ICICI Bank and Visa launch first USD-denominated debit card for NRI customers of GIFT City IBU

• Zero markup on USD transactions done on PoS and e-commerce with global acceptance
• Access to Visa Infinite privileges with advanced security controls

ICICI Bank, in partnership with Visa, announced the launch of India’s first USD-denominated debit card from its IFSC Banking Unit (IBU) at GIFT City, the emerging global financial and IT services hub in Gujarat. This milestone reinforces the Bank’s commitment to offer innovative global banking solutions for Non-Resident Indian (NRI) customers.

This first-of-its-kind debit card is linked to ICICI Bank’s USD Global Savings Account offered through the Bank’s IBU. Built on Visa’s premium Infinite platform, the card enables seamless global transactions and provides liquidity by allowing NRIs to access their USD savings in the bank account for usage worldwide at ATMs, PoS and e-commerce platforms. The launch marks a significant step in expanding secure, seamless, and premium offshore payment solutions for NRIs.

Speaking on the launch, Mr. Vipul Agarwal, Head – Cards and Payment Solutions at ICICI Bank said: “ICICI Bank has consistently focused on creating innovative banking solutions that caters to the evolving global financial needs of NRIs. As global mobility increases, NRIs often face currency conversion costs and fragmented international banking experiences. This USD‑denominated debit card represents an important step in providing customers with seamless access to their USD savings. Our collaboration with Visa enables us to combine global acceptance with premium security and service standards, while further strengthening GIFT City’s position as a leading international financial hub.”

Mr. Rishi Chhabra, Country Manager for India at Visa, added: “Visa is proud to partner with ICICI Bank to launch the first USD‑denominated debit card issued from GIFT City’s IFSC, built on our premium Visa Infinite platform. As cross‑border financial needs continue to grow, this solution enables Non‑Resident Indians to access and spend their US Dollar savings globally with greater convenience, transparency, and control. By leveraging ICICI Bank’s wide reach and Visa’s global network, we are supporting India’s vision of building world‑class financial infrastructure and expanding globally connected payment experiences from GIFT City.”

Key benefits of the debit card:

• Global usage:
• Zero markup on USD transactions at PoS and e-commerce worldwide. 
• Acceptable across domestic and international ATMs, PoS terminals and e-commerce platforms. 
• Multi-currency usability for seamless purchases across the globe. 
• Security and control:
• EMV chip-enabled technology compliant with regulatory standards. 
• Ability to enable/disable ATM, PoS, e-commerce and contactless usage through GIFT City Net Banking. 
• Option to set daily transaction limits for enhanced flexibility. 
• Exclusive privileges: Access to Visa Infinite privileges including exclusive offers from participating global brands and curated travel and lifestyle benefits

New and existing USD Global Savings Account holders with ICICI Bank are eligible for this debit card.

To know more about the card, please visit https://www.giftcity.icici.bank.in/faqs?ITM=nli_nriBanking_na_footer_2_CMS_customerServices_faqs_NLI

ICICI Bank’s IFSC International Banking Unit (IBU) at GIFT City offers various products for NRI customers including Global Savings Accounts in multiple currencies, fixed deposits, loan against deposits (LAD) and investments.

For more information on ICICI Bank’s offerings at GIFT City, please visit www.giftcity.icici.bank.in or contact your Relationship Manager.

Everything NRIs Need to Know About FCNR Accounts

Parking overseas earnings in India without currency worries is a common challenge for NRIs. FCNR accounts allow holding funds in select foreign currencies while complying with Indian banking rules.

This article explains what an FCNR account is, how an FCNR deposit works, where it differs from NRE options, who can open it, key rules on tenure and interest, and practical checks before applying.

What is an FCNR account, and how does an FCNR deposit work?

An FCNR account is a term deposit for non-residents in which funds are placed in a permitted foreign currency and held for a fixed period. An IDFC FIRST Bank FCNR deposit keeps both principal and interest in the chosen currency, subject to the bank’s policies and regulations. It is not a savings account. Banks publish currency-specific tenures and rates, and interest is paid according to the method they specify.

At a glance

• Currencies: Deposit in permitted currencies such as USD, GBP and EUR as listed by the bank
• Term: Fixed terms within the window allowed by regulation
• Repatriation: Principal and interest are generally repatriable, following due process
• Premature withdrawal: May reduce interest as per policy

FCNR or NRE, and where an NRE fixed deposit fits

Both serve non-resident needs, yet they are structured differently. FCNR deposits hold funds in foreign currency for the full term, which can help reduce rupee conversion exposure during that period. An NRE fixed deposit is rupee-denominated. Funds are converted into INR at the time of deposit, and interest is paid in Indian Rupees. Many NRIs choose FCNR when future expenses are likely in the same foreign currency, and consider NRE when expected spending is in India.

Eligibility and documents

Here are the eligibility criteria and documents required:

• Eligible customers: Non-resident Indians and Persons of Indian Origin, as defined by regulation
• Account type: Single or joint accounts with eligible non-residents
• Nomination: Nomination facility is usually available
• Documents: Passport, valid visa or residence proof, overseas address proof, PAN, and completed KYC forms asked by the bank

Currency, tenure, interest and tax points

Here you will explore the currency, tenure, interest and tax points:

• Currencies: Only those listed by the bank and allowed by regulation
• Tenor: Fixed terms within the permitted range. Check the minimum period for interest payment eligibility
• Interest: Method and payout depend on currency and tenure. Rates can vary over time
• Tax: Subject to prevailing Indian tax rules for non-residents. Consider independent tax advice for your situation

Funding, renewal and closure

Let us explore in detail, funding, renewal, and closure:

• Funding: From overseas through normal banking channels or as permitted
• Renewal: Instructions can be set to renew on maturity at the rate available on the renewal date
• Premature withdrawal: Allowed under stated conditions. Interest may be reduced or not paid if the minimum period is not met
• Closure and repatriation: Follow the bank’s process for documentation and compliance checks

Practical pointers before you apply

Here are the practical pointers before you apply:

• Currency needs: Decide whether your near-term goals need INR or foreign currency
• Bank list: Review the bank’s current list of currencies and available tenures
• Maturity mapping: Map deposit maturity to known milestones like tuition or property payments
• Conversion costs: Understand conversion costs if you plan to change currency at funding or maturity
• KYC hygiene: Keep KYC and contact details updated to avoid delays
• Records: Save acknowledgement copies of remittances and instructions

Conclusion

An FCNR account is a structured way for NRIs to hold fixed deposits in permitted foreign currencies while maintaining a bank account in India. The choice between FCNR and an NRE option depends on currency needs, tenure, and expected expenses. To know more about IDFC FIRST Bank’s FCNR deposits, read the latest terms and procedures on their official website.

Paytm Enables UPI Payments for NRIs Across 12 Countries Using International Mobile Numbers

• NRIs from 12 countries can now send money instantly and pay any UPI merchant through the Paytm app using international numbers linked to NRE or NRO accounts, without the need for a local Indian SIM card. 
• Offers exclusive features such as downloading UPI statements, automatic spend classification and spend analysis, ability to hide payments, checking total balance across bank accounts linked to Paytm UPI, generating AI Rap song on recent spends, available only on the Paytm app. 
• Reinforces Paytm’s commitment to financial inclusion and accessibility, enabling Indians around the world to participate in India’s mobile payment revolution. 

Paytm (One 97 Communications Limited), India’s full stack merchant payments leader serving MSMEs and enterprises, a leading financial services distribution company, and the pioneer of mobile payments, QR codes, and Soundbox, today announced that Non-Resident Indians (NRIs) from 12 countries can now login with their international mobile numbers to the Paytm app for seamless UPI payments through NRE or NRO accounts. 

With this launch, NRIs can use Paytm UPI for everyday payments and money transfers to friends and family in India. They can pay at shops, restaurants, and local businesses across the country by simply scanning a UPI QR code or shop online on Indian apps and websites. This seamless experience is now possible without international payment gateways or currency conversions. NRIs can also transfer funds between their own accounts or send money instantly to any UPI ID or UPI linked mobile number, removing remittance delays and high forex charges. The convenience of Paytm UPI is now available wherever NRIs are, whether living abroad or visiting India, without the need for a local Indian SIM card.

The service, powered by NPCI, is available for Indians residing in 12 countries including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE (United Arab Emirates), UK (United Kingdom), France, and Malaysia. It brings greater convenience to global Indians by allowing them to stay financially connected with India even while living abroad. Currently available in beta, the rollout to all eligible users will happen in the coming days.

NRIs will also benefit from Paytm’s continuous innovations, as it is the only payments app that offers exclusive features such as downloading UPI statements in PDF or Excel, automatic spend classification and spend analysis, ability to hide payments, checking total balance across bank accounts linked with Paytm UPI, generating AI Rap song on recent spends with Paytm Playback among others. Together, these capabilities provide a comprehensive, seamless, and trusted payments experience on Paytm.

Paytm Spokesperson said, “We started Paytm with the dream of building technology made in India, for India, and now for every Indian around the world. Enabling NRIs to use Paytm UPI with their international mobile numbers is another step in that journey. It keeps Indians connected to India’s growing mobile payments ecosystem, no matter where they live.”

Here’s how an NRI can start making UPI payments in India through Paytm

• Download and open the Paytm app. 
• Login with international mobile number. 
• Verify the number via SMS and link the bank account to start making payments instantly

This reinforces Paytm’s commitment to financial inclusion and accessibility, ensuring that Indians around the world continue to be part of India’s mobile payment revolution built on trust and technology.