RFC Account

    As an important step towards further liberalisation of foreign exchange facilities available to individual residents, it has been decided by Reserve Bank of India to permit 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.

Features & Benefits

    • 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
    • NO Charges on non-maintenance of minimum Average Quarterly Balance

    Type of Account : Current account

    Currency : Foreign Currency such as USD, GBP & EURO

    Eligible credits : Out of Foreign Exchange acquired from the sources specified as above in the form of currency notes, bank notes and travellers cheques.

    Eligible Debit : Payment towards current and capital account transactions in accordance with existing foreign exchange Regularities.

    Ceiling : No upper ceiling on balances held in account is stipulated by Reserve Bank of India .

    Interest : No interest will be payable on balances held in account

Eligibility

    Any person resident in India can open or hold an RFC account out of Foreign Exchange received
    • As pension or any other super annuation or other monetary benefits from his employer outside India
    • Realised on conversion of assets outside India and repatriated to India
    • Received as a gift or inheritance from outside India



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