Central Bank of India’s IFSC Banking Unit at GIFT City marks an important step in extending the Bank’s reach into international banking. Operating from India’s only International Financial Services Centre and regulated by the IFSCA, the IBU functions as an offshore banking branch — transacting in foreign currency and connecting our domestic franchise to global markets. The activities set out below represent the core services the IBU is positioned to offer. To know more about GIFT City IFSC and its regulatory framework, visit the Bank's official GIFT City Website.

Pre-shipment Finance provides working capital support to exporters for procurement of raw materials, processing, manufacturing, and packing of goods prior to shipment. Central Bank of India offers this facility in both INR and Foreign Currency, enabling exporters to efficiently execute export orders at competitive financing costs. The service ensures timely production and shipment, helping businesses meet international commitments with ease and improve their global competitiveness.

Post-shipment Finance is a facility extended to exporters after shipment of goods to bridge the gap between shipment and realization of export proceeds. Central Bank of India offers a range of post-shipment finance options such as export bills purchased, negotiated, discounted, and advances against collection of bills. This facility ensures improved liquidity, timely cash flow, and enables exporters to efficiently manage their working capital requirements.

An Import Letter of Credit (LC) is an essential instrument in international trade that facilitates smooth transactions between importers and overseas suppliers while ensuring assured payment. It offers a secure and structured mechanism for importers to source goods and services from global markets with confidence. At Central Bank of India, we understand the importance of Import LCs in enabling international trade and offer comprehensive solutions tailored to meet the varied requirements of importers.

A Bank Guarantee is an independent commitment by a bank, issued on behalf of its customer, assuring payment to a beneficiary upon submission of specified documents. In international trade, foreign bank guarantees play a crucial role in building trust and ensuring secure cross-border transactions. They are widely used across various stages of business dealings between buyers and sellers.

Import Bill Collections play a key role in international trade by enabling smooth and secure payment flows between importers and exporters. This mechanism ensures timely fulfilment of payment obligations by importers. At Central Bank of India, we efficiently handle import bills received on a collection basis, ensuring prompt and seamless processing of transactions.

Inward remittances play a crucial role in enabling international transactions by ensuring the smooth movement of funds across borders. Central Bank of India recognizes their importance in supporting seamless global trade and offers efficient, secure solutions tailored to meet the varied needs of individuals and businesses involved in cross-border transactions.

Central Bank of India offers a convenient facility for collection of foreign cheques issued outside India and drawn on overseas banks in foreign currency. Customers can deposit such cheques into their accounts in India, and the Bank will arrange for their collection. Upon realization, the proceeds are credited to the customer’s account after conversion into Indian Rupees, as per prevailing exchange rates, ensuring a secure and efficient channel for receiving international payments.

The Liberalised Remittance Scheme (LRS) is a facility introduced by the Reserve Bank of India that allows resident individuals in India to remit funds abroad up to a prescribed limit (presently USD 250,000) per financial year for permitted purposes. The scheme simplifies foreign exchange transactions for individuals while ensuring compliance with regulatory guidelines.

Advance Import Bill Payments facility enables importers to make payments to overseas suppliers in advance of shipment, ensuring timely procurement of goods and strengthening supplier relationships. Central Bank of India offers a streamlined and compliant process for such remittances, in line with applicable regulatory guidelines. This service ensures quick processing, transparency, and efficient handling of cross-border payments.

Direct Import Bill Payment facility enables importers to make timely payments to overseas suppliers against import documents upon receipt, ensuring smooth settlement of trade transactions. Central Bank of India offers a secure and efficient process with competitive exchange rates and full regulatory compliance. Customers can also benefit from digital convenience through the Cent e-Trade web portal, including real-time tracking, SMS and email alerts, and access to advices and SWIFT copies, ensuring transparency and improved turnaround time.

Service Payments facility enables customers to remit funds overseas for availing various services in a secure and compliant manner. Central Bank of India facilitates seamless processing of such payments with competitive exchange rates and adherence to regulatory guidelines. Common examples include payments for consultancy services, technical fees, royalty, software services, professional charges, education fees, and travel-related expenses.

A Nostro account is a foreign currency account that one bank maintains with another bank in a different country, denominated in the local currency of that country. Central Bank of India maintains Nostro Accounts in major foreign currencies to facilitate international trade and foreign exchange transactions efficiently.

NRE accounts allow Non-Resident Indians (NRIs) to open bank accounts in India. These accounts are typically funded through foreign inward remittances, including methods such as demand drafts, wire transfers, and mail transfers. NRE accounts also provide a range of standard banking services, such as cheque books, the ability to designate nomination and convenient remittance options.

NRO accounts provide a practical solution for NRIs to manage their Indian Rupee holdings, offering flexibility in terms of funding sources and catering to various scenarios. The account can be opened based on legitimate dues in India owed to the NRI. Existing domestic accounts held by individuals who subsequently become NRIs (due to business, employment, or immigration abroad) can be converted into NRO accounts.

FCNR (B) Deposit Account is an ideal deposit option for managing foreign currency funds. Fixed deposits in designated foreign currencies (US Dollars, Sterling Pounds, EURO, Australian Dollars and Canadian Dollars) are available to NRIs. This deposit plan offers full repatriation of both principal and interest in your chosen foreign currency (USD, GBP, EUR, CAD or AUD) of your preference upon maturity. The plan's appeal lies in its easy liquidity, convertibility, and the tax-free nature of earned interest.

The Cent FCNR (B) Premium Plus Deposit Account is a specialized type of FCNR deposit that offers an additional advantage. It provides the option to book a forward contract, allowing you to convert the maturity proceeds of your FCNR (B) deposit into Indian Rupees (INR) at a predetermined exchange rate. This feature helps mitigate potential exchange rate fluctuations and provides greater certainty about the final value of your investment in INR. This deposit scheme is available in only three foreign currencies i.e. USD, GBP and EUR.

NRE DEPOSIT INTEREST RATES % PER ANNUM W.E.F. 10.08.2026

These rates are also available on our Bank website / Circular site / Instant NRI Portal.

Interest Rate on FCNR (B) / CENT FCNR (B) PREMIUM PLUS & RFC Deposits w.e.f. 01 September 2026

The interest rates for FCNR (B) / CENT FCNR (B) PREMIUM PLUS Deposit and RFC Deposits applicable to fresh deposits / renewals made on or after 01.09.2026 are as under:

July 2026

As per FEMA, a Non-Resident Indian (NRI) is an Indian citizen who resides outside India for employment, business, or any other purpose that suggests an indefinite stay outside India.

A Person of Indian Origin (PIO) is a citizen of any country other than Bangladesh, Pakistan, or such other country as may be specified by the Central Government, who satisfies any of the following conditions:

Understand the comprehensive regulatory differences between NRE, FCNR (B), and NRO accounts based on RBI guidelines.

The Overseas Citizen of India (OCI) scheme allows registration as an OCI for all Persons of Indian Origin (PIOs) who were citizens of India on or after January 26, 1950, or were eligible to become Indian citizens on that date. However, this excludes individuals who are or have been citizens of Pakistan, Bangladesh, or any other country that the Government of India may specify through an official notification.

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can open and maintain their accounts jointly with their resident Indian relatives (as defined under Section 2(77) of the Companies Act, 2013) on a "Former or Survivor" basis. This means the NRI/PIO/OCI account holder is the primary holder ("Former"), and the resident relative is the secondary holder ("Survivor"). Close relatives who are permitted to be joint account holders are listed below:

As per Section 3(1) of the Aadhaar Act, 2016, every resident is entitled to obtain an Aadhaar number by submitting demographic and biometric information through the prescribed enrolment process.

Further, Section 2(v) of the Aadhaar Act, 2016 defines a "Resident" as an individual who has resided in India for a period of 182 days or more during the 12 months immediately preceding the date of application for Aadhaar enrolment.

The Prevention of Money Laundering Act, 2017 and Section 139AA of the Income Tax Act, 1961 stipulate that linking of Bank Accounts and PAN is applicable only to those persons who are eligible to enroll for Aadhaar under the Aadhaar Act, 2016.

FATCA (Foreign Account Tax Compliance Act)

The Foreign Account Tax Compliance Act (FATCA) is a tax information reporting system. It mandates that financial institutions identify and report details of their U.S. account holders. This is accomplished through enhanced due diligence and periodic reporting, either directly to the U.S. Internal Revenue Service (IRS) or, where an Intergovernmental Agreement (IGA) exists, to the appropriate local government authority.

FATCA's primary objective is to prevent U.S. individuals from using offshore accounts at foreign banks and financial institutions to evade U.S. taxes on income generated from those assets. In essence, FATCA requires financial institutions to disclose information about U.S. persons maintaining accounts with them.

Double taxation occurs when the same income is taxed by two different countries: the country where the income originates (the source country) and the country where the taxpayer is considered a resident for tax purposes (the resident country). To help Non-Resident Indians (NRIs) avoid this situation, India has established Double Taxation Avoidance Agreements (DTAAs) with over 94 countries, including Australia, Canada, France, Germany, Hong Kong, Portugal, Singapore, the UAE, the USA, the UK, and many others. These agreements are designed to prevent individuals from being taxed twice on the same income.

NRIs may use the following methods at the time of filing Income Tax Returns (ITR) to avail the benefits of DTAA:

Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) cannot open new Public Provident Fund (PPF) accounts. However, they can continue contributing to existing PPF accounts or close them if the account has been active for at least five years.

Upon maturity, the PPF funds must be transferred to a Non-Resident Ordinary (NRO) account. It is essential to inform the bank or post office managing the account of any change in residential status and to ensure that a minimum annual deposit of ₹500 is maintained to keep the account active.

To reactivate a dormant bank account, you'll need to submit a request to your branch. This can usually be done through your registered email, or you also have the option of visiting your home branch in person. Regardless of the method you choose, your reactivation request must be accompanied by the necessary documentation:

Opening an NRI account is now a straightforward process. You can visit any of our branches in India and submit a duly filled account opening form along with the necessary documents. For added convenience, you can also use the facility of online account opening (https://www.centralbank.net.in/#/onlineAccOpening) and send the attested hard copies of the account opening form and required documents to your preferred branch.

A Letter of Credit (LC) is a bank's written undertaking to pay the seller (beneficiary) on behalf of the buyer (applicant), provided the seller submits the required documents in accordance with the terms and conditions specified in the LC.

It is a widely used payment instrument in domestic and international trade that provides assurance to both buyers and sellers.

Bank Guarantees issued on behalf of customers for performance, bid bonds, advance payment, and financial guarantees in international trade.

Electronic Bank Guarantee (e-BG) is a smarter, faster, and fully digital alternative to traditional paper-based Bank Guarantees. Hosted on the NeSL platform, it digitizes, simplifies, and accelerates the complete Bank Guarantee lifecycle.

Central Bank of India's Cent e-Trade Web Portal is a digital platform that enables customers to seamlessly manage their international trade and forex transactions. Through the portal, users can initiate and track services such as trade & non-trade transactions, export bill lodgement and realization, import LC issuance and amendments, packing credit disbursement, and Bills of Entry (BoE) settlement.

The portal offers 24×7 access, allowing customers to transact anytime, anywhere. It provides real-time updates via SMS and email, along with the facility to download advices and SWIFT copies. The intuitive dashboard allows users to view live currency exchange rates and monitor outstanding shipping bills and BoE, ensuring better control and visibility. With faster processing and improved turnaround time, the portal enhances overall efficiency and customer convenience.

An SRVA account (Special Rupee Vostro Account) is a mechanism that allows foreign banks to hold and transact in Indian Rupees with an Indian bank. It is used to facilitate international trade settlements in INR instead of foreign currency.

A Vostro account is an account that a domestic bank (such as an Indian bank) maintains on behalf of a foreign bank, denominated in the domestic currency (Indian Rupees), allowing the foreign bank to hold funds, settle transactions, and conduct business in the local market without needing a physical presence there.

This page tells you what to submit when you send money abroad, receive money from abroad or use a trade finance facility, how long the Bank will take, what it will cost, and whom to approach if the Bank falls short. It applies at every branch.

Download various account opening forms for NRI accounts.