GIFT City (https://giftsez.com/) is a planned business district in Gujarat, India and is situated at a 20 minutes’ drive from the Ahmedabad Airport. It is India’s first International Financial Services Centre (IFSC) and has been set up for financial institutions to conduct Overseas businesses that are currently carried out by their offices in other countries. An IFSC Unit for a financial institution or a bank is treated as “Non-Resident” under the Indian Exchange Control Regulations is akin to a foreign territory and the transactions carried out there are permitted only in foreign currency and not in INR. The scope of financial services includes banking, capital market, global treasury centres, insurance and fintechs, to name a few. It is designed to be at or above par with globally benchmarked business districts such as Singapore, Dubai (DIFC), etc.
IFSC stands for International Financial Services Centre. This Centre or area deals with the flow of finance, financial products and services to individuals and institutions in foreign currency (other than in Indian Rupee (INR)).
The key participants of an IFSC include:
- Banking sector (Indian and foreign banks)
- Insurance sector
- Capital Markets (Stock Exchanges/ Commodity Exchanges, Clearing Corporation, Depository, Stockbrokers, Trading members, Investment Adviser, Portfolio Manager, Alternate Investment Fund (AIF) and Mutual Funds).
The International Financial Services Centres Authority (IFSCA) (https://www.ifsca.gov.in/) was established in April, 2020 and is headquartered at GIFT City, Gandhinagar in Gujarat. IFSCA is the unified authority for the development & regulation of financial products, financial services and financial institutions at IFSC across banking, capital markets, insurance, etc.
Any currency other than Indian Rupee (INR) can be used at the GIFT IFSC. IFSC units can pay for administrative and statutory expenses in INR. No other INR transactions are permitted.
NRIs and Resident Indians may open a Foreign Currency Account with a bank at IFSC GIFT City. NRIs can open a Savings as well as a Current Account while Resident Indians are permitted to open only Current Accounts.
NRIs may open Current and Savings Accounts while Resident Indians can only open a Current Account.
ICICI Bank offers Accounts in three different base currencies such as US Dollar (USD), British Pound Sterling (GBP), Euro (EUR).
You can view or download your Account Statement from the Internet Banking page(launching shortly).
Chequebook will not be provided with the Account.
Currently a Debit Card is not provided with a Savings or Current Account.
To open an Account, please connect with your Relationship Manager who will help you with the account opening process. If you do not have an ongoing Relationship with ICICI Bank, please contact us.
Yes, Accounts can be opened with joint names.
Yes, the nomination facility is available on your Current/Savings Account.
A Term Deposit is a type of deposit where the Bank pays a fixed interest rate for a fixed term. Interest rates offered vary with the tenure, value and currency of the deposit. A Term Deposit is a savings proposition that lets you earn fixed returns on your savings.
ICICI Bank GIFT City offers deposits in USD, EUR, GBP.
Currently the minimum tenure for a USD Term Deposit is <7> days and the maximum tenure is <39> months.
All term deposits accepted from Individuals shall have premature withdrawal facility.
For Fixed Deposit rates in USD and other currencies, please get in touch with your Relationship Manager.
No, IBU deposits are not covered by Deposit Insurance.
Yes, a nomination facility is available on your Fixed Deposits.
Yes, funds can be easily transferred in and out of your GIFT City Global Savings and Global Current Accounts.
The mode of fund transfer is SWIFT. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardised system of codes and it is used by banks worldwide.
Sending money from India to ICICI Bank GIFT City is easy and convenient with ICICI Bank’s Money2World, an online Outward Remittance facility. Funds can be transferred online or through ICICI Bank’s Branch network.