ICICI Bank & Visa Launch India’s First USD Debit Card for NRIs; Enables Direct Dollar Spending with Zero Forex

ICICI Bank has teamed up with Visa to launch India’s first USD-denominated debit card from its IFSC Banking Unit at GIFT City in Gujarat. The product targets Non-Resident Indian customers, giving direct access to US Dollar balances while using a debit card accepted worldwide for everyday payments and cash withdrawals.

ICICI Bank and Visa Launch India's First USD Debit Card for NRIs Through GIFT City

The new debit card is mapped to ICICI Bank’s USD Global Savings Account, which is maintained at the GIFT City International Banking Unit. Using Visa’s Infinite platform, the card supports international ATM, point-of-sale and e-commerce usage, and aims to simplify offshore spending for NRIs who hold US Dollar savings with the bank.

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Benefits and features of the USD-denominated debit card

Among the chief features, all USD transactions at point-of-sale and e-commerce channels abroad attract zero markup. The card works at both domestic and international ATMs, PoS terminals and online platforms. It also supports multi-currency usage, so NRIs can make purchases in different countries while drawing on their USD account.

Feature category	Key details
Global usage	Zero markup on USD PoS and e-commerce; usable at domestic and international ATMs and terminals; supports multi-currency spending.
Security and control	EMV chip technology; enable or disable ATM, PoS, e-commerce and contactless modes via GIFT City NetBanking; daily transaction limits configurable.
Privileges	Access to Visa Infinite benefits, including offers from selected global brands and curated travel and lifestyle advantages.

Security features include EMV chip-enabled technology aligned with regulatory norms, aimed at protecting international card payments. Users can switch ATM, PoS, e-commerce and contactless options on or off through GIFT City NetBanking, and can also define daily transaction caps. Both new and existing holders of ICICI Bank’s USD Global Savings Account qualify for the debit card.

NRIs Get Direct Access to USD Savings for Global Shopping and Withdrawals

The launch strengthens ICICI Bank’s offshore banking suite at GIFT City, which already includes multi-currency Global Savings Accounts, fixed deposits, loan against deposits and investment options for NRIs. By issuing a USD-denominated debit card from the IFSC Banking Unit, the bank expands payment choices within India’s developing international financial services hub.

Speaking on the launch, Mr. Vipul Agarwal, Head – Cards and Payment Solutions at ICICI Bank said, "ICICI Bank has consistently focused on creating innovative banking solutions that caters to the evolving global financial needs of NRIs. 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."

Vipul Agarwal’s remarks highlight two main aims: smoother access to offshore US Dollar balances and more consistent international payment experiences. The card is structured to reduce currency conversion expenses for travelling or relocating NRIs, while also leveraging Visa’s network to support GIFT City’s development as an international banking centre.

Mr. Rishi Chhabra, Country Manager for India at Visa, added: "Visa is proud to partner with ICICI Bank to launch the first USD‑denominated debit card issued from GIFT City's IFSC, built on our premium Visa Infinite platform. 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."

ICICI Bank’s IFSC International Banking Unit at GIFT City serves NRI clients with a range of products, including Global Savings Accounts in several currencies. The unit also offers fixed deposits, loans against those deposits and investment avenues, positioning GIFT City as a venue for offshore banking linked to Indian financial markets.

The USD-denominated debit card from ICICI Bank’s GIFT City unit, issued on Visa’s Infinite platform, adds a specialised tool for NRIs managing US Dollar savings.