RFC accounts can be opened, held and maintained by a person resident in India with an authorized dealer for depositing eligible foreign exchange funds once the individual has ceased to be a NRI. Citizens of India or PIOs who have been non-residents for a continuous period of not less than one year and have become resident in India on or after 18 April, 1992.
Change of Residential Status
If the account holder once again goes abroad and becomes non resident then the balance available in RFC account can be repatriated abroad or the accounts can be converted into NRE or FCNR accounts.
Click here to apply for Resident Foreign Currency Account.
Click here to apply for Resident Foreign Currency Account.
