Gift City Offshore Deposit Eligibility Criteria

All You Need To Know

Eligibility

Offshore Deposits can be opened by individuals, corporates & minors. An offshore deposit can also be opened jointly.

Individuals could be:

Non Resident Indians
Individuals of other countries(Foreign nationals)#

# (Client is required to verify the local applicable rules and regulations for investments in offshore products)

Interest Rates

Interest Rates are subject to change on periodic basis, please refer interest rate schedule for the latest interest rates.

Interest will be paid on maturity. For deposits of tenure more than 12 months, interest would be compounded annually. For deposits of tenure 12 months or less, interest would be calculated on a simple interest basis.

Please click here to know more about the interest rates.

Funding your account

Foreign currency cheque /draft from your account held in other banks .
Telegraphic / SWIFT transfers by debit to your account held in other banks
In case you are a NRI, then funds transfer from your existing NRE and FCNR account in India

Offshore Eligibility FAQs

What is the minimum deposit for an Offshore Deposit Account?

The currency-wise minimum deposit amount for a GIFT City Offshore Deposit account is as follows:

United States Dollar (USD): USD 5,000/-
Great Britain Pound (GBP): GBP 5,000/-
Euro (EUR): EUR 5,000/-
Australian Dollar (AUD): AUD 5,000/-

Who can open an Offshore Deposit Account?

The eligibility for Offshore Deposits for HDFC Bank GIFT City is as follows:

Non-Resident Indians (NRIs)
Foreign nationals, i.e., individuals from other countries
Corporates and partnership firms

Note that such accounts can also be held jointly. Foreign nationals opening an Offshore Account in India must ensure that they abide by their local regulations pertaining to Offshore Banking.

Can Resident Indians have Offshore Accounts?

Yes, they can. Per Reserve Bank of India (RBI) guidelines, a Resident Indian can open a foreign currency bank account outside India for purposes listed under the Liberalised Remittance Scheme (LRS).

Reference:

https://m.rbi.org.in/scripts/FAQView.aspx?Id=69

Offshore Deposit Eligibility Criteria for Gift City

All You Need To Know

Features

Eligibility

Eligibility

# (Client is required to verify the local applicable rules and regulations for investments in offshore products)

Interest Rates

Funding your account

Interest Rates

FAQS