Resident Foreign Currency (Domestic) Account – RFC (D) Account
Who can open RFC (D) account
RFC accounts (Resident Foreign Currency) are bank accounts that can be maintained by resident Indians in foreign currency. These accounts are especially useful for Non Resident Indians (NRI) who return to India and would like to bring back foreign currency from their overseas bank accounts.
- All resident Indian individuals can open an RFC Domestic account.
- For new customers, branch need to first open a current or savings account with Bank.
- This is an individual level account and cannot be jointly held with other account holders.
- Currently Partnership, Proprietorship and HUF are not eligible to open such accounts.
- Account in the name of minor can be opened by legal/natural guardian.
Features
- Nomination facility - Available
- Anywhere Banking - Transaction related RFC (D) will be handled only at the base branch (i.e. branch where account was opened).
Terms & Conditions
Conversion of account balance
As per RBI guidelines, the sum total of all the credits received in RFC (Domestic) account during a calendar month, less amount utilised, should be converted into Indian Rupees (crystallise) on or before the last working day of the succeeding calendar month after making adjustments for forward commitments (as in the case of EEFC & DDA accounts).
Permissible Currencies for opening Account
- Pound Sterling (GBP)
- US Dollar (USD)
- EURO (EUR)
Interest
The account shall be maintained in the form of Current Account and shall not bear any interest.