ICICI Bank Launches USD Debit Card for NRIs Through GIFT City Branch

ICICI Bank, in partnership with Visa, launched a US dollar (USD) denominated debit card for Non-Resident Indians (NRIs) through its branch at GIFT City. The card is built on the Visa Infinite platform and is linked to a USD Global Savings Account held at the GIFT City International Banking Unit.

The main benefit is lower cost on international spending. The card removes the currency markup fee and the GST that are usually charged on ordinary Indian debit cards, and it offers zero foreign-exchange (forex) markup on direct USD transactions. This can mean meaningful savings for people who spend often in dollars.

The service is aimed at NRIs, professionals working abroad, and families paying for international education or other overseas expenses.

For exam aspirants: GIFT City (Gujarat International Finance Tec-City) hosts India's International Financial Services Centre (IFSC), which works under the regulator IFSCA. Products launched from an IFSC unit are treated as offshore, which is why the card can avoid domestic charges like GST.