Resident Foreign Currency Account FAQs
What are the features of an ICICI Bank RFC (D) Account?
- RFC (D) is single currency account. This account can be opened in Pound Sterling (GBP), US Dollar (USD), Japanese Yen (JPY) or EURO (EUR). Deposit in multiple currencies in a single account is not permitted. You can open several accounts, one for each of the permitted currencies.
- Protects your money from valuation risks due to exchange rate fluctuations.
- No exchange charges will be levied for converting foreign currency into Indian Rupees.
- This account will be maintained in the form of a current account. No interest is payable on deposits in these accounts.
- Foreign Currency buy rate of ICICI Bank as prevailing for that currency on the day of the transaction will be applicable for converting the foreign currency into INR.
- Foreign currency withdrawals are possible in the form of cash, traveller’s cheque, foreign currency DD. Withdrawal limit will be as per RBI guidelines.
- No ceiling on deposits in the account.
- No minimum balance.
- Nomination facility.
What are the permissible credits in ICICI Bank RFC (D) account?
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 authorised 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.