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Special FCY Accounts

Overview

Special Foreign currency accounts for residents
We offer facilities to open all types of special foreign currency accounts as permitted by RBI under FEMA with exclusive personalised service. These accounts can be opened by both individuals as well as business entities.

Special Foreign Currency Account for Overseas Tour Operators
In an increasingly liberalised era, RBI has allowed Indian overseas tour operator to open special foreign currency current accounts for parking the subscription received from Indian tourists traveling abroad under the package tour and mitigate foreign exchange risk of various payments to be made to tour operators outside India.

Resident Foreign Currency (Domestic)
Reserve Bank of India permits a person resident in India to open, hold and maintain with a licensed bank (which is also an Authorised Dealer) in India a foreign currency (domestic) account and foreign exchange acquired from any of the sources specified as under can be kept in this account by the resident.

  • While on visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or
  • From any person not resident in India and who is on a visit to India, as honorarium or gift payment for services rendered or in settlement of any lawful obligations; or
  • By way of honorarium or gift while on a visit to any place outside India; or
  • From an authorised person for travel abroad and represents unspent amount: or
  • Gift received from close relative; or
  • Foreign exchange earned through export of goods and/ or services; or royalty, honorarium etc.

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  • SAVINGS RATES

  • Daily balance upto 1 lac 4 %
  • Daily balance above 1 lac and upto 10 lac 5 %
  • Daily Balance above 10 lac 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 months 7.15 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1 lac) 7 %

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