RFC A/c
resident foreign currency account
Learn more about the Resident Foreign Currency Account.
This account is available for NRIs who have returned / proposed to return to India on a permanent basis.
Account Highlights:
- Facility available for NRIs who have returned/proposed to return to India on a permanent basis.
- “Returning Indian” - a Non resident of Indian Nationality or origin can open and maintain RFC account.
- The account will be denominated in USD, GBP, EURO.
- The account can be held singly or jointly.
- The account can be maintained in the form of Term Deposit account.
- The entire amount brought in by returning Indians from abroad and or balances in their FCNR / NRE accounts can be converted and credited to such accounts.
- NRIs who propose to return to India can remit the desired amount to the Bank with the request to open the account on their return to India.
- Pension or other monetary benefits received from abroad, arising out of employment taken up abroad prior to his returning to India, can be credited to such accounts.
- The balance in the account can be freely used for local disbursements.
- Repatriation of balance held in RFC account or reconversion to NRE / FCNR account is permissible if the RFC account holder later become non-resident.
- Loan facility is not available.
