Resident Foreign Currency account for Returning Indians
Eligibility
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- Account can be opened by returning Indians i.e. those Indians who were non residents earlier, and are returning now for permanent stay.
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Salient Features
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- Account held in foreign currency.
- RFC deposits are accepted in USD, GBP and Euro, Australian Dollar, Canadian Dollar, JPY, CHF, DKK and SEK.
- Account can be opened by transfer of NRE/FCNR funds or by remitting foreign currency notes or travelers cheques.
- Foreign currency assets held outside India and brought to India at the time of returning for permanent stay can be credited to RFC account.
- Foreign currency received as pension or any other superannuation or other monetary benefits from the employer outside India can be credited to RFC account.
- Foreign currency received or acquired when a person was resident outside India as gift or inheritance from a person resident outside India can be credited to RFC account.
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