Resident Foreign Currency (RFC)

When you Return, Return with Peace of Mind

International Banking > NRI Banking > NRI Banking Fixed Deposits > Resident Foreign Currency (RFC) Account (for Returning NRI’s)

Salient Features:

  • You may open an RFC Term Deposit in any permitted currency i.e. a foreign currency which is freely convertible.
  • Period: One year to Three years.
  • Minimum Deposit Amount: USD 1,000 or equivalent
  • Jointly with other Non-resident or jointly with resident close relative in India provided first name account holder is an NRI on former or survivor basis.
  • The funds in RFC accounts can be remitted abroad for any bonafide purpose. They can also be converted into INR for local payments.
  • In case, the account holder goes abroad to become an NRI, the RFC account can be converted into an NRE / FCNR account.

You are eligible to open an RFC account if

  • You are an NRI who has returned to India on or after April 18, 1992
  • You were resident outside India for a continuous period of not less than one year prior to your return
  • You have been permanently settled in India since your return

How do I open an RFC account?

  • By foreign inward remittances, transfer of FCNR(B) deposits, NRE deposits
  • By inward remittances in foreign currency of pensions, superannuation benefits etc. received from employers abroad
  • Foreign Currency assets held outside India and brought to India at the time of returning for permanent stay
  • Foreign Exchange received or acquired when abroad as gift or inheritance from a person resident outside India
  • By surrender of foreign Currency (FC)/ Foreign Currency travellers Cheques (FCTC) to the bank by the Account Holder in person subject to CDF rules.
  • Third party FCTC not permissible.
  • For current interest rates on RFC Deposits please Click here
  • For our list of foreign exchange branches (‘B’ category) please Click here
  • For our list of Overseas (NOSTRO) Accounts please Click here
  • For FAQ's please Click here
  • To download Account Opening Form please Click here
  • Document Checklist
  • USA Patriot Act Certificate Click here
  • For more details about Forex Other Services contact us at 41834500/528/529/530/542/560