Resident Foreign Currency (RFC) Account
Enjoy high returns on foreign currency deposits
Overview
When you Return, Return with Peace of Mind
- You may open an RFC Term Deposit in any permitted currency i.e. a foreign currency which is freely convertible
- Period: 1 year to 3 years
- Minimum Deposit Amount: USD 1,000 or an equivalent amount
- 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. The funds 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
Eligibility:
- 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
- For current interest rates on RFC Deposits, click here
- For our list of foreign exchange branches (‘B’ category), click here
- For our list of Overseas (NOSTRO) Accounts, click here
- For Frequently Asked Questions (FAQs), click here
- To download Account Opening Form, click here
- To access Document Checklist, document checklist
- For USA Patriot Act Certificate, click here
For more information about Forex Other Services, kindly call us on 41834500 /528 /529 /530 /542 /560
