ICICI Bank, in partnership with Visa, has launched India’s first USD-denominated debit card for Non-Resident Indian (NRI) customers through its IFSC Banking Unit (IBU) at GIFT City, Gujarat. The launch marks a significant step in expanding premium offshore banking and payment solutions for globally mobile customers.
Linked to ICICI Bank’s USD Global Savings Account, the debit card is built on Visa’s premium Infinite platform and enables NRIs to seamlessly access and utilise their USD savings worldwide. Customers can use the card across ATMs, Point-of-Sale (PoS) terminals and e-commerce platforms globally, while avoiding forex markup charges on USD transactions made through PoS and online merchants.
The card has been designed to simplify international banking and payments for NRIs amid rising global mobility and cross-border financial requirements. In addition to global acceptance, the solution offers multi-currency usability, allowing customers to make purchases across geographies with enhanced convenience and flexibility.
Commenting on the launch, Vipul Agarwal Head – Cards and Payment Solutions at ICICI Bank said, “ICICI Bank has consistently focused on creating innovative banking solutions that cater to the evolving global financial needs of NRIs. This USD-denominated debit card enables customers to seamlessly access and use their USD savings globally, while reducing currency conversion costs and improving their overall banking experience.”
He further added, “Our partnership with Visa combines global acceptance with premium security and service standards, while reinforcing GIFT City’s position as an emerging international financial hub.”
The debit card comes equipped with EMV chip-enabled security technology and offers customers enhanced control through GIFT City NetBanking. Users can enable or disable ATM, PoS, e-commerce and contactless transactions, along with setting daily transaction limits for improved security and flexibility.
Rishi Chhabra Country Manager for India at Visa said, “Visa is proud to partner with ICICI Bank to introduce the first USD-denominated debit card issued from GIFT City’s IFSC. This solution provides NRIs greater convenience, transparency and control while accessing their US Dollar savings globally.”
Cardholders will also gain access to Visa Infinite privileges, including curated travel, lifestyle and exclusive global merchant offers.
