This plan permits persons of Indian nationality or origin who have returned to India for permanent settlement (Returning Indians) after being resident outside India for a continuous period of not less than one year, to open foreign currency accounts against the proceeds held in NRE/FCNR accounts of Funds remitted from abroad.

  • Minimum Deposit Amount: USD 5000 or equivalent.

  • Eligible Currencies: USD, GBP, JPY &Euro.

  • Joint Accounts: The account can be held jointly with another person resident in India who is eligible to open an RFC account.

  • Repatriation : The balance in RFC account is fully repatriable.

  • Conversion into NRE/FCNR Accounts: Account balances can be transferred to NRI Accounts (Rupee / Foreign Currency), on regaining NRI status.

  • Nomination facility: Nominations can be made in favour of residents as well as non- residents.

  • The entire amount of foreign exchange assets acquired or held while a person was resident outside India. These include deposits in banks outside India, investments in foreign currency, shares and securities or immovable properties situated outside India or investments in business etc. outside India, foreign exchange earnings through employment, business or vocation outside India.
  • All balances standing to the credit of the NRE/FCNR Fixed Deposit accounts at the time of return can be paid prematurely without penalty and credited to RFC Fixed Deposit accounts provided the maturity period of the RFC Deposit is equal to or longer than the remaining maturity of the NRE/FCNR Deposit account.

  • NRIs bringing Foreign Currency Notes & Traveler’s Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Traveler’s Cheques and notes exceed USD 10,000/-. Currency Declaration Form must also be produced for endorsement by the bank when a person submits money for opening/credit to an account.

  • RFC funds can be freely drawn in Indian rupees for use locally.

(Conditions Apply)