- Currency of Deposit
Any permitted foreign currency
- Permitted Credits
- Remittance from abroad such as funds in bank account outside India, income such as dividend, interest, profit, rent, etc., sale proceeds of eligible assets abroad
- Pension or other monetary benefits received outside India, arising out of employment outside India prior to his returning to India
- Interest earned on RFC account
- Foreign currency notes or travellers cheques
- Transfer from other RFC accounts
- Balance transferred from NRE or FCNR accounts
- Transfer from RIFEE account
- Permissible Debits
- Any bona fide remittance outside India through normal banking channels
- Withdrawals or payments in India (in Indian rupees)
- Transfer to other RFC accounts
- Payment in foreign currency in India can be permitted only with the permission of RBI
- Loan or Overdraft against RFC account
Loan or overdraft can be allowed against balances in an RFC account.
- Change of Residential Status
- Remittance out of the accounts after the account holders death
- If the nominee is a person resident outside India, then funds may be remitted outside India to the extent of his share or entitlement from the account of the deceased
- If the nominee is resident in India, and for meeting the liabilities of deceased, wants to remit funds outside India, he can do so after obtaining permission from RBI
