Holding foreign currency is no longer restricted to the NRIs. For the first time Reserve Bank of India has allowed Resident Indians to maintain foreign currency accounts without any ceiling to it. This step is considered as a continuation of RBIs gradual endevour towards achieving 'Full Capital Convertibility'.

A Resident Foreign Currency (Domestic) Account, RFC(D), with Axis Bank entitles you to maintain non-interest bearing current account in four major currencies (USD, EURO, GBP and Japanese Yen). There will be no ceiling on the balances held in the account. Chequebooks denominated in USD or GBP or EURO or Yen will be issued on these accounts with 25 leaves. The cheques thereby branded as RFC (Domestic) Account will not be presented in clearing and will be payable only at the issuing branch.

The min balance for such a current account will be USD 100 or GBP 60 or EURO 100 or Yen 20,000. There will be a penal charge of USD 5 or GBP 3 or EURO 5 or Japanese Yen 1,000 per quarter in case of failure to maintain the min balance requirements.

The RFC(D) account holders will not be allowed any ATM facility as of now. However they can use 'iConnect' for enquiry purposes only.