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Returning NRIs


Non-resident Indians may continue to maintain their bank accounts in foreign currency, if they so desire, even after their return to India for permanent settlement. These accounts are known as Resident Foreign Currency accounts (RFC). The main advantage of the RFC accounts is that it is maintained in foreign currency and the deposit is protected against any fluctuations in the exchange rates.

Features & Benefits

  • Resident Foreign Currency (RFC) accounts can be maintained by returning NRIs by way of foreign currency deposits in India
  • The RFC term deposit accounts can be opened in following currencies: USD, GBP, EUR, AUD, CAD and JPY
  • Account can be held jointly with another person resident in India who is eligible to open an RFC account
  • Balance in RFC account can be freely utilized for investments and expenses in India and also for overseas expenses or investments.
  • RFC accounts can be opened by transfer of balances in FCNR deposits with banks in India. This also includes the maturity proceeds of the Resurgent India Bonds (RIBs)
  • The account cannot be opened with funds from an NRE account. However, once the RFC account is opened with eligible funds as above, the balances in the NRE account of the depositor can be transferred into the RFC account
  • If a returning NRI once again decides to settle abroad, the balance in RFC account can be converted / transferred to FCNR account, NRE account and can also be repatriated abroad


A person resident in India can open or hold an RFC account out of Foreign Exchange received:

  • As pension or any other superannuation or other monetary benefits from his employer outside India
  • Proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India
  • Received as a gift or inheritance from a person who was resident outside India

In this regard, foreign security is defined as any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency.

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  • Daily balance upto 1 lac 4 %
  • Daily balance above 1 lac 4 %

  • NRO - 2 years 6 months to below 2 years 9 months 7.35 %
  • NRE - 2 years 6 months to below 2 years 9 months 7.5 %

Choose to receive your monthly/quarterly savings or current account statement online at your registered e-mail address

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IndusNet -Internet Banking

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