There is no single “GIFT City account” with one eligibility test or document list. An individual may be able to open a foreign-currency deposit account with an IFSC Banking Unit, use a separate route to invest in foreign securities, or invest through a fund or IFSC-based FPI. The rules and paperwork depend on the route, your residency and the regulated provider.
First, identify which GIFT City account or investment you mean
“GIFT City account” can refer to different products. An IFSC Banking Unit is a bank branch in the International Financial Services Centre (IFSC); an account there is not the same as investing in a fund or accessing overseas securities.
| Route | What it is | What is established about eligibility |
|---|---|---|
| IFSC Banking Unit account | A foreign-currency current, savings or term-deposit account | IFSCA rules permit individuals to hold these account types in specified foreign currencies, subject to applicable Authority conditions and the bank’s onboarding process. Cash transactions are prohibited in these accounts. |
| Foreign-securities access through a Banking Unit | A route for resident individuals to invest in foreign securities | IFSCA’s legal index identifies a separate 2021 item on this route. The index information available here does not establish its full terms or limits. |
| Fund or IFSC-based FPI | Investment in a fund or participation through an IFSC-based foreign portfolio investor | IFSCA material describes participation routes involving NRIs, OCIs and resident individuals. Specific eligibility and investment terms depend on the current SEBI framework and the fund’s offer documents. |
The foreign-currency account rule is displayed by IFSCA as effective July 6, 2023. It does not guarantee that a particular bank will accept every applicant or publish the same onboarding requirements.
Who can open a GIFT City account or invest?
Individuals seeking a bank deposit account
Individuals may hold specified foreign-currency current, savings or term-deposit accounts with an IFSC Banking Unit, subject to IFSCA conditions and the bank’s own customer acceptance and onboarding process. Confirm that the bank offers the account to customers with your residency and circumstances.
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Resident Indians
Resident individuals should distinguish a bank deposit account from the separate routes for investing in foreign securities or participating in a fund or FPI. IFSCA’s legal index identifies resident-specific material, including a 2025 circular and a September 2025 corrigendum concerning accounts for persons resident in India, and a separate 2021 item on foreign-securities investment through Banking Units. The index entries alone do not establish the operative limits or full eligibility conditions, so do not assume that a resident can use any route on the same terms as an NRI or an account holder.
NRIs and OCIs
NRIs and OCIs may encounter investment routes through funds or IFSC-based FPIs, but fund participation is not the same as opening a personal bank account. Check the current SEBI requirements and the chosen fund’s offer documents for eligibility, limits and onboarding terms. For an NRI seeking bank onboarding by video, the special conditions below apply; video onboarding is not a general guarantee that an account can be opened remotely.
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What documents are required?
Regulatory baseline for Indian nationals
The IFSCA Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer Guidelines, in the February 2026 version, describe the customer-due-diligence baseline for Indian nationals establishing an account-based relationship. It includes prescribed identity and address evidence through Aadhaar or an officially valid document (OVD) or permitted e-document route, and PAN or its equivalent e-document. A regulated entity may also ask for information or documents about your business and financial status.
In the specified Aadhaar-authentication situation, the guidelines allow a self-declaration when the customer’s current address differs from the address linked to Aadhaar. This is a conditional provision, not a general substitute for address evidence in every onboarding process.
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The February 2026 IFSCA guidelines permit video-based customer identification (V-CIP) for an NRI only when the customer is classified as low risk and resides in one of these jurisdictions: the United States, Japan, South Korea, the United Kingdom (excluding British Overseas Territories), Canada, the UAE, Singapore, Australia, or the European Union (excluding Croatia).
The customer must provide valid proof of current address. During V-CIP, the IP address must come from the jurisdiction shown on that proof, and the regulated entity captures local bank-account details for address verification.
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If identity is established but the NRI’s address cannot be verified through reliable or issuing-authority sources, the entity opens the account in debit-freeze or inactive mode and explains how to activate it. The account becomes operational only after the entity receives and verifies the first credit from the bank account supplied as address evidence during V-CIP.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is PAN always required—or waived for non-residents?
Do not assume PAN is automatically waived because you are a non-resident. A 2024 IFSCA working-group report describes a conditional CBDT notification under which a non-resident seeking to invest in a GIFT IFSC fund, with no other Indian-source income outside that fund, was not required under the tax notification to obtain PAN or file Form 60. The report also discussed a then-existing customer-document issue under anti-money-laundering rules and recommended a regulatory change. That historical report does not establish that every bank or investment provider currently dispenses with PAN, or that the exception applies to a bank deposit account.
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How to confirm your own eligibility and checklist
- Name the product: ask whether you are applying for a foreign-currency deposit account, a foreign-securities route, or an investment in a fund or FPI.
- State your status: tell the provider whether you are resident in India, an NRI or an OCI, and give your country of residence.
- Request the provider’s current onboarding checklist: confirm accepted identity and address documents, PAN treatment, any business or financial-status evidence, and whether your jurisdiction is supported.
- For NRI V-CIP, confirm each condition: ask whether the provider can assess your risk classification and verify your current address using the required evidence and local bank-account details.
- For investment products, read the governing terms: check the current SEBI framework and the fund’s offer documents rather than treating bank-account eligibility as investment approval.
- Check commercial terms separately: confirm fees, minimum balance, funding and withdrawal terms with the provider. The cited regulatory materials do not establish universal provider fees, balances or commercial terms.
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