IDFC FIRST Bank has taken an important step to make banking simpler and more rewarding for Indians living abroad.
The bank has introduced a new product called the IDFC FIRST Global Savings Account, which is specially designed for Non-Resident Indians (NRIs). This account is offered under the IFSC framework in GIFT City, making it a modern global banking solution.
Unlike regular domestic savings accounts or traditional NRI accounts, this is a unique foreign currency savings account. It allows NRIs to save, earn,
and manage money in international currencies like US Dollars (USD) and Euro (EUR) without the need for frequent currency conversion.
What is IDFC FIRST Global Savings Account?
The IDFC FIRST Global Savings Account allows NRIs to open and operate a savings account that is denominated in foreign currencies. This means customers can keep their money directly in USD or Euro instead of Indian Rupees.
The biggest advantage of this account is that it helps NRIs avoid currency conversion risk.
Since the funds are held in foreign currency, customers can freely transact globally, make international transfers, and earn interest without worrying about exchange rate fluctuations.
This account is ideal for NRIs who want a secure, flexible, and globally accessible banking solution while enjoying the benefits of Indian banking expertise.
Key Features and Benefits of IDFC FIRST Global Savings Account
Below are the 10 major benefits that make this account highly attractive for NRIs:
1. 100% Repatriation Facility
Both the principal amount and the interest earned can be transferred abroad without any limits or restrictions. NRIs can freely move their money to overseas bank accounts whenever needed.
2. Savings in USD and Euro Without Currency Risk
Customers can hold their funds directly in USD or Euro, which protects them from currency conversion losses and provides better financial stability for international expenses.
3. Fully Digital International Transfers
All money transfers are paperless and digital, thanks to the GIFT City IFSC framework. Customers can send money quickly and easily to almost any country.
4. Zero Remittance Charges
No remittance fees are charged on transfers from this account, helping customers save on transaction costs and maximize returns.
5. No TDS on Interest Earned
NRIs are exempt from TDS (Tax Deducted at Source) on the interest earned from the Global Savings Account and its linked Fixed Deposits, improving overall returns.
6. Attractive Interest Rates on USD Savings
The USD savings account currently offers interest rates of up to 4.75%, which is significantly higher compared to many international savings accounts.
7. Monthly Interest Credit
Interest is credited every month, allowing customers to benefit from monthly compounding and better wealth growth over time.
8. One Mobile App for Complete Banking
Customers can manage both their regular NRI accounts and the GIFT City Global Savings Account through a single mobile banking app, making banking more convenient.
9. Single Relationship Manager
NRIs get access to one dedicated relationship manager for both NRI and GIFT City banking needs, ensuring personalized and hassle-free service.
10. Option to Open USD and Euro Fixed Deposits
Customers can also invest in Fixed Deposits in USD or Euro at competitive interest rates, adding more flexibility to their investment planning.
What IDFC FIRST Bank Says About This Account
Ashish Singh, Head of Retail Liabilities at IDFC FIRST Bank, stated that the FIRST Global Savings Account is expected to transform the way NRIs manage their finances.
According to him, the account offers NRIs the ability to save in USD and Euro, earn higher interest rates, enjoy zero-fee remittances, and experience seamless digital banking.
He further added that IDFC FIRST Bank continuously designs products to match the evolving needs of its customers, and the launch of this Global Savings Account is a significant step toward offering world-class banking solutions to NRIs.
