For an eligible resident individual, the usual route is to ask an Indian authorised dealer bank to remit funds under the Liberalised Remittance Scheme (LRS) to the foreign-currency account specified by the GIFT City investment provider. The sending bank converts INR to USD as part of the remittance. Before sending, confirm that the purpose and investment are permitted, check your available LRS limit, and get a written quote for the actual rate and all charges.
How the INR-to-USD transfer works
This is a bank remittance, not a separate cash-conversion step. You instruct your Indian bank to send funds to the verified beneficiary account in GIFT City, declare the remittance purpose, and provide the information the bank requires. The bank executes the currency conversion and transfer. ICICI Bank describes online banking, app, branch and SWIFT options for its resident-Indian service; channels and requirements can differ by bank. ICICI Bank’s wire-transfer instructions
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The route discussed here is for a resident individual sending money from India. FEMA residence, account type, remittance purpose and the investment product affect what is allowed. Do not assume the process or eligibility is the same for an NRI, company or every IFSC product.
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The banks reviewed describe an LRS ceiling of USD 250,000 per financial year for resident individuals. ICICI specifies the limit per PAN; RBL and Bank of Baroda also publish the USD 250,000 annual figure. These are banks’ descriptions, not independent verification of the law currently in force. Your circumstances, applicable RBI rules and the bank’s requirements control. Confirm your remaining capacity and the current rules with your authorised dealer before you initiate a remittance. ICICI Bank, RBL Bank, Bank of Baroda IFSC FAQ, RBI Master Directions – LRS
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LRS is purpose-bound: the fact that an account is in GIFT City does not make every investment eligible. Tell the bank what financial service or investment you intend to fund and ask it to confirm the current purpose classification and supporting declarations. RBI search-result material refers to remittances to IFSCs for permissible LRS purposes, but the linked RBI page was not accessible when checked, so verify the live directions with the RBI and your bank. RBI notification on remittances to IFSCs under LRS
Steps to convert and send the funds
- Ask the sending bank to confirm eligibility. Explain that the beneficiary is an IFSC account in GIFT City and describe the intended investment or service. Confirm the applicable LRS purpose, your available annual limit and the bank’s current forms and declarations.
- Verify the receiving account with the provider. Confirm the account holder name, account number, bank and IFSC details, currency accepted, and whether the investment provider requires payment into a particular account. Check that the account belongs to the intended recipient before submitting the transfer.
- Request a written, all-in quote for your transfer. Ask for the INR amount to be debited, the exchange rate and any markup, the USD amount expected to arrive, sending-bank charges, intermediary or correspondent-bank deductions, and how applicable taxes will be handled. Ask who pays intermediary charges. The sources reviewed do not establish a live rate, fee schedule or tax outcome for your transfer, so do not treat a displayed market rate as the rate you will receive.
- Submit accurate beneficiary, purpose and source-of-funds information. ICICI’s instructions list beneficiary name, account number, address, remittance purpose and source of funds, and describe an authentication step. These are an example of one provider’s process, not a universal checklist. Use the forms and supporting records required by your own bank. ICICI Bank’s resident-Indian instructions
- Track the remittance and confirm the credit. Keep the bank’s transfer advice and records. Ask the receiving institution to confirm the currency and amount credited, then follow its instructions for investing or otherwise using the funds.
How to compare the conversion cost
Compare written quotes for the same INR amount and transfer date. A lower quoted exchange rate or a low visible transfer fee alone does not establish that the transfer is cheaper: intermediary deductions and the credited amount also matter.
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- Executable INR/USD rate and any bank markup.
- Sending, receiving and correspondent-bank charges, including who bears intermediary fees.
- USD amount expected to reach the beneficiary and currencies the receiving account accepts.
- Purpose classification, documentation and how the bank tracks LRS usage.
- Transfer channel, cut-off time and expected processing time, as confirmed by the banks.
- Receiving-account fees, investment eligibility and conditions for unspent funds.
The reviewed provider pages do not supply comparable live rates, fees or processing times, so they do not support ranking banks on cost or speed.
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Idle-funds rules are account-specific, not a universal feature of GIFT City accounts. ICICI and RBL each describe a 180-day repatriation condition for unspent or unutilised funds in their specified resident-Indian products. Check the terms of the exact account you will use, including what happens if you do not invest the funds within the stated period. ICICI Bank, RBL Bank
For example, RBL advertises its resident-Indian foreign-currency account in USD, GBP, EUR, JPY, AED and AUD. That list is specific to RBL’s product; its page also says fixed deposits are not allowed under the named savings account. Check the receiving account’s current currency and product terms rather than assuming another provider offers the same choices. RBL Bank account details
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