RFC (Resident Foreign Currency) Savings Account for Returning Indians
Key Highlights
- Safe parking for foreign currency funds on returning to India.
- Open account in USD or GBP
- Balance including interest is fully repatriability.
- Can transfer the funds back to NRE account on re-gaining NRI status.
What is an RFC Savings Account?
- An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.
Why choose an RFC Savings Account?
- An RFC Savings Account provides safe parking for your foreign currency funds. It can be funded with any convertible foreign currency. Most important, if you change status to NRI again, this money can be transferred to an NRE/FCNR account.
Overview
Features and Benefits
- Simple eligibility: Account can be opened by any returning Indian.
- Flexibility in currency: Open your account with any convertible foreign currency; maintain it in 2 foreign currencies: USD, GBP.
- Joint holder: Resident relative can be joint holder in RFC account on 'former or survivor' basis.
- Cash withdrawal: In rupees from your branch.
- Easy movement: Balance in the account including interest earned is fully repatriable.
- Easy change of status: If you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.
Withdrawal of cash from RFC account:
- Cash withdrawals can be made in INR by filling in an application on plain paper.
- The foreign currency balance will be first converted to INR as per the current rate and then paid out in cash or credited to the rupee account, as per customer’s instructions.
- The customer shall furnish a copy of his/her PAN card upon withdrawing money to the extent of INR 50, 000/- and above.
- For cash withdrawals, a valid passport copy or any valid photo identity document like driving license, election card, pan card, employee card etc. will be taken for establishing the identity of the customer.
Documents Required
For NRIs:
- RFC Account opening form duly filled.
- Self-attested photocopies of ;
- Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
- Expired work permit/ employment visa.
- Current Indian address proof. (View list of accepted Indian and overseas address proofs)
For PIOs:
- RFC Account opening form duly filled.
- Self-attested photocopies of
- Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
- PIO / OCI card.
or - Past Indian passport of self / spouse / parent / grand-parent along with a self-declaration about Indian origin.
or - Self-declaration for PIO as given on the Relationship Form.
- Indian Work / Resident Visa.
- Current Indian address proof.(View list of accepted Indian and overseas address proofs)
Note- All KYC Documents provided need to be self attested
RFC Account channel
For Account opening , visit the nearest India Branches.
×
