Features of RFC Saving Account
Simple eligibility
If you are an Indian citizen who has been living abroad and are now returning to India, you may be eligible for an RFC account if you are over the age of 18 and can provide proof of your non-resident status. To qualify for an RFC account, you must also hold Indian nationality and have a valid passport or other government-issued identification.
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Flexibility in currency
An RFC account provides returning Indians with the flexibility to manage their foreign currency earnings and investments in a hassle-free manner. The account allows for easy transfer of funds between India and the country of residence, making it easier to manage finances. Additionally, the account offers the convenience of maintaining funds in two foreign currencies, USD and GBP. With an RFC account, returning Indians can make the most of their foreign currency earnings and investments while enjoying the convenience of managing their finances from one account.
Joint holder
The RFC account also allows for the inclusion of a resident relative as a joint holder on a "former or survivor" basis. This means that in the event of the primary account holder's demise, the resident relative can continue to operate the account without any hassle. This feature ensures that the account holder's funds and investments are secure and can be managed by a trusted family member. Overall, the RFC account offers a range of benefits to returning Indians and their families.
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Easy change of status
The RFC account provides a flexible option for returning Indians who may have foreign currency earnings and investments. However, in the event that the account holder's status changes to NRI, the funds in the RFC account can be easily transferred to an NRE or FCNR account. This ensures that the account holder can continue to manage their finances in a seamless manner, without any disruption to their financial affairs.
RFC Saving Account Interest Rates
Interest rates (percent per annum) w.e.f. October 1, 2020 | ||
---|---|---|
Currency | USD | GBP |
Savings Bank account | 0.25 | 0.10 |
Interest will be paid half-yearly in March and September.
Withdrawal
- Cash withdrawals can be made in INR by filling in an application on plain paper.
- The foreign currency balance will be first converted to INR as per the current rate and then paid out in cash or credited to the rupee account, as per customer’s instructions.
- The customer shall furnish a copy of his/her PAN card upon withdrawing money to the extent of INR 50,000/- and above.
- For cash withdrawals, a valid passport copy or any valid photo identity document like driving license, election card, pan card, employee card etc. will be taken for establishing the identity of the customer.
Documents
RFC Account opening form duly filled.
Self-attested photocopies of ;
- Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
- Expired work permit/ employment visa.
- Current Indian address proof. (View list of accepted Indian and overseas address proofs)
For PIOs:
RFC Account opening form duly filled.
Self-attested photocopies of
- Current passport (photocopy must have your name, address, date of birth, date and place of issue, expiry date, photo, signature).
- PIO / OCI card.
or - Past Indian passport of self / spouse / parent / grand-parent along with a self-declaration about Indian origin.
or - Self-declaration for PIO as given on the Relationship Form.
- Indian Work / Resident Visa.
- Current Indian address proof.(View list of accepted Indian and overseas address proofs)
Note- All KYC Documents provided need to be self attested
RELATED FORMS
Request for an additional savings account / fixed deposit
GENERAL FORMS
Mandate Holder Applications
Cancel mandate from My Account
Update new mandate in My Account