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.