- RFC scheme has been formulated by the RBI to facilitate the returning NRIs/ PIOs to open and maintain foreign currency accounts with banks in India.
Currency in which A/c is opened
Cheque book Facility
- RFC Accounts can be held singly or jointly in the names of eligible persons
- Returning NRIs / PIOs for permanent settlement in India may open, hold and maintain a Resident Foreign Currency (RFC) Account.
Rate of Interest
- The interest rates are determined on the basis of prevailing interest rates for foreign currency deposits in the international market.. To become eligible for payment of interest, account should have a minimum balance of USD 250 in the case of Savings Bank Account.
TDS on Interest
Status of balances on becoming nri
- As and when the account-holders become non-residents again, i.e. if an individual goes abroad subsequently for employment, etc. they would be free either to transfer the balances in RFC accounts outside India or to convert such balances into NRE /FCNR accounts in India.
Terms & condition