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Home >> Services >> NRI Services  >> >> Types of Accounts  >> >> Resident Foreign Currency
Resident Foreign Currency

Resident Foreign Currency Account (RFC)

A person resident in India is permitted to open a RFC account with an AD Bank in India out of foreign exchange received or acquired by him as permitted in RBI Master Direction.

 

Account may be opened in any permitted foreign currency. Joint account permitted with other eligible persons. Account may be opened in the form of Savings, Current or Term Deposits.

 

Balance in NRE / FCNR is transferable to RFC account (other than NRE Rupee accounts of erstwhile Bilateral Group of Countries). Balance can be used to make bonafide remittances overseas without any prior approval. Funds arising out of the eligible assets acquired while remaining a NRI including deposits, investment outside India and overseas employment benefits like pension, gratuity etc, are eligible for credit. Balance lying in RFC account may be converted to FCNR / NRE accounts on resident becoming non-resident.