Personal ›Products ›Accounts & Deposits ›Savings Accounts ›Other Accounts ›RFC (D) Account ›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).
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.
Explore the power of simpler and smarter banking. Bank online with over 250 services
Bank on the go with our Mobile Banking services. Download app or use SMS
Pockets by ICICI Bank
VISA powered Universal payment wallet. Download today
Bank 24/7 through a widespread network of over 4,850 branches and 14,987 ATMs