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Resident Foreign Currency Account (RFC)
Home » NRI / FOREX » NRI Deposit » Resident Foreign Currency Account (RFC)

Resident Foreign Currency Account (RFC)

  • PIO’s and NRI’s returning to settle permanently in India can open an RFC account.
  • Can be opened in USD and EURO.
  • Can be opened jointly with any other person eligible to open an RFC account.
  • Balances in NRE/FCNR accounts and foreign currency funds brought by the NRI at the time of returning to India.
  • Assets maintained abroad can be freely invested in RFC account.
  • Funds can be used to make any bonafide payments abroad.
  • Withdrawals can be made for making payments in India. Withdrawals in India are permitted in Rupees only.
  • The accounts can be converted to FCNR/NRE accounts in case the person becomes an NRI again.
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Saraswat-Bank
Saraswat-Bank