Resident Foreign Currency Account FAQs
What are the different channels through which I can access my ICICI Bank RFC (D) account?
Transaction related RFC (D) will be handled only at the base branch (i.e. branch where account was opened).
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 is the minimum balance required to be maintained in an ICICI Bank RFC (D) Account?
No minimum balance requirement.
What is the eligibility criterion for opening an ICICI Bank RFC (D) Account?
- Resident individual can open Resident Foreign Currency (Domestic) Account
- Account in the name of minor can be opened by legal/natural guardian.
Is a nomination facility available on ICICI Bank RFC (D) Account?
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.