Gift City

India holds a significant financial position globally. To elevate the country further in the international financial system, the Gujarat International Finance Tec-City (GIFT City) was established. As home to India's first International Financial Services Centre (IFSC), GIFT City serves as a financial and IT hub for numerous domestic and international corporations.

It ranked 1st among the top 15 Global Financial Centres and 1st in reputational advantage in the Global Financial Centres Index 28. The GIFT City is strategically developed on 886 acres along the Sabarmati River. The development allocates 67% for commercial space, 22% for residential areas, and 11% for social facilities.

Importance of GIFT City

  • GIFT City is designed to become a centre of excellence among the world’s financial hubs.
  • It provides a conducive regulatory environment for seamless business operations.
  • G City is an important centre for gold trade in India.
  • India’s International Bullion Exchange (IIBX) was established at GIFT City, promoted by the National Stock Exchange (NSE), India International Exchange (INX), Multi Commodity Exchange (MDX), National Securities Depository Limited (NSDL), and Central Depository Services Limited (CDSL).
  • GIFT City houses the International Financial Services Centres Authority (IFSCA).
  • IFSCA is a unified regulator overseeing financial institutions at GCity and their products and services.
  • IFSCA combines regulatory powers of India's top financial services regulators: Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority (IRDA).

Features and benefits of NRI Banking for GIFT City

Strategic location

  • GIFT City is strategically positioned between Ahmedabad, the business capital, and Gandhinagar, the political capital.
  • It is conveniently close to major transit systems, including Ahmedabad International Airport, bullet train terminus, railway station, and metro.
  • With easy access to banking services, NRIs can manage finances from anywhere in the world, complementing GIFT City's proximity to major transit systems and enhancing mobility for business operations.
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Cost benefits

  • The Government of Gujarat does not levy stamp duty and registration charges for businesses establishing offices in GIFT City.
  • Additional incentives include Employee Provident Fund (EPF) reimbursement, lease rental subsidy, and power subsidy.
  • For businesses receiving international payments or remittances, NRI Banking ensures fast, low-cost transfers, helping businesses take full advantage of financial incentives like EPF reimbursement and lease rental subsidies.

 

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Plug & Play Infrastructure

  • GIFT City offers ready-to-use, energy-efficient utilities, reducing the time-consuming construction process and allowing for quick setup, which helps in cost reduction.
  • With NRI Accounts, businesses can quickly transfer funds across borders, supporting smooth operations in GIFT City without waiting for lengthy banking processes, complementing the city's time-efficient setup.
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Tax benefits

  • Units in IFSC enjoy 100% income tax exemption for 10 consecutive years out of 15.

  • Funds lent to such units are non-taxable.

  • Investors benefit from GST exemption on transactions in IFSC exchanges, and exemptions from Securities Transaction Tax (STT), Commodities Transaction Tax (CTT), and more.

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Talent availability

  • GIFT City is surrounded by top educational institutions like the Indian Institute of Management (IIM) Ahmedabad and the National Institute of Design, ensuring a steady supply of talented workforce. 

  • GIFT City is also home to world-class infrastructure, offering a conducive environment for business and innovation.

  • NRI Banking provides specialised products, such as venture capital funding and Business Loans, that help support the entrepreneurial talent coming out of these educational institutions, fostering a thriving innovation ecosystem in GIFT City.

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Most Important Terms & Conditions

  • *The Most Important Terms and Conditions for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.

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More About NRI Banking for GIFT City

  • GIFT City is designed to become a centre of excellence among the world’s financial hubs. 

  • It provides a conducive regulatory environment for seamless business operations. 

  • G City is an important centre for gold trade in India. 

  • India’s International Bullion Exchange (IIBX) was established at GIFT City, promoted by the National Stock Exchange (NSE), India International Exchange (INX), Multi Commodity Exchange (MDX), National Securities Depository Limited (NSDL), and Central Depository Services Limited (CDSL). 

  • GIFT City houses the International Financial Services Centres Authority (IFSCA). 

  • IFSCA is a unified regulator overseeing financial institutions at GCity and their products and services. 

  • IFSCA combines regulatory powers of India's top financial services regulators: Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority (IRDA). 

NRI Banking for GIFT City by HDFC Bank offers a range of features tailored to meet the international banking needs of non-resident Indians. These include the ability to hold accounts in multiple currencies, competitive interest rates, and tax benefits under the GIFT City regulations. Customers can enjoy seamless international transactions, investment opportunities, and access to global financial markets. Additionally, HDFC Bank provides dedicated relationship managers, 24/7 online banking services, and customised solutions for wealth management and financial planning, making it an ideal choice for NRIs looking to maximise their financial potential.

NRI Banking for GIFT City with HDFC Bank offers numerous benefits for non-resident Indians (NRI). These include access to multi-currency accounts, competitive interest rates, and significant tax benefits under GIFT City regulations. Customers benefit from seamless international transactions, exclusive investment opportunities, and access to global financial markets. The service also provides dedicated relationship managers, 24/7 online banking, and customised wealth management solutions. These features make HDFC Bank NRI Banking in Gift City a comprehensive and advantageous option for managing and growing international financial portfolios. 

To apply for NRI Banking for GIFT City, visit the HDFC Bank website. On the site, navigate to the NRI Banking section and select the GIFT City option. There you will find detailed information about the various services and benefits offered. You can access application forms, eligibility criteria, and a comprehensive guide on how to open an account. Additionally, the website provides contact details for dedicated customer service representatives who can assist you with any questions or support you may need during the application process. Visit the HDFC Bank website to start your application and take advantage of specialised NRI Banking services in GIFT City.

Frequently Asked Questions

To apply for NRI Banking for GIFT City, visit the HDFC Bank website. On the site, navigate to the NRI Banking section and select the GIFT City option. There you will find detailed information about the various services and benefits offered. You can access application forms, eligibility criteria, and a comprehensive guide on how to open an account. Additionally, the website provides contact details for dedicated customer service representatives who can assist you with any questions or support you may need during the application process. Visit the HDFC Bank website to start your application and take advantage of specialised NRI Banking services in GIFT City.

Several prominent banks operate in GIFT City, India, taking advantage of its status as an International Financial Services Centre (IFSC). Notable banks include State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Bank of Baroda, Punjab National Bank (PNB), and IDFC First Bank. These banks provide a range of international banking services, including foreign currency accounts, trade finance, and other global financial operations, contributing to G City’s vision of becoming a global financial hub.

Yes, an NRI can open an account in GIFT City with HDFC Bank. GIFT City offers various financial services tailored for NRIs, including opening bank accounts. These accounts provide access to a range of banking and investment services, benefiting from the regulatory and tax advantages of the International Financial Services Centre (IFSC) at GIFT City. To open an account, NRIs can visit the HDFC Bank website or contact the bank's customer service for more details on the application process and required documentation.

NRI Banking for GIFT City by HDFC Bank offers a range of features tailored to meet the international banking needs of non-resident Indians. These include the ability to hold accounts in multiple currencies, competitive interest rates, and tax benefits under the GIFT City regulations. Customers can enjoy seamless international transactions, investment opportunities, and access to global financial markets. Additionally, HDFC Bank provides dedicated relationship managers, 24/7 online banking services, and customised solutions for wealth management and financial planning, making it an ideal choice for NRIs looking to maximise their financial potential.

NRI Banking for GIFT City with HDFC Bank offers numerous benefits for non-resident Indians (NRI). These include access to multi-currency accounts, competitive interest rates, and significant tax benefits under GIFT City regulations. Customers benefit from seamless international transactions, exclusive investment opportunities, and access to global financial markets. The service also provides dedicated relationship managers, 24/7 online banking, and customised wealth management solutions. These features make HDFC Bank NRI Banking in Gift City a comprehensive and advantageous option for managing and growing international financial portfolios.

Both resident and non-resident individuals, as well as corporates, can open a bank account in GIFT City with HDFC Bank. The accounts are designed to cater to international banking needs, including foreign currency transactions and global business operations. NRIs, foreign portfolio investors, and offshore companies can benefit from the regulatory advantages and tax benefits offered by GIFT City. The process involves standard documentation and adherence to regulatory requirements set by the International Financial Services Centres Authority (IFSCA). This makes it an attractive option for those looking to engage in global financial activities from India.