Resident Foreign Currency (RFC) Fixed Deposit Account

Key Highlights

• High returns on foreign currency funds for NRIs who have returned to India.
• Account available in a choice of 2 foreign currencies: USD, GBP.
• Can transfer the funds back to NRE account on re-gaining NRI status.

What is RFC Fixed Deposit?

• RFC Fixed Deposit gives NRIs who have returned to India a good opportunity to earn high returns on the funds they hold in foreign currency.

Why choose RFC Fixed Deposit?

• Returning NRIs can deposit money in foreign currencies, and get safe and high returns on the same without the risk of foreign exchange conversion.

Overview

• Simple eligibility : Account can be opened by any returning NRIs.
• Flexibility in currency : Fund your account with any convertible currency; maintain it in 2 foreign currencies: USD, GBP.
• Joint holding : In case of joint accounts, the joint holders must be returning NRIs as well.Resident relative can be joint holder in RFC account on 'former or survivor' basis.
• Cash withdrawal: In rupees from your branch.
• Easy movement : Balance in the account including interest earned is fully repatriable.
• Easy change of status : If you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.
• Risk-free conversion : No foreign exchange risk from conversion into rupees.

• FD account opening form duly filled.

NRIs:

• FD account opening form duly filled.
• Self-attested photocopies of ;
  • Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
  • Expired work permit/ employment visa.
  • Current Indian address proof. View list of accepted Indian and overseas address proofs.

PIOs:

• FD account opening form duly filled.
• Self-attested photocopies of
  • Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
  • PIO / OCI card.

  or

  • Past Indian passport of self / spouse / parent / grand-parent along with a self-declaration about Indian origin.

  or

  • Self-declaration for PIO as given on the Relationship Form.
  • Indian Work / Resident Visa.
  • Current Indian address proof. View list of accepted Indian and overseas address proofs.

RFC Fixed Deposit Form

• Account opening

• Account closure
• Request for an additional savings account / fixed deposit

Mandate Holder Applications

• Add a mandate in My Account

• Cancel mandate from My Account
• Update new mandate in My Account

Nominee Applications

• Add a nominee
• Cancel nomination in My Account
• Update nominee information
• No nominee declaration

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RFC Fixed Deposit FAQs