SBI develops NRI banking at GIFT City International Banking Unit
SBI is developing products for NRI customers through its International Banking Unit at Gujarat's GIFT City.
With a $21 billion balance sheet and deposits pouring in from places like the US the UAE, and the UK SBI is clearly aiming to make global banking more accessible for Indians living abroad.
GIFT City USD term deposits 4.95%
What's cool? SBI's GIFT City branch is offering US dollar term deposit rates up to 4.95%, better than what you'd get at regular branches in India.
For bigger deposits ($1 million and above), the rate goes even higher.
SBI chairman CS Setty says this makes GIFT City a smart alternative, thanks to both attractive rates and tax benefits built into the city's ecosystem.
There was also a special window with even higher rates until August 31, 2026, under RBI guidelines.