI and GIFT City banking needs for added convenience.
10. Option to Open USD and Euro Fixed Deposits
Customers can also invest in Fixed Deposits in USD and Euro at attractive interest rates.
What IDFC FIRST Bank Has to Say
Ashish Singh, Head of Retail Liabilities at IDFC FIRST Bank, stated that the FIRST Global Savings Account will change how NRIs manage their banking needs.
He explained that the account allows NRIs to save in USD and Euro, earn higher interest, enjoy zero-fee remittances, and access IDFC FIRST Bank’s reliable digital banking experience.
He also added that the bank continuously develops products to meet the evolving needs of customers, and this launch is a key step in that direction.