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 and 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
RFC Fixed Deposit Features and Benefits
- 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 and 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.
RFC Fixed Deposit Documents
For existing ICICI Bank NRI Account holder:
- FD account opening form duly filled.
For new customers:
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.
*Note- All KYC Documents provided need to be self attested
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