ICICI, Visa launch USD debit card for NRIs via GIFT City, killing 3.5% forex markup
ICICI Bank and Visa rolled out a USD-denominated Visa Infinite debit card linked to a GIFT City Global Savings Account for non-resident Indians. The product eliminates the ~3.5% currency markup and GST on overseas spends, translating to 3-4% annual savings versus traditional INR cards. Target segments: US-based NRIs, global professionals, and parents funding overseas education.
ICICI Bank and Visa launched a USD-denominated Visa Infinite debit card for NRIs linked to a GIFT City Global Savings Account, eliminating ~3.5% forex markup and GST, targeting US-based NRIs, global professionals, and parents funding overseas education.
Why this matters
ICICI extends its NRI banking push by leveraging GIFT City's offshore framework, undercutting standard Indian bank forex pricing and positioning against fintech challengers in cross-border retail payments.
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