RFC Account » FAQs
In which currencies can I open an RFC account?
You can open an RFC savings account in only USD and GBP or term deposit account in USD, GBP, EUR and JPY.
What are the interest rate and tenures for RFC deposits?
The interest rate on RFC accounts is set in line with FCNR rates and changed every month. The RFC fixed deposits are accepted for tenures from 12 month to 60 months.
The minimum amounts for opening these accounts are USD 1000, GBP 1000, EUR 1000 and JPY 200,000.
Premature closures of deposits are subject to penalty of 1% on the rate applicable for the period for which it has actually run.
Can I open an RFC account by transferring balances in my NRI accounts?
RFC accounts can be opened by transfer of balances in FCNR deposits with banks in India. This also includes the maturity proceeds of the Resurgent India Bonds (RIBs).
The account cannot be opened with funds from an Easy Rupee Account. However, once the RFC account is opened with eligible funds as above, the balances in the Easy Rupee Account of the depositor can be transferred into the RFC account.
Who can be a joint holder for such an account?
The account can be held jointly with another person resident in India who is eligible to open an RFC account.
Can I open a RFC account anytime after returning to India?
There is no restriction on when you can open an RFC account for persons resident in India as long as they meet the condition of eligibility as stated above. Further, for returning NRIs, the eligibility to open this account is not linked in any way with their RNOR status under the Income Tax Act.
Can funds in the RFC account be repatriated abroad?
The funds in an RFC account are free from all restrictions regarding utilisation of foreign currency balances. They can be invested in the OBU Singapore Deposits, but cannot be taken to the OBU, Seepz, in view of the restriction that the OBU, Seepz, cannot accept deposits from persons resident in India.
In whose favour can nominations be made?
Nominations can be made in favour of residents as well as non-residents.
On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of his share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of his share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.
Can funds in the RFC Accounts be utilised for local payments?
Yes. The amount will be converted into Indian currency for the purpose of payment.
To what extent can the NRI bring in cash/travelers cheques to India?
You can freely bring up to USD 5000 in cash and up to USD 10,000 in travelers cheques while coming to India. If the amount of Foreign Currency Notes & Traveler’s Cheques exceeds the above, you will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India. You must produce the Currency Declaration Form for endorsement by the bank when you submit the money for opening/credit to an account.
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