VMPL
Mumbai (Maharashtra) [India], December 17: IDFC FIRST Bank unveils its ‘IDFC FIRST Global Savings Account in USD and Euro’, designed exclusively for Non-Resident Indians (NRIs) through GIFT City, Gujarat. This offering is distinct from a domestic or NRI savings account and is specially designed for customers who wish to operate and maintain Savings Accounts in foreign currencies.
Key Benefits of IDFC FIRST Global Savings Account:
1) 100% Repatriability: Both the principal and the interest earned are freely and fully transferable to
overseas bank account without any limits or restrictions.
2) Hold funds in USD or EUR without conversion risk and with global flexibility.
3) Convenient, paperless, and efficient digital transfers from GIFT City to anywhere in the world.
4) Zero remittance Fee on Transfers
5) TDS exempted interest on FIRST Global Savings Account and Fixed deposits for NRIs.
6) Attractive Interest rate of 4.75% currently, for balances in USD Savings Account.
7) Monthly Interest Credit resulting in monthly compounding interest earning for customers.
8) Single Mobile Banking App Experience to manage both NRI and the GIFT City Global Savings accounts.
9) Integrated Banking Experience and convenience of a single Relationship Manager for NRI and GIFT City banking needs.
10) Option to book USD and Euro Fixed Deposit at Attractive Rates.
Mr. Ashish Singh – Head Retail Liabilities at IDFC FIRST Bank, said: “The FIRST Global Savings Account is set to redefine how NRIs bank with India. Through this proposition, we offer NRIs the facility to keep their savings accounts in USD or Euro, earn higher interest rates, Zero Fee Remittances and also enjoy IDFC FIRST high quality digital experience, with trust and high security. It is our constant endeavour to design our products based on the evolving needs of our customers, and this offering marks a significant step towards simplifying international banking for global Indians.”
With this launch, IDFC FIRST Bank reaffirms its commitment to empowering the global Indian community and provide benefits including cost savings on forex charges, convenient international remittances, and currency flexibility for global funds management.
Customers can visit our website to access the complete information and open the account
About the Bank
1) Vision: To build a world-class Bank in India, founded with principles of Ethical, Digital, and Social Good Banking.
2) Scale: IDFC FIRST Bank is one of India’s fast-growing private banks, building its UI, UX, and tech stack like a fintech. As of September 30, 2025, the Bank serves 35 million customers, with a customer business of Rs. 5,35,673 crore ($60.4b) comprising customer deposits of ₹2,69,094 crores ($30.3b) and loans & advances of ₹2,66,579 crores ($30.0b). Customer deposits grew 23.4% YoY and loans 19.7% YoY. We reach over 60,000 cities, towns, and villages, operate through 1,041 branches.
3) Scope: We are a universal Bank offering complete range of services, including NRI, Retail, MSME, Rural, Startups, Corporate Banking, Cash Management, Credit Cards, Wealth Management, Deposits, Government Banking, Working Capital, Trade Finance, and Treasury solutions.
4) Ethical Banking: We are committed to doing right even when customers are not watching. We have simplified descriptions, calculations, and legal jargon to avoid confusing customers.
5) Digital Banking: The Bank’s modern technology stack delivers high-quality services across all channels like mobile, branch, internet banking, call centers, and relationship managers. Built on cloud-native, API-led, microservices architecture, supported with data, analytics, AI, and fine aesthetics, we strive to deliver fintech-grade experiences on banking platform.
6) Social Good: We work for society. We have financed 40 million loans including 3.6 million women entrepreneurs. We have financed over 7.5 million lifestyle improvement loans (for laptops, washing machines, refrigerators etc. that enhance the quality of life of middle class), 2.5 lakh electric 2W and 3W vehicles, 2.7 lakh water, sanitation, and hygiene loans, 2 million livelihood (cattle) loans, and over 300,000 SMEs. On deposits, we provide access of premium investment research, which is usually reserved for the wealthy, even to those holding balances as low as ₹5,000, even to Rural India. Our ESG scores are high and improving.
7) Customer Friendly Banking: We make banking easy by having a customer first approach. We have waived fees on 36 essential savings account services which are commonly charged in the market, the first and only bank in India to do so. We create “pull” products that customers actively seek out.
8) Governance: We adhere to regulatory guidelines in letter and spirit and actively work with regulators to make things better. We take pride in maintaining highest levels of corporate governance.
9) Shareholders: We are building a diversified universal banking portfolio designed to deliver consistent ROE of 16%+.
10) Employees: IDFC FIRST Bank is designed to be a happy place to work, with cutting-edge roles, meaningful growth opportunities, and a culture of meritocracy. Compensation is healthy, efforts are recognized, and employees experience the pride and excitement of creating a world-class Bank in India.
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