ICICI Bank, in collaboration with global payments technology company Visa, has introduced India’s first US Dollar-denominated debit card for Non-Resident Indian (NRI) clients. Released through the bank’s International Financial Services Centre (IFSC) Banking Unit (IBU) at GIFT City in Gandhinagar, Gujarat, the card is linked to a multi-currency account. This development enables NRIs to conduct transactions directly in US Dollars globally, eliminating standard foreign currency markups and conversion costs.
India’s First USD-Denominated Debit Card
The introduction of the US Dollar-denominated debit card marks a major shift in cross-border retail banking in India. Prior to this launch, Non-Resident Indians could only hold foreign currency in static term deposits, such as Foreign Currency Non-Resident (FCNR) accounts, or use Rupee-denominated cards that incurred conversion fees. This new debit card is linked directly to the bank’s USD Global Savings Account, which is maintained at its International Financial Services Centre (IFSC) Banking Unit (IBU) inside GIFT City.
By linking the card to a foreign currency account, the bank allows customers to spend directly from their US Dollar balances. The card is issued on the premium Visa Infinite platform, which represents the highest tier of benefits in the global payment network. This platform provides cardholders with curated travel privileges, airport lounge access, and customized lifestyle rewards. ICICI Bank, established in 1994 and headquartered in Mumbai, is led by Managing Director and Chief Executive Officer Sandeep Bakhshi.
Key Features of the Visa Infinite Debit Card
The new card is designed to cater to the digital-first lifestyle of Non-Resident Indians, offering both cost savings and advanced control features.
Zero Forex Markup and Multi-Currency Usage
The primary benefit of the USD-denominated debit card is the elimination of the foreign currency exchange transaction markup fee. Traditional cards issued in India, including those linked to Non-Resident External (NRE) accounts, are denominated in Indian Rupees (INR). When these cards are used abroad, banks typically charge a 3.5% forex markup fee plus Goods and Services Tax (GST) to convert the foreign transaction into Rupees. By linking this card directly to a USD account, clients enjoy a zero forex markup on all transactions conducted in US Dollars. The card is accepted globally at all Automated Teller Machine (ATM) networks, Point of Sale (PoS) terminals, and online e-commerce platforms.
Digital Management and Limits
Cardholders can manage their card operations in real time through GIFT City NetBanking. This platform allows clients to customise their security preferences by enabling or disabling specific transaction channels, such as online e-commerce, contactless payments via Near Field Communication (NFC) technology, and physical merchant terminals. Additionally, customers can set daily transaction limits for both ATM withdrawals and commercial purchases, ensuring high security and preventing unauthorized usage.
Regulatory Framework of GIFT City and the IFSCA
The launch of the USD-denominated debit card is made possible by the unique regulatory ecosystem of GIFT City, which stands for Gujarat International Finance Tec-City. Developed as India’s first operational International Financial Services Centre (IFSC), GIFT City serves as an offshore financial gateway within the country’s geographical borders. It allows financial institutions to offer global banking, investment, and insurance services in foreign currencies under a specialized regulatory regime that differs from the rest of domestic India.
All operations within this offshore zone are governed by the International Financial Services Centres Authority (IFSCA), which was established on April 27, 2020, under the IFSCA Act, 2019. Headquartered in Gandhinagar, the IFSCA acts as a unified regulator, consolidating powers that were previously divided among domestic watchdogs such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and other sectoral regulators. Under the IFSCA (Banking) Regulations, 2020, parent banks can establish an IFSC Banking Unit (IBU) as an offshore branch, provided they maintain a minimum capital of USD 20 million at all times.
Benefits for Non-Resident Indians
The new financial product bridges a key service gap for Indian citizens living abroad who require transactional access to foreign currency balances. Non-Resident Indians have historically relied on standard banking channels, which offer different combinations of tax treatment, currency protection, and account flexibility.
The following table compares the newly launched GIFT City USD account with traditional NRI banking options:
| Account Type | Currency | Account Structure | Repatriability | Taxation in India | Debit Card Linking |
|---|---|---|---|---|---|
| NRE (Non-Resident External) | Indian Rupee (INR) | Savings, Current, and Fixed Deposits | Fully repatriable | Tax-free | Yes, but incurs conversion fees for foreign spending |
| NRO (Non-Resident Ordinary) | Indian Rupee (INR) | Savings, Current, and Fixed Deposits | Limited to USD 1 million per year | Taxable (30% plus surcharge) | Yes, but incurs conversion fees for foreign spending |
| FCNR (Foreign Currency Non-Resident) | Specified Foreign Currency | Fixed Deposits only | Fully repatriable | Tax-free | No debit card facility available |
| GIFT City USD Global Savings Account | US Dollar (USD) | Savings Account | Fully repatriable | Tax-free | Yes, with zero forex markup for USD transactions |
By providing a foreign-currency savings account with direct debit card access, the GIFT City IBU structure offers distinct advantages. While FCNR accounts protect against Rupee depreciation, they lock capital in long-term fixed deposits. In contrast, the USD Global Savings Account maintains liquidity and enables cardholders to pay for international expenses, such as education fees, global travel, and e-commerce purchases, directly in dollars.
Key Takeaways
- In May 2026, ICICI Bank, in partnership with Visa, launched India’s first US Dollar-denominated debit card for Non-Resident Indian (NRI) customers.
- The card is issued through the bank’s IFSC Banking Unit (IBU) located at GIFT City in Gandhinagar, Gujarat.
- The card operates on the premium Visa Infinite platform and provides zero forex markup on all transactions conducted directly in US Dollars.
- The International Financial Services Centres Authority (IFSCA) was established as a unified regulator on April 27, 2020, under the IFSCA Act, 2019, and is headquartered in GIFT City.
- Under the IFSCA (Banking) Regulations, 2020, parent banks are required to maintain a minimum capital of USD 20 million to operate an offshore banking branch inside the IFSC.
