Current Affairs - Banking - Discussion

IDFC FIRST Bank introduced the IDFC FIRST Global Savings Account specifically for Non-Resident Indians (NRIs) at GIFT City. This account is unique as it is separate from regular domestic and traditional NRI savings accounts. It allows account holders to maintain balances in foreign currencies like USD and Euro, eliminating currency conversion risk. Key benefits include full repatriability of funds, zero remittance charges, and interest income that is exempt from TDS. Additionally, the account offers attractive interest of 4.75% on USD balances with monthly compounding and supports seamless digital global transfers, making it highly beneficial for NRIs managing international finances.