{"id":396340,"date":"2024-11-19T12:15:47","date_gmt":"2024-11-19T06:45:47","guid":{"rendered":"https:\/\/zerodha.com\/z-connect\/?p=396340"},"modified":"2024-11-19T12:15:47","modified_gmt":"2024-11-19T06:45:47","slug":"nris-does-having-a-savings-account-in-gift-city-help","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/varsity\/nris-does-having-a-savings-account-in-gift-city-help","title":{"rendered":"NRIs: Does having a savings account in GIFT City help?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The GIFT City has been a hot topic in India&#8217;s finance scene for nearly a decade. Short for Gujarat International Finance Tec-City, GIFT City is India&#8217;s first smart city and International Financial Services Centre (IFSC), located between Ahmedabad and Gandhinagar in Gujarat. It was set up in 2015 with big ambitions: to become a global financial and IT hub rivaling the likes of Singapore and Dubai and serving as India\u2019s gateway to international finance \u2014 a concept often called &#8220;onshoring the offshore.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until now, the focus has mostly been on institutional and corporate finance, with big names like Barclays, Deutsche Bank, Citibank, Mirae Asset, and Morgan Stanley setting up shop here.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But things are shifting towards individual finance, too. More banks and investment managers in GIFT City are rolling out products tailored for NRIs. While these developments are in the early stages, NRIs already stand to benefit from the unique offerings. Here I\u2019ll take you through the simplest yet most essential financial product &#8211; the USD savings account, which is quickly becoming the foundation to help explore other GIFT City products and services.<\/span><\/p>\n<p><b>What is a GIFT City USD savings account?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A GIFT City USD savings account is an interest-bearing savings account denominated in US Dollars. This means:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All balances in the account are maintained in USD<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All inward and outward payments are made in USD<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Interest is earned in USD<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Many banks offer additional currency options like the Euro (EUR), British Pound (GBP), UAE Dirham (AED), etc. These savings accounts are offered by <\/span><b>IFSC Banking Unit (IBU)<\/b><span style=\"font-weight: 400;\"> branches of banks in GIFT City, and most household Indian banking names like SBI, HDFC, ICICI, and Axis have already launched them.<\/span><\/p>\n<p><b>What are some of its key benefits?<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>USD denomination:<\/b><span style=\"font-weight: 400;\"> This eliminates the risk of your money losing value against the US Dollar (or other global currencies; referred to as <\/span><b>\u2018currency depreciation risk\u2019<\/b><span style=\"font-weight: 400;\">) if held in Indian Rupees (INR).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher interest rates:<\/b><span style=\"font-weight: 400;\"> NRIs familiar with the Indian banking environment would know to expect the currently offered interest rates by some IBUs of around <\/span><b>2.5-3% annually<\/b><span style=\"font-weight: 400;\"> (SBI, HDFC, Axis) on their daily closing balance in the savings account. Some GIFT City IBUs, however, are offering <\/span><b>up to 4-5% annually<\/b><span style=\"font-weight: 400;\"> (ICICI, Yes Bank, Federal Bank).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tax-free interest:<\/b><span style=\"font-weight: 400;\"> The USD interest earned in these accounts is tax-free in both GIFT City and India. This also means <\/span><b>no TDS<\/b><span style=\"font-weight: 400;\">. These tax breaks for GIFT City products and services are a core part of the value proposition, designed to attract savings and investments from around the world.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Global money transfers:<\/b><span style=\"font-weight: 400;\"> All IBUs are plugged into the SWIFT network for quick and secure international money movement. The remittance charges are also at par with global best offerings.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">All these world-leading features are regulated by the <\/span><b>International Financial Services Centre Authority (IFSCA)<\/b><span style=\"font-weight: 400;\">. IFSCA is a special regulator established by the Parliament of India for GIFT City. It combines the powers of RBI (banking), SEBI (investments), IRDAI (insurance), and PFRDA (provident fund) as an umbrella authority that designs and enforces the regulatory unique GIFT City framework.<\/span><\/p>\n<p><b>These are great. But what can I actually use it for?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Transferring money from your home country all the way over to GIFT City might not be that appealing just for some extra interest. This brings us to what I feel is the most exciting role for these accounts &#8211; <\/span><b>access to financial products offered in GIFT City as well as abroad<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a GIFT City USD savings account, you can:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Invest in India-focused funds<\/b><span style=\"font-weight: 400;\"> from HDFC, SBI, Kotak, Mirae, Morgan Stanley, and others &#8211; Participating in the rapid growth and development of India plays an important role in helping NRIs feel connected with their homeland. With more fund launches on the horizon, the options will only increase. As the GIFT City evolves, one will be allowed to access international markets and financial products available globally.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Book USD Fixed Deposits with any GIFT City IBU <\/b><span style=\"font-weight: 400;\">&#8211; Similar to the savings accounts, FDs are also available in USD and most other major global currencies at internationally benchmarked interest rates.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay premiums for unique <\/span><b>USD-denominated insurance policies<\/b><span style=\"font-weight: 400;\"> with global coverage &#8211; Tata AIA is already live with the first globally valid USD life insurance policy. HDFC Life has launched a global USD health insurance policy. Other major Indian and international insurers are expected to launch even more products in the coming year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Link to your GIFT City trading\/brokerage account<\/b><span style=\"font-weight: 400;\"> for equity investments (derivatives) &#8211; Major Indian brokerage houses like HDFC Securities, Axis Securities, Anand Rathi etc have begun operations in GIFT City, and allow NRIs to invest in Indian equity markets through IFSCA-regulated index derivatives.<\/span><\/li>\n<\/ul>\n<p><b>How does it compare to NRO, NRE, and FCNR accounts?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The natural next question you\u2019re probably thinking of is how these accounts are different from the existing options available for NRIs, like NRO\/NRE savings accounts and FCNR deposit accounts.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>USD vs INR:<\/b><span style=\"font-weight: 400;\"> Since NRE and NRO accounts are held in Indian rupees, you would need to monitor\u00a0<\/span><span style=\"font-weight: 400;\"><strong>INR-USD currency conversion rates\/fees\u00a0<\/strong>and the <\/span><b>INR depreciation risk<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher interest rates:<\/b><span style=\"font-weight: 400;\"> GIFT City USD savings accounts match or exceed (as high as 5%) NRO\/NRE savings accounts (2.5-3%), and are only slightly below FCNR accounts (which are term deposits).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Free repatriation:<\/b><span style=\"font-weight: 400;\"> Similar to NRE and FCNR accounts, no restrictions apply or permissions are needed to move money out of GIFT City. NRO accounts are subject to foreign exchange <\/span><b>FEMA <\/b><span style=\"font-weight: 400;\">regulations, allowing a maximum of USD 1mn to be transferred out of India in a financial year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Tax-free interest:<\/b><span style=\"font-weight: 400;\"> Any tax on GIFT City savings accounts interest would apply only in your country of residence. Interest earned on NRO accounts is fully taxable in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Savings account vs term deposit:<\/b><span style=\"font-weight: 400;\"> You can freely add\/withdraw to\/from your GIFT City account as it is a savings account, and earns interest on the daily balance. This is not possible with FCNR accounts, which are deposit accounts like FDs and have a minimum tenure of 1 year as set by RBI. Money withdrawn before 1 year earns no interest.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">These key differences are summarised below:<\/span><\/p>\n<table border=\"yes\">\n<tbody>\n<tr>\n<td><\/td>\n<td><b>GIFT City Savings<\/b><\/td>\n<td><b>NRO<\/b><\/td>\n<td><b>NRE<\/b><\/td>\n<td><b>FCNR<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Currency?<\/b><\/td>\n<td>USD (+ others)<\/td>\n<td>INR<\/td>\n<td>INR<\/td>\n<td>USD (+ others)<\/td>\n<\/tr>\n<tr>\n<td><b>A\/c Type?<\/b><\/td>\n<td>Savings<\/td>\n<td>Savings<\/td>\n<td>Savings<\/td>\n<td>Deposit<\/td>\n<\/tr>\n<tr>\n<td><b>Interest rate?<\/b><\/td>\n<td>2.5-5%<\/td>\n<td>2.5-3%<\/td>\n<td>2.5-3%<\/td>\n<td>3-6%<\/td>\n<\/tr>\n<tr>\n<td><b>Tax on interest?<\/b><\/td>\n<td>Tax-free in GIFT City and India<\/td>\n<td>Fully-taxable in India<\/td>\n<td>Tax-free in India<\/td>\n<td>Tax-free in India<\/td>\n<\/tr>\n<tr>\n<td><b>Repatriation?<\/b><\/td>\n<td>Freely repatriable outside GIFT City and India<\/td>\n<td>Subject to FEMA limit ($1mn per FY)<\/td>\n<td>Freely repatriable outside India<\/td>\n<td>Freely repatriable outside India<\/td>\n<\/tr>\n<tr>\n<td><b>Tenure?<\/b><\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>NA<\/td>\n<td>Min 1 year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>How can I open one? What are the KYC requirements?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">GIFT City USD savings accounts can be availed\u00a0<\/span><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">of by\u00a0<strong>NRIs, PIOs,<\/strong><\/span><b>\u00a0and OCIs.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The account opening process is fairly straightforward, and similar to how one would open a regular savings account in India. You would submit a signed and completed account opening form along with standard KYC documents like your current photographs, Indian PAN card, Aadhaar card, Passport, and Overseas Address Proof.<\/span><\/p>\n<p>Once submitted, processing initiates, and your account will be mostly activated within 3-5 business days if everything is in order.<\/p>\n<p><b>Is there a catch? What are some of the limitations?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yes, there are some key limitations at present which we hope will be addressed by regulators and the financial service providers in the coming months.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Account opening is not yet online<\/b><span style=\"font-weight: 400;\">, and mailing physical documents takes time. If any documentation needs to be resubmitted, that could add another 2-3 weeks to the account opening process.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No debit card or UPI is available in GIFT City<\/b><span style=\"font-weight: 400;\">, limiting direct payments or investments in India and elsewhere. Money transfers can be done only through the SWIFT system, even within GIFT City.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher minimum investment amount: <\/b><span style=\"font-weight: 400;\">with many financial products having high minimum amounts (over US$150,000) &#8211; This is presently one of the regulatory hurdles to attracting a broader NRI audience who may not be able to fulfil such high minimum investment requirements.<\/span><\/li>\n<\/ul>\n<p><b>So what\u2019s the final verdict?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">GIFT City USD savings accounts offer an exciting opportunity for NRIs, PIOs, and OCIs to maintain their foreign savings with attractive interest rates and tax benefits. As GIFT City continues its rapid development, we expect more financial products and services to become available and accessible, potentially making these accounts even more attractive in the future. We are excited for what\u2019s on the horizon, and I hope now you are too!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em>The views and opinions expressed in this blog are those of the author. All content provided is for informational purposes only and should not be taken as professional advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GIFT City has been a hot topic in India&#8217;s finance scene for nearly a decade. Short for Gujarat International Finance Tec-City, GIFT City is India&#8217;s first smart city and International Financial Services Centre (IFSC), located between Ahmedabad and Gandhinagar in Gujarat. It was set up in 2015 with big ambitions: to become a global [&hellip;]<\/p>\n","protected":false},"author":242540,"featured_media":387170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1120,477],"tags":[665,741,352,1121],"class_list":["post-396340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nris","category-varsity","tag-gift-city","tag-investments","tag-nri","tag-savings-account"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.5 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NRIs: Does having a savings account in GIFT City help? &#8211; Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"The GIFT City has been a hot topic in India&#039;s finance scene for nearly a decade. 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