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KNOW YOUR CUSTOMER (KYC GUIDELINES)

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RFC

RFC

Purpose
  • 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
  • ONLY in USD, GBP and EUR
Joint Account
  • Permitted with resident of India
Minimum Deposit
  • Deposits can be opened in designated currencies with a minimum deposit amount of-AUD 1000, CAD 1000, USD 1000, EUR 1000 and GBP 1000
Repatriability
  • YES
Rate of Interest
TDS on Interest
  • NO TDS

INR Loan against FD

to the a/c holder

  • PERMITTED, For arriving at the amount of loan and margin rupee equivalent may be calculated at the prevalent Notional rate or market rate whichever is lower on the date of release of loan.
Nomination
  • Nomination facility may be extended to the NRE account-holder . Nomination can be made by the depositor/s or account holder/s in favour of only one individual.
Terms & condition
  • APPLICABLE

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