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Apply NRI Account

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Rates & Charges
Rates & Charges
 
Savings Account
NRE Savings 4.00% Apply Now
 
Fixed Deposit & RD
NRE FD
(390 days to 2 years)
7.10% Apply Now

More Rates       Service Charges 

Offer Zone Get In Touch

RFC (Resident Foreign Currency) Savings Account for Returning Indians

Key Highlights

  • Safe parking for foreign currency funds on returning to India.
  • Open account in USD or GBP
  • Balance including interest is fully repatriability.
  • Can transfer the funds back to NRI account on re-gaining NRI status.

What is an RFC Savings Account?

  • An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.

Why choose an RFC Savings Account?

  • An RFC Savings Account provides safe parking for your foreign currency funds. It can be funded with any convertible foreign currency. Most important, if you change status to NRI again, this money can be transferred to an NRE/FCNR account.

Overview

Features and Benefits

  • Simple eligibility: Account can be opened by any returning Indian.
  • Flexibility in currency: Open your account with any convertible foreign currency; maintain it in 2 foreign currencies: USD, GBP.
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
  • Joint holding: In case of joint account, the joint holder must be a returning Indian as well.
  • Cash withdrawal: In rupees from your branch.
  • Easy movement: Balance in the account including interest earned is fully repatriability.
  • Easy change of status: If you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.

Documents Required

For NRIs:

  • RFC 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)

For PIOs:

  • RFC 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)

Note- All KYC Documents provided need to be self attested