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Simple eligibility

If you are an Indian citizen who has been living abroad and are now returning to India, you may be eligible for an RFC account if you are over the age of 18 and can provide proof of your non-resident status. To qualify for an RFC account, you must also hold Indian nationality and have a valid passport or other government-issued identification.


Flexibility in currency

An RFC account provides returning Indians with the flexibility to manage their foreign currency earnings and investments in a hassle-free manner. The account allows for easy transfer of funds between India and the country of residence, making it easier to manage finances. Additionally, the account offers the convenience of maintaining funds in two foreign currencies, USD and GBP. With an RFC account, returning Indians can make the most of their foreign currency earnings and investments while enjoying the convenience of managing their finances from one account.

Joint holder

The RFC account also allows for the inclusion of a resident relative as a joint holder on a "former or survivor" basis. This means that in the event of the primary account holder's demise, the resident relative can continue to operate the account without any hassle. This feature ensures that the account holder's funds and investments are secure and can be managed by a trusted family member. Overall, the RFC account offers a range of benefits to returning Indians and their families.


Easy change of status

The RFC account provides a flexible option for returning Indians who may have foreign currency earnings and investments. However, in the event that the account holder's status changes to NRI, the funds in the RFC account can be easily transferred to an NRE or FCNR account. This ensures that the account holder can continue to manage their finances in a seamless manner, without any disruption to their financial affairs.


  • Cash withdrawals can be made in INR by filling in an application on plain paper.
  • The foreign currency balance will be first converted to INR as per the current rate and then paid out in cash or credited to the rupee account, as per customer’s instructions.
  • The customer shall furnish a copy of his/her PAN card upon withdrawing money to the extent of INR 50,000/- and above.
  • For cash withdrawals, a valid passport copy or any valid photo identity document like driving license, election card, pan card, employee card etc. will be taken for establishing the identity of the customer.


RFC Account opening form duly filled.

Self-attested photocopies of ;

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

RFC Fixed Account FAQ's

An NRI is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment

The funds in an RFC account are free from all restrictions regarding utilisation of foreign currency balances. They can be invested in the OBU Singapore Deposits, but not in OBU Seepz, in view of the restriction that the OBU Seepz cannot accept deposits from persons resident in India.

Nominations can be made in favour of residents as well as non-residents. On the death of the depositor, repatriation of the balances in the account is permissible to a nominee resident outside India, to the extent of his share or entitlement from the account of the deceased account holder. In the event of the nominee being a person resident in India, who is desirous of remitting funds outside India, out of his share for meeting the liabilities abroad of the deceased, an application would have to be made to the Reserve Bank of India for such remittance.