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There is no single fee schedule or tax outcome for a GIFT City foreign-currency account. Costs and rules depend on the bank, account type, transfer route, currency conversion and your tax-residence status. To understand what you will actually pay or owe, check the bank’s current charges and executable exchange rate, then assess the tax treatment of your specific income and circumstances.
What fees can a GIFT City account have?
GIFT City accounts are bank-specific products, not one standardized account with a common tariff. Banks may offer foreign-currency savings, current and term-deposit accounts, but the charges and conditions depend on the particular institution and product.
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For example, Federal Bank’s account-opening form directs customers to its current schedule of charges and says applicable service charges and rules can change. Central Bank of India describes its IBU as a foreign-currency banking arm and lists savings, current and term-deposit accounts; its page says rates are indicative and subject to change. Neither example establishes a universal GIFT City fee.
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Ask for the dated charges that apply to your account
Request the current schedule for the exact account type, along with transaction-level charges. Check:
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- Account maintenance fees and minimum-balance requirements, including any fall-below charge.
- Incoming and outgoing wire or remittance fees, and whether intermediary or correspondent banks may deduct additional amounts.
- Premature term-deposit closure rules and any associated charge or interest adjustment.
- Currency-conversion margin and any separate conversion fee.
- The net amount expected to arrive after every deduction on your intended transfer route.
Compare quotes using the same transfer amount, currencies, route and date. A headline account rate or a bank’s own remittance charge alone does not tell you the complete cost.
Is interest on a GIFT City account tax-free?
Not necessarily. “GIFT City account” is not, by itself, a blanket tax exemption. The Income Tax Department lists exemptions for specified categories, including certain interest on foreign-currency deposits and deposits with offshore banking units. It also sets out taxable-interest categories and notes that a relevant Double Taxation Avoidance Agreement (DTAA) may provide for no tax or a lower rate in some cases.
The applicable result depends on the precise product, how the income is classified, your tax residence for the relevant period and any treaty or reporting rules that apply to you. A provision covering a specified deposit or interest category should not be treated as proof that every account marketed as a GIFT City account is exempt for every holder. Nor does an Indian tax treatment settle possible tax obligations in another country.
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The Income Tax Department page also gives 4% and 5% rates for certain non-resident or foreign-company interest cases tied to qualifying borrowings or bonds. Those figures are limited to the cases described there; they are not general deposit-interest rates for GIFT City accounts.
Does bringing the money back to India trigger tax?
Repatriating or transferring a balance is not enough, on its own, to determine the tax result. Separate the questions: what income was earned, how that income is classified, your tax residence for the relevant period, and whether a transfer involves currency conversion or a realized amount that has a tax consequence under rules applicable to you.
The Income Tax Department’s material on ICDS describes foreign-currency transactions for income computation. It provides for initial recording at the rate prevailing on the transaction date, with an approximation option in qualifying cases, and conversion of foreign-currency monetary items at the closing rate subject to exceptions and applicable provisions. These are business-income computation rules; they do not establish that every personal account movement creates taxable income or an automatic taxable gain.
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For a personal account, ask a qualified tax adviser to assess the specific deposit, interest, residence period and proposed transfer. The general departmental material is not a determination of an individual’s tax liability.
What exchange rate and transfer charges will apply?
A foreign-currency balance and a currency conversion are different things. If you keep funds in USD, for example, the balance remains in USD while it stays in that currency. Converting it to INR or another currency brings the bank’s customer exchange rate and any applicable charges into play. A transfer may also pass through intermediary or correspondent banks that make deductions.
Ask for the executable customer rate—the rate the bank will actually apply to your transaction—not just a market reference rate. Request a quote showing the amount debited, rate used, explicit remittance fee, possible intermediary fees and expected amount credited. Record the currencies, transfer route, quote time and transfer size so you can compare like with like.
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The reviewed bank information does not disclose a current customer FX spread or a complete transfer charge for a particular account. Rates and charges are volatile, so obtain an account- and transaction-specific quote rather than estimating an all-in cost from a published market rate.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What other account conditions should you check?
Deposit protection
Federal Bank’s account-opening form states that its IBU/GIFT City deposits are not covered by deposit insurance. Check the terms for the bank and account you are considering rather than assuming protection that may apply to a different type of deposit.
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Federal Bank’s form asks customers to inform it if their NRI status changes and says the account may be redesignated or closed under the bank’s decision. Confirm how a change in residence affects your own account and what action the bank requires.
IFSCA’s notices index lists a circular dated 23 June 2025 amending directions for IBUs operating foreign-currency accounts of Indian resident individuals under the Liberalised Remittance Scheme (LRS). Verify current eligibility and operating conditions with the bank and regulator; the notice’s date alone does not establish the terms that apply to a particular customer today.
A practical way to compare offers
- Identify the exact product and holder category. Confirm account type, currency, eligibility, minimum balance and any deposit term.
- Get current written terms. Ask for a dated charges schedule, interest terms, wire fees, intermediary-fee treatment and premature-closure rules.
- Price the actual transfer. Use the same amount and route when comparing banks; request the executable FX rate and estimated net credited amount.
- Check tax for your situation. Identify the income type and relevant tax-residence period, then assess any applicable exemption, treaty provision and reporting requirement with a qualified adviser.
- Confirm protections and operating requirements. Ask about deposit insurance, residency-status changes, eligibility and current LRS conditions where relevant.
One bank-specific published figure illustrates why rates should not be mistaken for fees: Central Bank of India’s webpage, accessed in 2026, displayed 2.50% as the present interest rate for its USD Cent Global Savings Account. The bank describes its rates as indicative and subject to change; that figure is not a GIFT City-wide rate, a fee, or a market benchmark.
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