Resident Foreign Currency Deposits – Domestic (RFCD)

Key Features

Save money while travelling abroad

You can buy Travellers Cheques, foreign currency in cash and foreign currency demand draft for your expenses overseas. If you are a frequent traveller, you may not want to go through the hassle of buying foreign currency every time you travel abroad. In line with the Reserve Bank of India (RBI) guidelines, SVC Bank now offers services that take care of all your forex needs, thus, bringing you convenience through value-added banking services.

Salient Features:

• Resident Foreign Currency Deposits – Domestic (RFCD) are current accounts denominated in USD, GBP, EUR, JPY, AED, CHF and AUD
• They are non-interest bearing

Eligibility:

• You should be a resident individual with a source of income from abroad by way of any of the sources mentioned below

How do I open an RFCD account?
RFCD accounts can be opened out of foreign exchange acquired in the form of foreign currency notes, travelers cheques from any of the following sources:

• Bank notes, currency notes, travellers cheques
• Honorarium, gift, services rendered or settlement of any lawful obligation from any person not resident in India
• Receipt of honorarium or gift while on a visit outside India
• Unspent amount of foreign exchange acquired from an authorized person for travel abroad