Now you can save in Dollars and Euros: IDFC FIRST Bank launches Global Savings Account for NRIs

Keeping in mind the banking needs of NRIs, IDFC FIRST Bank has launched the FIRST Global Savings Account under the GIFT City IFSC framework. It offers several benefits, including savings in USD and Euro, 100% repatriation, zero remittance fees, and interest rates up to 4.75%. This account makes international banking easy and affordable.

In a major step towards making banking easier and more beneficial for Non-Resident Indians (NRIs), IDFC FIRST Bank has launched the ‘IDFC FIRST Global Savings Account’. The FIRST Global Savings Account is a special non-resident savings account offered by IDFC FIRST Bank under the GIFT City IFSC framework.

This account is specifically designed for Non-Resident Indians (NRIs), allowing them to operate savings accounts in foreign currencies such as USD and Euro. This account is neither a regular domestic savings account nor a traditional NRI account, but a distinct and unique global banking solution.

What is the IDFC FIRST Global Savings Account?

The IDFC FIRST Global Savings Account allows NRIs to maintain savings accounts in foreign currency. Through this account, customers can securely hold their money in USD or Euro without currency conversion and easily conduct transactions globally.

1. 100% Repatriation Facility
Both the principal amount deposited in this account and the interest earned on it can be transferred to a bank account abroad without any limits or restrictions.

2. Savings in USD and Euro, without Currency Risk
Customers can hold their funds in USD or Euro, eliminating the risk of currency conversion and providing global financial flexibility.

3. Digital and Paperless International Transfers
Easy, fast, and completely digital money transfers are available from GIFT City to anywhere in the world. 4. Zero Remittance Fees

No remittance fees will be charged on transfers made from this account, reducing costs for customers.

5. Exemption from TDS on Interest
NRIs will not have to pay TDS on the interest earned on the FIRST Global Savings Account and its associated Fixed Deposits.

6. Attractive Interest Rate on USD Savings
The USD Savings Account currently offers an interest rate of up to 4.75%, making it even more beneficial.

7. Monthly Interest Credit
Customers receive interest every month, providing the benefit of monthly compounding.

8. Complete Banking through a Single Mobile App

Customers can manage both their NRI account and GIFT City Global Savings Account through a single mobile banking app.

9. Single Relationship Manager Facility
A single relationship manager will be available for both NRI and GIFT City banking needs, making banking even easier.

10. USD and Euro Fixed Deposit Options
Customers can also book Fixed Deposits in USD and Euro at attractive rates.

What IDFC FIRST Bank Says

Ashish Singh, Head of Retail Liabilities at IDFC FIRST Bank, said that the FIRST Global Savings Account will transform the way NRIs bank. According to him, this account offers NRIs the ability to save in USD and Euro, earn better interest, enjoy zero-fee remittances, and experience IDFC FIRST Bank's reliable digital banking. The bank always designs products keeping in mind the evolving needs of its customers, and this launch is a significant step in that direction.

FAQs

Q1. Who is the IDFC FIRST Global Savings Account for?
This account has been launched specifically for Non-Resident Indians (NRIs).

Q2. Which currencies can be held in this account?
Customers can hold savings in USD and Euro.

Q3. Can money be sent abroad from this account?
Yes. The entire principal amount and interest deposited in this account are 100% repatriable.

Q4. Will TDS be applicable on this account?
No. TDS will not be applicable on the interest earned on the FIRST Global Savings Account and FDs.

Q5. Can both NRI and Global accounts be managed through a single app?
Yes. IDFC FIRST Bank's single mobile app allows you to manage both accounts.