An RFC Current account is a non-interest bearing current account that allows you to hold your deposit in any one of four currencies (USD, Pounds Sterling, Euro, Japanese Yen). You can convert your deposit into Indian Rupees as and when you require.
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Protect your account from exchange rate risks by holding the monies in one of four foreign currencies.
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TDS (Tax Deducted at Source) exemption can be claimed on Interest earned basis declaration of RNOR (Resident but Not Ordinarily Resident) status, if eligible, at the start of the financial year.
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Funds can be repatriated for bonafide reasons by the account holder.
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Account balances can be transferred to NRI Accounts (Rupee / Foreign Currency), on regaining NRI status.
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Withdrawals in Indian Rupees are permitted from your RFC Account.
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