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RFC [ Resident Foreign Currency ] |
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Overview of RFC Accounts:
- PIOs or NRIs returning to settle permanently in India can open an RFC account.
- Can be opened in US$, Euro and GBP.
- Can be held jointly with any other person eligible to open an RFC account.
- Can be maintained in the form of Term Deposit for 1 to 3 years.
- Attractive interest rates.
- 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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Permissible Credits:
- Balances in NRE/FCNR accounts on arrival in India.
- Fixed deposits can be closed prematurely without penalty or held till
maturity and then credited to RFC account.
- Remittances from abroad being sales proceeds of assets held abroad
or income earned abroad.
- Proceeds of foreign currency notes / travelers cheques brought to India.
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To open an RFC account
with a branch in India:
- Click
here to download the account opening form.
- Complete the form and enclose the necessary documents.
- Approach any one the branches listed in the table below, to open an
RFC account. Please note that only specific branches are designated
to handle RFC accounts.
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List of Branches handling RFC Accounts:
| State |
Branch |
| Andra Pradesh |
NRI Hyderabad |
| Vijayawada |
| Assam |
Guwahati Main |
| Bihar |
SPBB Patna |
| Tamilnadu |
NRI Chennai |
| Adyar - Chennai |
| Coimbatore |
| Mylapore - Chennai |
| Madurai |
| T.Nagar - Chennai |
| Delhi |
NRI New Delhi |
| PBB New Delhi |
| Gujarat |
Ahmedabad Main |
| Indore |
| Rajkot |
| NRI, Bhuj |
| Karnataka |
SPBB Bangalore |
| Mangalore |
| Kerala |
NRI Kochi |
| Trivandrum |
| Ernakulam |
| Kottayam |
| NRI Calicut |
| Thiruvalla |
| NRI Trivandrum |
| Madhya Pradesh |
Bhopal Main |
| Kanpur Main |
| Maharashtra |
Nagpur |
| Panaji |
| NRI Mumbai |
| Marol (Mumbai) |
| SPBB Mumbai |
| Madame Cama Rd |
| Mapuca, Goa |
| Pune Main |
| Orissa |
Bhubneshwar Main |
| Punjab & Haryana |
Chandigarh Main |
| NRI Chandigarh |
| Rajasthan |
Jaipur Special Br |
| Jodhpur |
| Uttar Pradesh |
Lucknow Main |
| West Bengal |
Kolkatta Main |
| NRI Kolkta |
| Ballygunge |
| OB Kolkatta |
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| Top |
Interest Rates:
Click
here for Interest Rates. |
Other facilities for NRI Accounts:
- International Debit Card.
- Internet banking.
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