Canara Bank IFSC Banking Unit (CBIBU) commenced its operations in September, 2023 and it is striving to cater to the global banking requirements of the Corporates and business units situated in India and abroad. Abided by the regulator IFSC Authority, CBIBU is committed to meet its international business standards ensuring compliance. A rich heritage of 117 years, Canara Bank looks forward to make a mark at the IFSC GIFT City also. CBIBU is having the advantage of both being situated in India providing benefit of the time zone window for its counterparts located globally with competitive pricing and quick processing time from experienced personnel.


The Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre (IFSC) set up for financial institutions to conduct overseas business that is currently carried out by their offices in other countries. IFSC Unit for a financial institution or a bank is treated as “Non-Resident” under the Indian Exchange Control Regulations and is akin to a foreign territory. The transactions conducted there are permitted only in foreign currency and not in INR. The scope of financial services includes banking, capital markets, insurance, global treasury centres and fintechs, to name a few.

GIFT City was envisioned during the Vibrant Gujarat Global Investor Summit of 2007. It is an integrated development on 886 acres of land which includes residential apartments, offices, schools, hospitals, hotels, clubs, retail and various recreational facilities, which makes this City a truly “Walk to Work” City. This city is located on the bank of river Sabarmati connecting the business capital Ahmedabad and the Political capital Gandhinagar of Gujarat State. The Growth Engine of India. GIFT City is a new Financial and Technology Gateway of India.

GIFT City is envisaged to facilitate the delivery of a wide range of cross-border financial services to clients in other countries. The target business segments include offshore banking, capital markets, offshore asset management, offshore insurance, IT services, IT-enabled services/business process outsourcing services, high-end processing, and other ancillary services.

International exchanges including bullion exchange will help in the price discovery of currencies, equities, commodities, etc. GIFT City will help bring back a significant part of Indian financial services which are operated in other jurisdictions, thus bringing in talent and to some extent reducing brain drain and contributing to India’s journey to becoming USD 5 trillion economy.

Functionality under development, please visit contact us section to serve you for your current need.

Important Notice on FATCA & CRS

On 9 July 2015, India signed the Inter-Governmental Agreement with U.S. on the Foreign Account Tax Compliance Act (FATCA). Prior to that, on 3 June 2015, India signed the OECD’s multilateral tax treaty - Model Competent Authority Agreement (MCAA), commonly known as Common Reporting Standard (CRS), for tax information sharing with the signatory countries.

FATCA and CRS read with section 285BA of the Income-tax Act, 1961 form part of India’s local tax regime that provides for automatic exchange of financial account information. This regime obliges financial institutions (FIs) such as Canara Bank to perform due diligence procedures and identify individuals that are reportable persons and certain entities in which any individual(s) that is/ are reportable person(s) hold controlling interest. Further there is an obligation to identify non-participating FIs. The relevant information would be reported the local tax authorities that, in turn, are required to share such information with appropriate foreign authorities. Towards compliance with FATCA and CRS, we would be required to seek additional personal, tax and beneficial owner information and certain certifications and documentation from our account holders and counterparties. Such information may be sought either at the time of account opening or any time subsequently.

The onus to provide accurate, adequate and timely inputs in this regard would be that of the accountholder or counterparty. In this regard, any change in the status or information or certification previously provided should also be intimated to Canara Bank within 30 days. In the appropriate cases and also especially in case of any omission, delay or failure in providing such information, we would/ may be constrained to report relevant information pertaining to the account to the Indian tax authorities. Further, in certain cases where the customer fails to provide the required information or certification within specified timelines, we may be constrained to freeze or close accounts eventually.

For the purposes of such regulations, we may also be required to provide information to any institutions such as withholding agents for the purpose of ensuring appropriate withholding from the account or any proceeds in relation thereto. As may be required by domestic or overseas regulators/ tax authorities, we may also be constrained to withhold and pay out any sums from your account or close or suspend your account(s).

We will be unable to provide advice you about any tax status or FATCA classification relevant to your account. It is your responsibility to ensure that you record your correct tax status/ FATCA classification. You may seek advice from your tax advisor in this regard.

Please note that you may receive more than one request for information if you have multiple relationships with different members of the Canara Bank Group. Therefore, it is important that you respond to our request, even if you believe you have already supplied any previously requested information.

Address: 8th floor, Brigade International Financial Center, Building No.-14A, Block 14, Zone 1, Gift City SEZ, Gandhinagar, Gujarat, India – 382355.
Contact: +91-6366788004/ Landline shall be updated once available
Email: cbibu[at]canarabank[dot]com

Mr. Yogesh V Pujari
Contact: +91-9945209123/ 079-69082316

Our Head Office:
Canara Bank
International Operations Wing
2nd Cross, Gandhinagar, Bengaluru – 560009

Chief Executive Officer:
Mr. Adish Yadav
Contact: +91-9819838197/ 079-69082305
Email: ceoibu[at]canarabank[dot]com

Credit Department:
Mr. Subramanian V
Contact: +91-8277020051/ 079-69082313
Email: creditibu[at]canarabank[dot]com

Operations Deparment:
Mr. Arbind Kumar Jha
Contact: +91-6366788004/ 079-69082315
Email: cbibu[at]canarabank[dot]com

Treasury Department:
Mr. M Nanjunda Setty
Contact: +91-9019854910 / 079-69082308
Email: treasuryibu[at]canarabank[dot]com

Compliance Officer:
Mr. Santosh Patra
Contact: +91-8939271043 / 079-69082314
Email: complianceibu[at]canarabank[dot]com

Canara IFSC BANKING UNIT, Gift City Deposit Rates

07 Days to 1M 4.6 4.9
1M-3M 5.1 5.35
3M-6M 5.3 5.6
6M-9M 5.4 5.7
9M-12M 5.65 5.80
1Y-2Y 5.65 5.80
2Y-3Y 5.40 5.50
3Y-5Y 4.80 5.00
For Savings Accounts 2.5 % p.a.

Functionality under development.

Credit related service charges
Non - credit related service charges
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Last updated on 24-06-2024 05:39 AM

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