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Accounts

Resident Foreign Currency Account

Convenient banking for NRIs who travel abroad or
stay back in India for longer periods of time

Multi-currency Options

Transact in USD, GBP, EURO, AUD, CAD

Easy Deposit of Funds

Account can be opened with any authorised dealer for depositing eligible foreign exchange funds

Joint Holding

Can be opened, held and maintained by any person who was a NRI but is now residing in India

Repatriability

If the account holder goes abroad and becomes non-resident again, the RFC account balance can be repatriated abroad

Fees and Charges

Features and Benefits

  • Persons of Indian nationality or origin, who, having been resident outside India for a continuous period of not less than one year, and having become persons resident in India on or after 18th April 1992 are eligible to open and maintain RFC accounts with authorised dealers in India.
  • Persons who returned to India prior to 18th April 1992 after having been resident outside India for a continuous period of not less than one year are also eligible to open RFC accounts, provided they are holding a Returning Indians Foreign Exchange Entitlement (RIFEE) permit.
  • The RFC account may be opened any time after the NRI’s return to India. This account is available in major 5 currencies (USD, GBP, EURO, AUD, and CAD).
  • Copy of all pages of passport and expired Visa (to prove that customer enjoyed NRI / PIO status in the past)
  • RFC declaration duly filled and signed

Note:

  • If the person reverts to a Non – Resident status then the balance available in the RFC account can be repatriated abroad, or the accounts can be converted into NRE or FCNR accounts.
  • For cases where the expired visa is not available, a copy of the NRI bank account statement, or copy of FCNR deposit receipt, or cancelled NRI cheque held by applicant previously, either from Axis Bank or any other bank needs to be submitted.

All the above photocopies should be attested in case you are downloading the account opening form and sending it to India. Attestation can be done by your banker abroad or the Indian Embassy or notary or equivalent authority as per the applicable law.

The address proof must match with the communication address selected by you on this Relationship Form.

  • Click here for list of Overseas Address proofs:
    • Passport
    • Bank statement (not more than 3 months old from the date of application) of Overseas or India based bank.
    • Valid Permanent Overseas Driving License
    • Credit Card statement (not more than 3 months old)
    • Company ID Card indicating the address
    • Certificate from Indian Diplomatic Mission stating the contact address
    • Government ID card (SSN / Green Card / PIO card / OCI card)
    • Utility bill (electricity/ gas/phone/ water – not more than 3 months old from the date of application)
    • Appointment letter of overseas Employer Corporate.
    • Letter from foreign University stating the address(for on-campus lodging)
    • Registered Purchase / Sale Deed or agreement
    • Foreign Government issued Identity Card
    • Lease / Rent / Leave and License agreement indicating the address of the customer duly registered with Government or similar registration authority.
    • Valid employment contract letter.
    • Employer’s certificate for proof of overseas address.
    • Letter from the government postal services confirming the address of the applicant.
    • Permanent Resident Permit / Work Permit mentioning the overseas address. Following are some of the residence permits that have the address mentioned thereon: -
      Kuwait-Bataaka Madaniya (Civil ID), Saudi Arabia-Iqaama (Residential permit), Oman-Residence Card, UAE-Labour Card , Bahrain-CPR (Central Population registry) Card and Qatar-Residence Card, Singapore/Malaysia Permanent Resident Card

Fees and Charges

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