GIFT City offers NRIs and institutional investors access to a wide range of foreign-currency investment products: mutual funds, alternative investment funds, portfolio management services, fixed deposits, and global equities. But the entry minimums vary enormously across product types, from USD 500 to USD 1,000,000.
This post is a straightforward reference: what the minimum is for each GIFT City product type, what changed in recent years, and which product makes sense at different capital levels.
Key Takeaways
• GIFT City mutual funds: minimum from USD 500 (from September 2025, following Tata AMC’s launch). This is the most accessible GIFT City investment option.
• GIFT City AIFs: minimum USD 75,000 following the February 2025 reduction from USD 150,000. For employees or directors of the AIF manager: USD 25,000.
• GIFT City PMS: minimum USD 75,000, aligned with the AIF minimum.
• GIFT City IBU fixed deposits: minimum typically USD 500 to USD 1,000 depending on the bank. Same minimum structure as FCNR deposits.
• GIFT City funds-of-funds and certain structured products: minimums set individually by each fund, typically USD 100,000 or above.
Complete Minimum Investment Table by Product
| Product | Minimum Investment | Who Can Invest | Changed Recently? |
| GIFT City Mutual Funds | From USD 500 (Tata AMC, September 2025) | NRIs, OCIs, PIOs, non-residents. Specific schemes may restrict India residents or US/Canada persons. Confirm eligibility per scheme. | Yes. First GIFT City MF for non-residents launched September 2025. |
| GIFT City AIFs (Alternative Investment Funds) | USD 75,000 per investor | NRIs, OCIs, foreign nationals, institutional investors. India residents under LRS up to USD 250,000/year. | Yes. Reduced from USD 150,000 to USD 75,000 in February 2025. |
| GIFT City AIF (for fund employees/directors) | USD 25,000 per investor | Employees and directors of the AIF or its fund manager only. | Same as above. |
| GIFT City PMS (Portfolio Management Services) | USD 75,000 per investor | Same as AIF eligibility. | Aligned with AIF minimum. |
| GIFT City IBU Fixed Deposits | USD 500 to USD 1,000 (bank-specific) | NRIs, OCIs, foreign nationals. India residents generally cannot open IBU accounts directly. | No significant change. Same minimum structure as standard NRI FDs. |
| GIFT City Global Equities (via UDRs on India INX) | No fixed minimum. Set by broker. | NRIs and foreign investors with a GIFT City broking account. | Not applicable. |
| GIFT City Bonds (listed on India INX or NSE IFSC) | Lot size set per bond issue, typically USD 1,000 to USD 200,000 | NRIs and institutional investors. | Varies per issuance. |
| GIFT City Insurance (IFSC Insurance Offices) | Premium as specified per policy | NRIs and foreign nationals. | No standard minimum. Depends on policy type. |
Which Product at Which Capital Level
USD 500 to USD 10,000
At this level, GIFT City mutual funds and IBU fixed deposits are the practical options. The Tata AMC GIFT City fund launched in September 2025 with a USD 500 minimum, making it the most accessible structured GIFT City investment. An IBU fixed deposit at a bank like SBI, HDFC, ICICI, or Axis can also be opened from USD 500 to USD 1,000 depending on the bank’s minimum.
Both options are in foreign currency, fully repatriable for NRIs, and provide Indian banking or regulatory oversight. For NRIs at this capital level, the IBU FD is particularly suitable because it behaves like an FCNR deposit: foreign currency in, foreign currency out, interest tax-free in India for NRIs.
USD 10,000 to USD 75,000
GIFT City mutual funds are the primary structured option. Additional GIFT City-listed ETFs and bonds may be accessible depending on the specific issue and your broker. This range is below the AIF and PMS minimums, so those products are not available.
For NRIs in this range who want equity exposure, GIFT City intermediaries that offer access to global equities (US stocks via UDRs on India INX or NSE IFSC) can provide a broader investment menu than GIFT City mutual funds alone.
USD 75,000 and above
The full GIFT City product menu opens at this level. AIF (reduced from USD 150,000 to USD 75,000 in February 2025) and PMS become accessible. Category I and II AIFs at GIFT City offer pass-through taxation, meaning income flows directly to investors without fund-level Indian tax.
For NRIs building a significant India-linked foreign currency portfolio, the combination of an IBU FD (for fixed income), a GIFT City mutual fund or AIF (for equity exposure), and potentially GIFT City insurance creates a diversified GIFT City-based allocation.
LRS Implications for Resident Indians
All GIFT City investments by resident Indians count against the Liberalised Remittance Scheme (LRS) limit of USD 250,000 per financial year per individual. The investment minimum is only one consideration; the LRS headroom is the binding constraint at larger amounts.
TCS (Tax Collected at Source) at 20% applies on LRS remittances above Rs. 10 lakh (approximately USD 12,000) in a financial year. The TCS is not a final tax — it is adjustable against your income tax liability when you file your ITR — but it creates a cash flow impact at the time of remittance that resident Indian investors should plan for.
Fortune Wealth is a SEBI-registered investment firm serving NRI investors from Mumbai and Dubai. For NRIs exploring GIFT City products alongside conventional NRI instruments, connect with our team.
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Frequently Asked Questions
What is the minimum investment for GIFT City products in India?
Minimums vary by product. GIFT City mutual funds: from USD 500 (Tata AMC, September 2025). GIFT City AIFs: USD 75,000 (reduced from USD 150,000 in February 2025), or USD 25,000 for employees/directors of the fund manager. GIFT City PMS: USD 75,000. GIFT City IBU fixed deposits: typically USD 500 to USD 1,000 depending on the bank. Global equities via GIFT City exchanges: no fixed minimum, set by the broker. Bond investments depend on the specific issuance.
Was the GIFT City AIF minimum recently reduced?
Yes. In February 2025, IFSCA reduced the minimum investment for AIFs at GIFT City from USD 150,000 to USD 75,000. This brought GIFT City AIF minimums closer to SEBI-regulated AIF minimums on mainland India (Rs. 1 crore, approximately USD 120,000) while keeping GIFT City in a competitive position relative to Singapore and Mauritius-domiciled funds. Employees and directors of the AIF fund manager can invest with a minimum of USD 25,000.
Can I invest in GIFT City mutual funds with USD 500?
As of September 2025, yes. Tata Asset Management launched the first GIFT City-domiciled open-ended mutual fund for non-residents with a minimum investment of USD 500. This is a foreign-currency fund regulated by IFSCA, available to NRIs, OCIs, and other non-resident investors. More AMCs are expected to launch GIFT City mutual funds following Tata’s entry. Confirm current availability and eligibility with the specific AMC, as some schemes may restrict investors from the US or Canada, or may be available only to specific investor categories.
Can resident Indians invest in GIFT City products?
Yes, under the Liberalised Remittance Scheme (LRS), which allows up to USD 250,000 per individual per financial year. All GIFT City investments by residents count against the LRS limit. TCS at 20% applies on the portion above Rs. 10 lakh in a financial year; this is adjustable against income tax at filing. Most current GIFT City mutual fund schemes are designed primarily for non-residents. Specific schemes may not be available to resident Indians at this stage. Verify eligibility with the AMC.
What is the minimum for a GIFT City fixed deposit?
GIFT City International Banking Unit (IBU) fixed deposits are offered by Indian banks with IFSC banking units at GIFT City. The minimum is typically USD 500 to USD 1,000, similar to the minimum for FCNR deposits at mainstream Indian banks. The deposit is in foreign currency (USD, GBP, EUR, or others), interest is tax-free in India for NRIs, and both principal and interest are fully repatriable. Check with your specific bank for their current minimum and available currencies.
How does the GIFT City AIF minimum compare to mainland India AIF minimum?
SEBI-regulated AIFs on mainland India require a minimum of Rs. 1 crore per investor (approximately USD 120,000 at current exchange rates). GIFT City AIFs require USD 75,000 (approximately Rs. 62 lakh at current rates). The GIFT City minimum is currently lower in rupee terms, and investments are in foreign currency with zero capital gains tax for non-residents on specific instruments. For NRIs who want AIF exposure and prefer foreign-currency denomination, GIFT City AIFs are currently the more accessible route.
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