A person of Indian Origin who returns to India for permanent settlement after a stay of minimum period of one year abroad is eligible to open RESIDENT FOREIGN CURRENCY (RFC) account.

  • Accounts can be maintained in USD,GBP,AUD,CHF,JPY and EURO.
  • Assets acquired or held at the time of return are eligible for credit to RFC account. For Example: Funds in bank account outside India, Income such as dividend, interest, profit earned on assets abroad, sale proceeds of eligible assets, pension and other monitory benefit received from outside India arising out of employment taken up abroad, foreign currency notes, travellers cheques brought to India at the time of return and balances in NRE/FCNR(B) accounts.
  • The balance can be repatriated or credited to NRE or FCNR(B) accounts, if the account holder becomes an NRI subsequently.
  • Balance in the accounts can be used for bona fide expenses like traveling expenses for going abroad, children’s education abroad etc.