Resident Foreign Currency (Domestic) Account

• An RFC (D) Account is a single currency account and can be opened in Pound Sterling (GBP), US Dollar (USD), EURO (EUR) or Japanese Yen (JPY). Deposits in multiple currencies in a single account are not permitted
• An RFC(D) Account is maintained in the form of a Current Account and no interest is payable on deposits
• Foreign currency buy rate of ICICI Bank Ltd. as prevailing for that currency on the day of the transaction, will apply for converting the foreign currency into Indian Rupees (INR)
• Foreign currency withdrawals can be made in the form of cash, traveller’s cheques and foreign currency DD. Transaction limits will be as per the prevailing RBI and FEMA guidelines
• No minimum balance required and balance can be held in foreign currency
• Save on cost with the preferential rates of currency conversion
• Nomination facility can be availed.

Foreign currency acquired through the following means can be deposited into the RFC (D) Account: (source of credits in RFC (D) account is subject to changes prescribed in RBI guidelines).

• 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 an honorarium or a gift or for services rendered or in settlement of any lawful obligation
• Honorarium or a gift while on a visit to any place outside India
• Unspent amount of foreign exchange acquired from an authorised person for travel abroad
• Gift from a close relative
• Earnings through export of goods/services, or as royalty, an 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 from time to time.

There is no balance requirement for an ICICI Bank RFC (D) Account.

Transaction related to an RFC (D) Account will be handled only at the base branch (i.e. the branch where the account was opened).

• Resident Indian individuals can open a Resident Foreign Currency (Domestic) Current Account
• An RFC (D) Account is a single individual holding account and cannot have joint holders in the account, nor can it be opened on behalf of a minor(s)
• This account is not available to non-individual entities - Proprietorship, Partnership, HUF, Companies
• An RFC (D) Account can be opened only if there is an existing Savings or Current Account held in an individual’s name. In case of a new customer, an individual Savings or Current Account in INR must be opened first. An RFC (D) Account will be opened under the same Customer ID of the individual’s Savings or Current Account.

Yes.

No, as per the RBI circular no. A. P. (DIR Series) Circular No. 12 dated Jul 31, 2012, the balance outstanding in all RFC (D) accounts as on the last day of a month, shall be converted into Indian Rupees by the Bank on the last working day of the subsequent month, if such balances are not utilised by the account holder before the last day of the subsequent month.

The customer may utilise the balance before the last day of the subsequent month if he/she does not want to have mandatory conversion. This mandatory conversion of foreign currency by the Bank on the last working day of the subsequent month, will be done at the prevailing market rate applicable on the day of conversion.

In case the customer has booked forward contract/s or future commitments for conversion of balance in these accounts at a future date, which is falling beyond the last day of the subsequent month, such contracted amount shall be deducted from the eligible amount for the mandatory conversion.

In case the customer has any payment to be made in the future from these accounts beyond the last day of the subsequent month, the customer should submit the application and inform the Branch/Relationship Manager in advance, before the 25th of the succeeding month for blocking/holding back the conversion to the extent of the future transaction amount. The customer needs to submit the underlying documents supporting holding back conversion for such future transaction/s.