An RFC(D) account can be opened in US Dollar (USD) only. Deposits in multiple currencies in a single account are not permitted

The minimum amount is 500 in USD currency.

No, there are no restrictions on the utilization of foreign currency balances in your RFC Account, including investments inside or outside India.

• Remittance from overseas Bank’s account where the source of funds defines as dividend, interest, profits, rent, sale proceeds of eligible assets abroad etc

• Pension or other monetary benefits received outside India, arising out of employment outside in India prior to returning to India.

• Interest earned on RFC Account

• Proceeds of Foreign Currency Notes / Travelers cheques tendered by NRI, while visiting India. Amounts in excess of USD 5000 (or equivalent) in currency or USD 10,000/- (or equivalent) in Travelers cheques, should be accompanied by a Currency Declaration Form

• Proceeds by way of 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

• Proceeds representing the disinvestment proceeds received by the resident account holder on conversion of shares held by him to ADRs/ GDRs under the DR Scheme, 2014 approved by the Government of India.

• Balance transferred from NRE or FCNR(B) accounts

The funds in a Resident Foreign Currency (RFC) Account may be freely utilised by the account holder without any restriction on the use of foreign currency balances, including for investment or remittance outside India subject to applicable RBI and FEMA guidelines.

You can create your RFC Deposit as per below tenure:

Minimum period of 12 months (1 year)

Maximum period of 36 months (3 years)

For periods exceeding 12 months, deposits are permitted only in multiples of 3 months (e.g., 15, 18, 21 months, etc).

No interest is payable, if deposit is withdrawn before one year

If the deposit is withdrawn after completion of one year, the interest paid shall be 1.00% below the rate applicable for the period deposit has remained with the Bank or 1.00% below the contracted rate, whichever is lower.

The interest on the deposits accepted under the scheme should be paid on the basis of 360 days to a year.

Interest is paid at a frequency of 180 days each from date of Term Deposit and thereafter for the remaining actual number of days

Resident Foreign Currency (RFC) deposit account can be held jointly with another eligible individual on a Former or Survivor, Either or Survivor, Anyone or Survivor basis.

The joint holder can be:

• Another Returning NRI.

• A Resident Indian close relative (as defined by the Companies Act).

Yes, you can register a nominee for this account.

No, you will not get a cheque book or an ATM-cum-debit card with your RFC(D) Deposit.

No, NRO funds cannot be used to create RFC deposit.

Transaction related to RFC(D) account will handled only at base branch (i.e. the branch where the account was opened)

Interest earned on RFC (Resident Foreign Currency) deposits may be subject to tax depending on the residential status of the account holder.

Any tax liability on interest earned from RFC deposits must be managed and paid by the customer themselves.