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Comprehensive privileges for Resident Indians Savings

  • Account opening in global currencies

  • Digital banking

  • Attractive interest rates

  • Easy nomination facility

Things you should know

  • Eligibility

    Available only for Resident Indians under LRS

  • Currencies Offered

    Hold and transact in major currencies: USD, EUR, GBP, CAD, AED, AUD, SGD & HKD

  • Mode of Operation

    Accounts can be opened under Single, Either or Survivor, Anyone or Survivor and Jointly

  • Remittance Rules

    Deposits allowed under LRS; other remittances only from LRS funds or income

  • Annual Limit (Residents)

    USD 250,000 under LRS per year

  • Unused Funds

    Foreign exchange not reinvested must be repatriated back to domestic account within 180 days

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FAQs on Global Savings Account

Who can open a Global Savings Account in GIFT City?

Only Resident Indians under LRS can open an account at GIFT City.

In which currencies can I open a Global Savings Account?

The account supports major currencies: USD, GBP, EUR, CAD, AUD, AED, HKD & SGD.

What are the benefits of opening a Global Savings Account?

With a Global Savings Account, you can save and use major foreign currencies like USD, EUR, GBP, CAD, AED, AUD, SGD & HKD. You earn good returns, can nominate beneficiaries for smooth fund transfer and manage your account anytime through Net Banking, making international transactions easy and convenient.

Are there any remittance restrictions?

Remittances other than LRS are allowed only if they originate from LRS funds or income earned on such funds provided a declaration from the RI, with respect to remittances into the Foreign Currency Account (FCA) from locations other than onshore India, that such remittance represents funds duly remitted earlier under LRS or income earned on the investments made from funds duly remitted earlier under LRS.

How to apply?

Fill the account opening form and submit it at the branch or to your RM.

What happens to unused foreign exchange?

Any received /realised /unspent /unused foreign exchange from onshore India or from locations other than onshore India in Foreign Currency Account (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 Authorised Person (AP) to the account of the RI in designated Authorised Dealer (AD) Bank.

How can I manage funds for RI Savings account?

You can manage your funds anytime via secure Net Banking, ensuring seamless access to your savings globally.

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