RFC (Resident Foreign Currency) Savings Account for Returning Indians
An account for NRIs who have returned to India permanently and want to retain their foreign currency in the same currency or in permissible. Convertible foreign currency in India.
Features and Benefits
- An account for returning NRIs to retain foreign currency funds in India after becoming resident Indian.
- We offer RFC account in current account & deposit(To check Interest rate Click here) variants.
- RFC account can be opened in the following currency USD, EURO & GBP.
- Balance including interest is entirely repatriable.
- Can transfer the funds back to NRI account on re-gaining NRI status.
- Any foreign funds receivable from abroad can be credited to this account.
- Balance in the account can be used in India for any legitimate purpose.
- Cash withdrawal in INR is permitted from the branch.
- Joint account holding is permitted with another returning Indian as well.
- Earn tax exemption on interest accrued on the declaration of Resident but Not Ordinarily Resident status.
- Avail of the nomination facility.
Credit to RFC Account
- Use the funds brought from abroad on your return in a freely convertible foreign currency.
- Transfer funds from an existing NRE / FCNR account held in any other Banks.
Documents Required
- Photocopy of the pages containing passport details and personal details of all applicants.
- Copy of Permanent Account Number (PAN) / Form 60 (in the absence of PAN).
- Copy of valid visa and immigration stamps showing evidence of foreign stay for at least 1 year.
- Your passport photograph (1).
- RFC declaration form.
Eligibility and Details
- You are an NRI who has returned to India on or after 18th April 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.
