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Home > Accounts / Deposits > RFC

RFC [ Resident Foreign Currency ]

Accounts & Deposits
FCNR (B)
NRE
NRO

RFC

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Overview of RFC Accounts:

  • PIOs or NRIs returning to settle permanently in India can open an RFC account.
  • Can be opened in US$, Euro and GBP.
  • Can be held jointly with any other person eligible to open an RFC account.
  • Can be maintained in the form of Term Deposit for 1 to 3 years.
  • Attractive interest rates.
  • Funds can be used to make any bonafide payments abroad.
  • Withdrawals can be made for making payments in India. Withdrawals in India are permitted in Rupees only.
  • The accounts can be converted to FCNR (B)/NRE accounts in case the person becomes an NRI again.

Permissible Credits:

  • Balances in NRE/FCNR (B) accounts on arrival in India.
  • Fixed deposits can be closed prematurely without penalty or held till maturity and then credited to RFC account.
  • Remittances from abroad being sales proceeds of assets held abroad or income earned abroad.
  • Proceeds of foreign currency notes / travelers cheques brought to India.

To open an RFC account with a branch in India:

  • Click here to download the account opening form.
  • Complete the form and enclose the necessary documents.
  • Approach any one the branches listed in the table below, to open an RFC account. Please note that only specific branches are designated to handle RFC accounts.

List of Branches handling RFC Accounts:

State Branch
Andra Pradesh NRI Hyderabad
Vijayawada
Assam Guwahati Main
Bihar SPBB Patna
Tamilnadu NRI Chennai
Adyar - Chennai
Coimbatore
Mylapore - Chennai
Madurai
T.Nagar - Chennai
Delhi NRI New Delhi
PBB New Delhi
Gujarat Ahmedabad Main
Indore
Rajkot
NRI, Bhuj
Karnataka SPBB Bangalore
Mangalore
Kerala NRI Kochi
Trivandrum
Ernakulam
Kottayam
NRI Calicut
Thiruvalla
NRI Trivandrum
Madhya Pradesh Bhopal Main
Kanpur Main
Maharashtra Nagpur
Panaji
NRI Mumbai
Marol (Mumbai)
SPBB Mumbai
Madame Cama Rd
Mapuca, Goa
Pune Main
Orissa Bhubneshwar Main
Punjab & Haryana Chandigarh Main
NRI Chandigarh
Rajasthan Jaipur Special Br
Jodhpur
Uttar Pradesh Lucknow Main
West Bengal Kolkatta Main
NRI Kolkta
Ballygunge
OB Kolkatta
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Interest Rates:

Click here for Interest Rates.

Other facilities for NRI Accounts:

  • International Debit Card.
  • Internet banking.
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