Resident Foreign Currency Account – RFC Account
Features & Conditions
- 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.
- Nomination facility - RFC Accounts shall have the nomination facility as in the case of resident rupee accounts.
- Anywhere Banking - Operations are permitted from the Base Branch only for operational convenience
- Rate of interest payable on the funds held in RFC Accounts may be decided by the bank on the basis of market rates
- Minimum 1000 units of respective currency/for JPY 100,000/- and there is no maximum limit
Eligibility Norms
- Persons of Indian nationality or origin, who, having been resident outside India for a continuous period of not less than one year, and having become persons resident in India on or after 18th April 1992 are eligible to open and maintain RFC accounts with authorised dealers in India.
- Persons who returned to India prior to 18th April 1992 after having been resident outside India for a continuous period of not less than one year are also eligible to open RFC accounts, provided they are holding a Returning Indians Foreign Exchange Entitlement (RIFEE) permit.
Permissible Currencies
Pound Sterling (GBP)
US Dollar (USD)
EURO (EUR)
Japanese Yen (YEN)
Canadian Dollar (CAD)
Australian Dollar (AUD)
Swiss Francs (CHF)
New Zealand Dollar (NZD)
Singapore Dollar (SGD)
Hong Kong Dollar (HKD)
Documentation
- Normal procedure applicable for Resident SB account opening.
- Copy of all pages of passport and expired Visa (to prove that customer enjoyed NRI / PIO status in the past).
- For cases where the expired visa is not available, a copy of the NRI bank account statement, or copy of FCNR deposit receipt, or cancelled NRI cheque held by applicant previously, either with us or any other bank needs to be submitted.
- RFC declaration duly filled and signed.