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Current Accounts

Resident Foreign Currency (Domestic) Account

Holding foreign currency is no longer restricted to the NRIs. For the first time Reserve Bank of India has allowed Resident Indians to maintain foreign currency accounts without any ceiling to it.

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Foreign Currency Banking

Resident Indians can bank with foreign currency holdings of upto USD 2000

Save in Different Currencies

USD, Euro, GBP and Japanese Yen

Insulation from Forex Fluctuations

Protection against Rupee depreciation

No Commission Charges

Zero commission charge for foreign currency transactions

Features and Benefits

In continuation of the Reserve Bank of India’s endeavour to ensure Full Capital Convertibility, with our Resident Foreign Currency Account, even resident Indians can now maintain foreign currency without any ceiling or interest implications

Hold non-interest bearing current account in USD, EURO, GBP and Japanese Yen

Maintain desired amount of foreign currency balance, as opposed to a prior upper limit of USD 2,000

Chequebooks with 25 leaves, denominated in USD or GBP or EURO or Japanese Yen
Cheques, branded RFC (D), will not be presented at clearing and will be payable only at the issuing branch

Low minimum opening deposit of USD 100 or GBP 60 or EURO 100 or Japanese Yen 20,000
5% quarterly charges applicable, on failure to maintain minimum balance

For payments to be made in foreign currency; debits to the account can be made only via Demand Draft (DD) and Telegraphic Transfer (TT), in case of payments made abroad
For payments in Indian Rupees, cash can be withdrawn from the account and funds from the account can be converted into Rupees without restrictions

Facilitate commission-free foreign currency payments, for:

  • Foreign travel expenses
  • Medical treatment abroad
  • Gifts up to USD 5,000 or equivalent
  • Education
  • Online purchase of booksl

Protection of foreign currency from Rupee-Dollar rate fluctuations and insulation from The adversities of Rupee depreciation

Access iConnect for help with all enquiries as ATM facilities are currently unavailable

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