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FAQs On RFC Fixed Deposit |
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In which currency can I maintain RFC Fixed Deposit?
Your RFC Fixed Deposit can be maintained in permitted currencies such as USD, GBP, JPY, and EURO.
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What is the frequency of interest payment on RFC Fixed Deposit?
The frequency of interest payments on RFC Fixed Deposit is Quarterly.
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Is there a nomination facility available for RFC Fixed Deposit?
Yes. A nomination facility is available for RFC Fixed Deposit. For Non-Resident nominees, funds can be remitted abroad to the extent of their entitlement if on the date of the account holder's death such nominees are residing outside India. If the nominee is residing in India on the date of death of the account holder, then the equivalent amount will be paid to him in Indian Rupees.
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What funds can be credited to RFC Fixed Deposit?
The entire amount of Foreign Exchange Assets acquired or held while you were resident outside India. This could be in the form of deposits in banks outside India, investments in foreign currency, shares and securities or immovable properties situated outside India or investments in business etc. outside India. It includes foreign exchange earnings through employment, business or vocation outside India commenced by the NRI while he was resident outside India.
Also, all balances standing to the credit of their NRE/FCNR Accounts at the time of return can be credited to RFC Accounts.
NRIs bringing Foreign Currency Notes & Traveller's Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Traveller's Cheques and notes exceed USD 10,000/-. You must produce the Currency Declaration Form for endorsement by the bank when you submit the money for opening/credit to an account.
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Can income received from my overseas assets in the form of dividends etc, or sale of proceeds of such assets be credited to RFC Fixed Deposit?
Yes. You can credit income received from your overseas assets in the form of dividends etc, or sale proceeds of such assets to RFC Fixed Deposit.
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Can my pension from abroad be credited to my RFC Fixed Deposit?
Yes. Pension from abroad can be credited to your RFC Fixed Deposit.
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Can funds held in the RFC Fixed Deposit Account are remitted abroad?
Funds in RFC Fixed Deposit can be remitted abroad for any bonafide purpose of the account holder.
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What taxes am I liable to pay if I have an RFC Fixed Deposit?
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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Who can be a joint holder for my RFC Fixed Deposit?
The RFC Fixed Deposit can be held jointly with other eligible persons.
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