ICICI Bank IBU GIFT City branch FAQs

Gujarat International Finance Tec-City (“GIFT City”) is India’s first smart city and International Financial Services Centre (IFSC), located in Gandhinagar in Gujarat. It is designed to position India as a global hub for finance and technology services and to bring back financial activities that were previously conducted in international financial centres such as Singapore and Dubai. 

GIFT City hosts a wide range of financial institutions, including banks, insurance companies, fintech firms, capital markets, global treasury centres, and fund managers. Businesses operating here enjoy benefits such as: 

• Simplified regulatory compliance under a unified framework 
   
• Opportunities for international financial transactions in foreign currencies 
   
• Streamlined approvals and faster operations 
   
• Access to world-class infrastructure

An International Financial Services Centre (IFSC) is a special financial zone where financial institutions can offer international services in foreign currencies. Activities include: 

• International banking and fund management 
   
• Trading and capital market operations 
   
• Aircraft and ship leasing 
   
• Financial technology services 
   

The primary objective of an IFSC is to facilitate international financial business within India, reducing the need for companies to operate abroad. 

Key participants include:

• Banks (Indian and foreign)
• Insurance companies
• Capital markets: stock and commodity exchanges, depositories, brokers, investment advisers, portfolio managers, Alternative Investment Funds (AIFs), mutual funds
• Fund management companies
• Finance companies and bullion trading
• Aircraft and ship leasing firms
• Global in-house centres (GICs)
• FinTech companies
• Foreign universities and ancillary service providers

The International Financial Services Centres Authority (IFSCA) is the regulatory authority for GIFT IFSC. Established by the Government of India, IFSCA oversees all financial services and businesses operating within the IFSC. Its role includes:

Providing a single-window regulatory framework for smooth operations
Ensuring compliance with global standards
Promoting financial growth and attracting foreign investment
Essentially, IFSCA functions as a unified regulator for banks, insurance companies, capital markets, and fund managers operating in GIFT City.

*For more information on regulations and compliance at GIFT IFSC, please visit the official IFSCA website https://www.ifsca.gov.in

Transactions at GIFT IFSC are conducted in multiple foreign currencies. Payments in Indian Rupees (INR) are permitted only for administrative and statutory expenses & all other transactions must be in permitted foreign currencies detailed below.

Yes. GIFT City’s proximity to Ahmedabad, connectivity to airports, rail, metro and modern plug-and-play infrastructure can help both corporate and individual customers conduct operations efficiently.

Using accounts maintained with ICICI-IBU Branch may provide operational efficiency for international transactions, lower processing costs, and access to global financial services under a single regulatory framework.

All individuals including Resident Indians, NRIs, and foreign nationals including minors are eligible to open a Foreign Currency Savings with a bank at IFSC GIFT City. The Savings account will accrue interest, except for accounts denominated in HKD currency. Current Accounts can be opened by NRIs, and foreign nationals including minors.

Yes, both Current and Savings Accounts can be opened in joint names. It can be opened with mode of operation under either or Survivor / jointly / anyone or survivor mode.

Yes, the nomination facility is available on your Savings Account, Fixed Deposit, Current Account.

The specified currencies which are available for opening an account at ICICI -IBU Branch are USD, EUR, GBP, CAD, HKD, SGD, AED and AUD.

• Chequebooks are not provided.
• Debit Card will be available for USD Savings Accounts (launching shortly).

Connect with your ICICI -IBU Relationship Manager for the account opening process. If you do not have an existing relationship, please contact ICICI Bank branches (click here for contact information).

ICICI Bank customers can benefit from tax incentives applicable to IFSC Banking Units, such as exemptions or concessions on certain income and investment activities. While personal accounts may not receive full corporate tax benefits, certain investment schemes or deposits might have preferential treatment under IFSC regulations.

There is no minimum balance requirement to be maintained for Savings or Current account with ICICI -IBU Branch for Resident Indians, NRIs and OCIs.

Yes. The nomination facility is available at ICICI Bank IBU GIFT City.

Yes. Net Banking facility is available along with the account opening. Retail Net Banking has the following features:

• Balance inquiry
• View/Download Statement
• Fixed Deposits in 8 global currencies
• Outward remittance to self-accounts in 8 global currencies

To open an account, please connect with your Relationship Manager or your nearest branch who will help you with the account opening process.

No, there is no demand draft facility offered at ICICI -IBU Branch.

Both foreign nationals and Non-Resident Indians (NRIs) can open offshore accounts and deposits at ICICI -IBU Branch. Resident Indians can also access certain investment avenues within regulatory limits.

You can conveniently transfer funds using the following methods:

• SWIFT Transfer: A secure and efficient international remittance option
• Online Outward Remittance: Transfer funds seamlessly through ICICI Bank Digital channels
• Branch Transfer: Visit any bank’s branch to initiate the transfer.

For NRIs, PAN card proof is mandatory for opening savings/current account at ICICI -IBU Branch.  For OCIs Form 60 can be provided in absence of PAN. 

ID & Address proof of the account holder/s is required for opening an account with ICICI -IBU Branch.  

• Identity Proof (Officially Valid Document) 
• Address Proof (Officially Valid Document) 
• NRI Status Proof - Valid Visa/Work Permit/OCI Card 
• PAN or Form 60

Yes, resident Indians may be able to invest in international equities, fractional shares, and global investment products via ICICI -IBU Branch at GIFT City, subject to applicable remittance regulations (e.g., Liberalised Remittance Scheme).

PAN card proof is mandatory for opening savings account at ICICI -IBU Branch.  

ID & Address proof of the account holder/s is required for opening an account with ICICI Bank IBU GIFT City. List of valid OVDs is provided below:  

1. Passport  

2. Voter’s identity card issued by the Election Commission of India  

3. Driving License  

4. Proof of possession of Aadhaar (as issued by UIDAI)  

5. Job card issued by NREGA duly signed by an officer of the State Government  

6. Letter issued by the National Population Register containing details of name and address

The GIFT City Savings account is required to be funded within a period of 30 days from the date of account opening. The ICICI Bank-IBU GIFT City can restrict or freeze the account post 30 days and can initiate for account Closure if the same remains unfunded for a period exceeding 90 days.

You can conveniently transfer funds under LRS using the following methods:

• SWIFT Transfer: A secure and efficient international remittance option
• Online Outward Remittance: Transfer funds seamlessly through ICICI Bank Digital channels
• Branch Transfer: Visit any bank’s branch to initiate the transfer.

Any received /realised /unspent /unused foreign exchange from onshore India or from locations other than onshore India in FCA, unless reinvested within a period of 180 days from the date of such receipt/ realization/ purchase/ acquisition or date of return to India shall repatriated through an AP to the account of the RI in designated AD Bank.

Following are the purposes for which Resident Individuals can use the accounts under LRS:

• Private visits, business trips, emigration, going abroad for employment
• Gift/ Donation, Maintenance of relatives abroad, pursuing studies abroad for students
• Investments/ Securities and all approved financial products except those issued by entities/ companies, which are resident in India (outside IFSC)
• Medical treatment abroad
• Permissible Current Account or Capital Account transactions
• Any other purpose as defined under the RBI/ FEMA guidelines.

A GIFT City USD Debit Card is a Debit Card that is directly linked to your USD-denominated GIFT City Global Savings Account. It enables you to carry out transactions directly in US Dollars without currency conversion. The Card can be used for e-commerce transactions, cash withdrawals at ATMs and merchant payments through Point of Sale (POS) terminals.

Yes. The following fees are applicable:

• A joining fee of USD 10 will be charged at the time of issuance.
• An annual fee of USD 5 will be charged thereafter.
• A fee of USD 20 will be applicable for replacement/reissuance of the GIFT City USD Debit Card (including cases of loss or damage). This does not apply to routine Card renewal.

All Non-Resident Indian (NRI) customers opening or having a USD-denominated GIFT City Global Savings Account with ICICI Bank, IBU GIFT City are eligible for availing a GIFT City USD Debit Card.

The process is simple:

1) New NRI customers: If a customer opts for the Debit Card while opening their GIFT City Global Savings Account, then the Card will be issued at the time of Account opening.

2) Existing customers can apply by submitting a Debit Card request form by contacting their Relationship Manager / Branch Manager.

Following are the major benefits of the GIFT City USD Debit Card:

a) Globally accepted (in USD)

b) Hassle-free transactions via POS, E-Commerce and Contactless platforms

c) Easy ATM cash withdrawals.

• ICICI Bank IBU GIFT City does not levy any mark-up fee on POS and e-commerce transactions. Additionally, ICICI Bank IBU GIFT City does not charge any fee for ATM withdrawals. However, please note that the acquiring bank (that owns the ATM where cash is withdrawn) may levy a fee, which will be added to the withdrawal amount and charged accordingly.
• Different mark-up charges may be levied, if currency conversion is done by the acquiring bank of the merchant/ATM.

Customers can avail the following services through ICICI Bank IBU GIFT City Net Banking:

• Block and unblock the Card
• Generate PIN
• Modify the transaction limits of GIFT City USD Debit Card.

Yes. Transaction limits of the GIFT City USD Debit Card can be changed through the ICICI Bank IBU GIFT City Net Banking platform.

Yes. Transaction limits of the GIFT City USD Debit Card can be changed through the ICICI Bank IBU GIFT City Net Banking platform.

You may block/unblock the ICICI Bank GIFT City USD Debit Card through ICICI Bank IBU GIFT City Net Banking platform (Dashboard -> Debit Card -> Block/Unblock your Card) or you may call Customer Care.

Yes, you can change your PIN any time you wish to. You can change it through the ICICI Bank IBU GIFT City Net Banking platform.

You will receive your new ICICI Bank GIFT City USD Debit Card automatically by the 25^th of the month in which the old Card is getting expired. You are not required to apply for a new Debit Card. You may write to us at contactgiftcity@icici.bank.in for any concerns.

a) You may apply for a new ICICI Bank GIFT City USD Debit Card. For the same you may get in touch with your Relationship Manager (RM) or you may write to us at contactgiftcity@icici.bank.in

b) Once the request is raised, the Card will be delivered in 7 to 14 working days at your communication address updated in our records. Your existing Card will be blocked on issue of your new Card. Replacement fees of USD 20 will be charged for the new Debit Card.

You may check the transaction Card controls by logging into the ICICI Bank IBU GIFT City Net Banking platform. Alternatively, you may write to us at contactgiftcity@icici.bank.in or contact your Relationship Manager.

ICICI Bank GIFT City USD Debit Card includes EMV chip security, OTP-based authentication and PIN protection. You can also instantly block your Card through the ICICI Bank IBU GIFT City Net Banking platform.

a) You will be asked to enter the PIN in POS terminals outside India that are enabled for PIN authentication (if the Card is inserted into the terminal). You will need to enter your Debit Card PIN to complete the transaction.

b) However, if you choose to initiate a contactless transaction, then the terminal will not ask for your PIN. You can choose to enable the contactless payments facility and set the limit through ICICI Bank IBU GIFT City Net Banking platform. The contactless limits are determined by the individual countries.

Yes, you can transact online with your GIFT City USD Debit Card. Please ensure that online transactions are enabled and limits are set properly. The settings can be modified through the ICICI Bank IBU GIFT City Net Banking platform.

For security reasons, your ICICI Bank GIFT City USD Debit Card will be blocked if there are 3 consecutive wrong PIN attempts made while using the Debit Card. However, the Card will be re-activated automatically after 24 hours, and you can use it thereafter.

If you forget your Debit Card PIN, please re-generate the new PIN through the ICICI Bank IBU GIFT City Net Banking platform (Dashboard -> Debit Card -> Debit Card PIN Generation).

A Fixed Deposit is a type of deposit where the bank pays a fixed interest rate for a fixed term. Interest rates vary depending on tenure, value, and currency. Fixed Deposits provide fixed returns on your savings.

USD, GBP, EUR, CAD, AED, AUD, HKD, and SGD.

For NRI: Minimum tenure for Fixed Deposit is 7 days, maximum tenure is 39 months.

For RI: Minimum tenure for Fixed Deposit is 7 days, maximum tenure is 180 days.

No, deposits at ICICI Bank IBU GIFT City are not covered under the deposit insurance scheme.

Yes, all Fixed Deposits have a nomination facility.

Short-Term Tenure: Fixed Deposit for tenure less than 180 days from the date of receipt of funds into GIFT City account, ensuring liquidity and flexibility.

Stable returns: Earn competitive interest rates* over a fixed period with minimal risk.

Yes, Fixed Deposits are available with both the options i.e. auto renewal and auto closure. In auto closure, the maturity proceeds will automatically get credited in the Savings Account.

The latest Fixed Deposit rates are available on the GIFT City website.  

For Individuals: Click here

For Non-Individuals: Click here

Yes, funds can be transferred in and out of Current and Savings Accounts maintained with ICICI-IBU Branch.

Fund transfers are conducted via SWIFT, a secure messaging network used worldwide by financial institutions.

Yes, accounts maintained with ICICI-IBU Branch can support foreign currency transactions for trade finance, treasury operations, and cross-border investment purposes, within regulatory limits.

Customers can refer to ICICI Bank communications, official IFSCA notifications, or consult their Relationship Manager for updates on account services, investment options, and any regulatory changes at IFSC GIFT City.

The Nostro account details keep changing & the same can be fetched from the below website link for different currencies: Click here.

No, a Non Resident Indian can’t transfer the funds from GIFT City to Resident Account.

You can view or download your Account Statement from the net banking page by following below link.

Link: https://www.giftcity.icicibank.com/ 

To generate the user ID only the account number and the registered mobile number would be required. User ID details will be received on your registered mobile number. Once the user ID is generated you may click on “get password” tab, generate your password and enter the OTP received on your registered mobile number.

ICICI -IBU Branch offers various credit facilities such as External Commercial Borrowings (ECB), Foreign Currency Term Loans (FCTL) and Working Capital facilities which are designed to provide easy access to foreign currency funds for Indian corporates and their overseas entities.

Indian corporates, their wholly owned subsidiaries (WOS), and joint ventures (JV) incorporated overseas are eligible to avail the above listed credit facilities.

Applications can be submitted through ICICI Bank’s Relationship Managers. The process includes evaluation of corporate credentials, compliance with ECB guidelines and foreign currency lending requirements.

Facilities are available in multiple foreign currencies, with dedicated Relationship Managers providing support for both INR and FCY requirements, ensuring flexible, compliant, and timely funding solutions.

Foreign Currency Working Capital is a facility in fund or non-fund-based form for overseas corporates, including wholly owned subsidiaries (WOS) and Joint Ventures (JV) of India incorporated companies.

Eligible entities include corporates incorporated in IFSC GIFT City, overseas entities with India & ICICI Bank linkages and resident Indian entities permitted under FEMA guidelines to open Fixed Deposit in GIFT City.

Deposit accounts: Open Current and Deposit accounts at GIFT City for eligible customers (corporates incorporated in IFSC GIFT City, overseas entities with India & ICICI Bank linkages and resident Indian entities permitted under FEMA guidelines)

Treasury services: Full-fledged treasury services, including FX conversion, NDF, NDOIS, etc. 

Custodial services: ICICI Bank IBU is a registered custodian with IFSCA, providing custodial services to AIF/PMS entities and custody of Foreign Portfolio Investors in India. 

Global investments: Facilitation of outbound investments in multiple international markets, with safekeeping and settlement services via our global tie-ups. 

Depository services: ICICI Bank IBU, as a Depository Participant, can onboard clients for opening Demat Accounts. 

Clearing and settlement bankers: Services for NSE IFSC, India INX, and IIBX exchanges and their respective clearing corporations. 

Professional clearing services: Providing clearing services at NSE IFSC, India INX, and IIBX.

1. Corporate entities physically based in GIFT City IFSC & regulated by IFSCA.

2. Entities incorporated outside India & which are subsidiaries/holding Companies/JVs of India based entities. The India based entities should have ICICI-Bank linkages.

3. Resident Indian entities permitted under FEMA to have foreign currency accounts outside India.

ICICI Bank IBU GIFT City caters to Indian importers and exporters seeking short to medium-term trade financing, supporting both Open Account and LC-backed trade requirements overseas.

The Bank offers competitive pricing through one of India’s largest USD/INR interest rates (NDDS) and options books, along with extensive market-making, trading and hedging solutions.

• Easy access to foreign currency funds for Indian corporates
• Same-time-zone support for efficient communication and transactions
• Dedicated relationship managers for both INR and FCY needs
• Simplified documentation and faster approvals
  
  

*Note: For more details on international investment options and remittance limits, please consult your ICICI Bank Relationship Manager or refer to RBI Liberalised Remittance Scheme Guidelines.

*Disclaimer: The content on this website is intended for informational purposes only and does not constitute legal, financial or professional, investment or taxation advice. Customers are advised to seek  professional for personalised act before acting on any information provided on this website.