ICICI launches dollar denominated debit cards for non-residents through GIFT City account

Mumbai: ICICI Bank has launched a USD-denominated debit card in partnership with Visa, marking a shift in how Non-Resident Indians manage offshore wealth by eliminating currency conversion layers for dollar spending.
The product allows NRIs to spend directly in USD without incurring the typical 3.5% currency markup fee and GST that applies when using Indian NRE or NRO debit cards on international transactions. Traditionally, an NRI spending in the US or on global USD platforms using an Indian card would pay around $1,035 for a $1,000 transaction after markup and taxes, whereas the new card enables a $1,000 spend at the same value. This translates into a 3% to 4% annual saving for users with frequent dollar-denominated expenses.
The card is linked to a USD Global Savings Account held at the GIFT City International Banking Unit, rather than a domestic account. According to the structure, this enables users to retain earnings in USD and avoid exposure to INR volatility. It also adds liquidity to offshore balances, allowing direct spending without the need to transfer funds across jurisdictions.
The offering operates on the Visa Infinite platform, which is the highest tier in Visa’s card network. This includes features such as travel-related benefits, concierge services, and security controls including EMV chip protection and the ability to manage limits through digital banking channels.
In comparison with a standard NRE debit card, the new card uses USD as the base currency instead of INR and offers 0% forex markup on USD transactions, while traditional cards typically charge between 2% and 3.5%. Currency risk remains higher in INR-based cards due to depreciation, whereas holding funds in USD lowers that exposure. The product is positioned for global spending, particularly in the US, while standard NRE cards are typically used for domestic expenses.
The card is targeted at US-based NRIs, global professionals across regions such as the Middle East, Europe, and Southeast Asia, and parents funding overseas education expenses in USD. It is designed to reduce conversion losses in recurring payments such as tuition and living costs.
There are, however, cost considerations at the funding stage. Users must first load the USD Global Savings Account, and those converting INR into USD may incur a conversion spread at that point. The zero markup benefit applies only to USD transactions, and spending in other currencies such as GBP or EUR may still attract conversion charges into USD. Tax implications may also arise, and users may need to account for FATCA or CRS reporting requirements depending on their country of residence.
The launch reflects a broader attempt to position GIFT City as a global financial hub by integrating offshore banking with everyday payment capabilities for NRIs.
Speaking on the launch, Vipul Agarwal, head – cards and payment solutions at ICICI Bank said: “ As global mobility increases, NRIs often face currency conversion costs and fragmented international banking experiences. This USD-denominated debit card represents an important step in providing customers with seamless access to their USD savings.”
Rishi Chhabra, country manager for India at Visa, said: “As cross-border financial needs continue to grow, this solution enables Non-Resident Indians to access and spend their US Dollar savings globally with greater convenience, transparency, and control. By leveraging ICICI Bank’s wide reach and Visa’s global network, we are supporting India’s vision of building world-class financial infrastructure and expanding globally connected payment experiences from GIFT City.”

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