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Deposits

Resident Foreign Currency Deposit

Designed for any person who was an NRI but is now residing in India for a continuous period of not less than 1 year

Secure Returns

Safe, high returns on foreign currency deposits without foreign exchange conversion risk

Repatriability

Balance in the account including interest earned is fully repatriable

Risk-Free Conversion

No foreign exchange risk from conversion into rupees

5 Currency Options

USD, GBP, EURO, CAD and AUD

Fees and Charges

Eligibility and Documentation

Features and Benefits

The RFC term deposit account application must be accompanied with the following documents

  • Copy of all pages of passport and expired Visa (to prove that customer enjoyed NRI / PIO status in the past)
  • Documentary evidence to show that funds proposed to be credited to the account are eligible for the purpose
  • 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.

  • 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.
  • Valid employment offer 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 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
  • Passport (valid as on date)
  • Permanent Driving License, which is valid with the photograph affixed thereon
  • Voter's Identity Card (Election Card)
  • Job Card issued by NREGA duly signed by an officer of the State Government
  • Letter/Card issued by the Unique Identification Authority of India (UIDAI) containing details of name, photograph, address and Aadhaar number. Accordingly, either the physical Aadhaar card/letter issued by UIDAI received through post or the Aadhaar number validated through the e-KYC process is acceptable as an officially valid KYC document for onboarding the customer and for re-KYC purpose

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