Returning Indians-NRIs/PIOs, who have resided outside India for a continuous period of not less than twelve months, returning to India for permanent settlement and become persons resident in India, are eligible to open and maintain foreign currency account called ‘Resident Foreign Currency (RFC) account either savings, current or term deposit with bank in India to keep their
- foreign currency assets acquired, owned and held outside India and brought to India at the time of returning for permanent stay
- foreign exchange received as pension or any other superannuation or other monetary benefits from his employer outside India.
- foreign exchange received or acquired when he was resident outside India as gift or inheritance from a person resident outside India
- Joint account is permitted. RFC Term Deposit is accepted in our bank for 6 months to 12 months. Renewals are allowed.
- When an NRI becomes a Resident Indian, his NRE and FCNR (B) deposits will continue to run till their first maturity and if desired can be converted to RFC deposit.
- Interest earned on RFC deposit will be subjected to Tax provisions similar to domestic deposits.