RFC [Resident Foreign Currency Account)
- Account can be opened by the NRI on return to India for permanent settlement.
- Account held in foreign currency
- Accounts can be opened by transfer of NRE/FCNR funds or by remitting foreign currency notes or travellers cheques
- Proceeds of assets held outside India at the time of return can be credited to RFC account.
- Accounts held in the form of Savings/Fixed Deposit accounts. For latest interest rates pls. refer to “interest rates” on home page.
- Funds can be freely remitted abroad for approved purposes
- Pension, rentals and other monetary benefits received from abroad in favour of the account holder can be credited to this account.
- The funds in RFC accounts are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment in any form outside India.
- Forward Exchange cover facility is available.