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RFC FIXED DEPOSITS

Enjoy the flexibility of converting your foreign currency deposits into Indian rupees whenever required with RFC Fixed Deposits.

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  • Features & Benefits

    Why choose this product:

    • Book Fixed Deposit in 4 foreign currencies and protect your deposit from exchange rate risks
    • Repatriate your funds for bonafide reasons (for account holders only)
    • Get TDS exemption on interest earned basis declaration of RNOR
      status at the start
      of the financial year
    • Book Fixed Deposit in 4 foreign currencies and protect your deposit from exchange rate risks
    • Earn tax exemption on interest accrued on declaration of Resident but Not Ordinarily Resident status
    • Repatriate funds on bonafide Authentic, genuine  reasons
    • Protect your savings from exchange rate risks
  • Interest Rates

    The current interest rates on our RFC Fixed Deposits are presented below:
    Notes:

    • Interest rates are subject to change from time to time
    • To ensure you are seeing the updated page, we request you to clear your browser cache
    • Applicable interest rates will be given as on the date of receipt of the funds by the Bank

    Note: As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed by the Bank at the rate of 1%. This will be applicable for deposits booked on or after 24th January 2011.

    To Know More about current RFC Fixed Deposit Rates, click here.

  • Depositing money to your account

    To deposit money in your RFC Fixed Deposit, you can:

    • Use the funds brought from abroad on your return in a freely convertible foreign currency
    • Transfer funds from an existing NRE/FCNR Account held in other Banks
  • Documents Required

    • Photocopy of the pages containing passport details and personal details of all applicants
    • Copy of valid visa and immigration stamps showing evidence of foreign stay for at least 1 year
    • Your passport photograph (1)
    • RFC declaration form
  • Eligibility

    You are eligible if:

    • You are an NRI who has returned to India on or after 18th April, 1992
    • You were resident outside India for a continuous period of not less than 1 year prior to your return
    • You have been permanently settled in India since your return
  • FAQs

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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.

    What is the frequency of interest payment on RFC Fixed Deposit?

    The interest is reinvested and paid at the time of maturity of the deposit

    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.

    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.
    If the foreign currency notes brought by you exceed USD 5,000/- or the combined value of Travellers Cheques and notes exceed USD 10,000/-, then you have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India. You must produce the Currency Declaration Form for endorsement by the bank when you submit the money for opening/credit to an account.

    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.

    Can my pension from abroad be credited to my RFC Fixed Deposit?

    Yes. Pension from abroad can be credited to your RFC Fixed Deposit.

    Can funds held in the RFC Fixed Deposit Account are remitted abroad?

    Funds in RFC Fixed Deposit can be remitted abroad for any bonafide Authentic, genuine  purpose of the Account holder.

    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.

    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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