Eligibility & RBI Guidelines

Eligibility

• Resident individual can open Resident Foreign Currency (Domestic) Account.
• Account in the name of minor can be opened by legal/natural guardian.

Permissible currencies for opening Resident Foreign Currency (Domestic) Account:

• Pound Sterling (GBP)
• US Dollar (USD)
• Japanese Yen and (JPY)
• EURO (EUR)

RBI Guidelines:

The foreign currency acquired through the following means can be deposited into the RFC (D) Account:

• While on a visit to any place outside India. Payment received for services NOT arising from any business or anything done in India;
• From any person not residing in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation;
• Honorarium or gift while on a visit to any place outside India;
• Unspent amount of foreign exchange acquired from an authorized person for travel abroad;
• Gift from a close relative;
• Earnings through export of goods / services, or as royalty, honorarium or by any other lawful means;
• Disinvestment proceeds received by a resident account-holder on conversion of shares held to ADRs / GDRs under the Sponsored ADR / GDR Scheme approved by the Foreign Investment Promotion Board of the Government of India;
• Earnings received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority;
• Amount received in any other manner as may be prescribed by the Reserve Bank of India.