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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

Eligibility and Documentation

Features and Benefits

RFC Savings Account FAQs

As per FEMA, for the purpose of opening and operations of Bank account in India, an Indian Citizen is defined as "Non Resident Indian" (Person residing outside India) when he goes or stays outside India for taking up employment, commencement of business, profession, vocation, as a student, as a dependent on family visa or any other purpose showing his intention of settlement outside India for an uncertain period.
i) Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
ii) Who belonged to a territory that became part of India after the 15th day of August, 1947; or
iii) Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or
iv) Who is a spouse (not being a citizen of Pakistan or Bangladesh) of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)
  • A Foreign National, who was eligible to become Citizen of India on 26th January 1950 or belonged to a territory that became part of India after 15th August 1947 and his/her children and grandchildren are eligible for registration as OCI.
  • If the person had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.
  • A person who may have been a citizen of Pakistan or Bangladesh, and is married to a person eligible for registration as OCI is not eligible for grant of OCI. However, their children are eligible as OCI.
Any NRI, who has returned to India on or after 18 April 1992, can open an RFC account. An RFC account can also be opened by an NRI who is employed abroad and his period of stay is at least one year prior to his return to India. Thus, PIOs (person of Indian origins) or NRIs returning to settle permanently in India can open an RFC account. An RFC account can be converted to FCNR(B) (Foreign Currency Non Resident (Bank) or NRE (non-resident external) accounts in case the person becomes an NRI again.
The RFC account can be jointly held with any other person resident in India who is himself eligible to open an RFC account.
For persons residing in India, there are no restrictions on the timeline for opening the RFC account as long as they are able to meet the condition of eligibility as mentioned above.

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