Offshore Deposit for GIFT City

An Offshore Deposit is a deposit account you can open in a country other than your own. These deposits are interest-generating and come with a fixed tenure. You can open the deposit in major currencies like USD, GBP, EUR and AUD. After the deposit matures, the bank renews it automatically if you choose to do so.

Onshore Deposits are deposits you can open with a bank in your home country. As a Resident Indian, a Fixed Deposit (FD) that you open with a bank in India is referred to as Onshore Deposit. If you open deposit account with a bank located in a different jurisdiction than that of your country, it is called an Offshore Deposit Account. Therefore, a foreign national opening a bank account in India is said to have an Offshore Account in India.

Let’s say you are a Resident Indian, and you want to invest in the US stock market. In this case, you need to send and receive money to and from USA in your Indian bank account and incur foreign exchange currency charges frequently. Instead, you can open an account with a bank located in the USA. You can transfer money from your Indian bank account to the Offshore Account in the USA. Subsequently, you can use your US bank account funds to finance your international investments.

Yes, they can. As Non-Resident Indian (NRI), you can open an Offshore Deposit Account in India such as the Offshore Deposit for GIFT City. Resident Indians, too, can open Offshore Accounts with banks located in other countries, provided they meet the eligibility criteria for account opening.

Features:

• Attractive interest rates

• Flexible tenors

• Multiple currencies

• Switching of currency

• Fixed rates

• Automatic renewal

• No taxation

Offshore deposit can be opened by:

Individuals:  

• Non Resident Indians 

• Individuals of other countries (Foreign nationals) #

Corporates / Partnership Firms

Joint account holders

Minors #(Client is required to verify the local applicable rules and regulations for investments in offshore products)

i. Individuals (Person resident outside India)

• Account opening form

• Photocopy of passport

• Photocopy of valid visa / work permit / residence card

• Address proof

• Electricity bill

• Telephone bill

• Bank account statement

• Valid Identity card

• Government Issued for Self employed and Salaried

• Issued by company for salaried

• One Photograph

All documents are required to be self attested by you. Any identity card should be valid and in case of bank statements/bills, it should not be more than 3 months old.

ii. Corporates / partnership

• Board resolution authorising the opening of account with HDFC Bank Gift City Branch

• Certificate of Incorporation or registration (or similar document) (certified copy)

• Memorandum and Articles of Association or other constitutive document (certified copy)

• Licence or registration certificate from any other relevant regulatory authority (certified copy) 

• Certificate of Good Standing (or similar document)

• Audited annual accounts for the past two years

• Documents confirming signature authority for account opening and operating signatories (Resolutions by the Shareholders or the Board, Power of Attorney (certified copy)

• Passport copy of each authorised signatory (certified copy)

• National identity of each authorised signatory (certified copy) or in case of bank statements / bills, they should not be more than 3 months old.

• List of principal beneficial owner(s) (persons or entities holding more than 5%, directly or indirectly, or having effective control over the company’s assets) and passport copy for each beneficial owner (certified copy)

• Proof of address of the Company – latest electricity bill (certified copy)

• Photograph of authorized signatories

iii. Existing customers of HDFC Bank India An existing customer of HDFC Bank, India is considered as a new customer for HDFC Bank, GIFT City hence is required to submit all documents as mentioned above

iv. Existing customers of HDFC Bank GIFT City Duly filled Account opening form

Interest Rates are subject to change on periodic basis, please refer interest rate schedule for the latest interest rates. Interest will be paid on maturity only. For deposits of tenure more than 12 months, interest would be compounded annually. For deposits of tenure 12 months or less, interest would be calculated on a simple interest basis.

• Foreign currency cheque /draft from your account held in other banks 

• Telegraphic / SWIFT transfers by debit to your account held in other banks

• In case you are an NRI, then funds transfer from your existing NRE and FCNR account in India

• Transfer to an investment product offered by HDFC Bank GIFT City

• SWIFT transfer to your NRE/FCNR account maintained with HDFC Bank, India

• SWIFT transfer to your account with any other Bank - provided that account was used to fund the offshore deposit

Partial withdrawal of deposits is not allowed. You have to break your deposit in full.

Yes. Switching of currencies is allowed on the deposit. Please refer to the terms and conditions for details on the same.

Premature withdrawl is at the sole discretion of the Bank.Please refer to the terms and conditions of HDFC Bank GIFT City for premature withdrawal charges.

Taxation laws applicable as per Indian law will be applied.