Resident Foreign Currency Accounts

Non-Resident Indians who have returned to India for settlement can convert their existing Non-resident account balance to Resident Foreign Currency accounts (RFC).

For eligibility to the scheme, the depositor needs to submit an attested copy of relevant pages of the passport particulars of date of arrival in India and the particulars of residence outside India.

All types of accounts current, savings ( without cheque book facility ) and term deposits can be opened under the scheme.

FEATURES & BENEFITS:

  • Funds in the account can be freely utilised by account holder for any bonafide remittance locally or abroad.
  • No loan/overdraft allowed against the balance in the account.
  • Nomination facility available.

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