RFC SAVINGS ACCOUNT
Stay protected from exchange rate risks with your RFC Savings Account as you can hold the Deposit in 4 foreign currencies and convert them into Rupees anytime you desire.
Features & Benefits
Why choose this product:
- Preserve your foreign exchange earned while living abroad and use it for any purpose abroad
- Transfer balances to NRI Accounts(Rupee / Foreign
Currency), on regaining
- Withdrawals in Rupees
for any purpose in India
- Keep your foreign earnings in the same currency – saving yourself from exchange rate risks
- Transfer balance to NRI Accounts on regaining NRI status
- Withdraw cash in Rupees
- Earn tax exemption on interest accrued on declaration of Resident but Not Ordinarily Resident status
- Repatriate funds for bonafide Authentic, genuine purpose
- Avail of the nomination facility
- Receive quarterly statements for free. Monthly and duplicate statements are charged nominally
- Enjoy free 24-hour PhoneBanking
- Enjoy the convenience of banking at any of our branches in India
Depositing money to your account
To deposit money in your RFC Savings Account, you can:
- Use the funds brought from abroad on your return in a freely convertible foreign currency These are foreign currencies that can be exchanged easily with other currencies and are recognised by the international market.
- Transfer funds from an existing NRE/FCNR Account held in other Banks
- 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
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
In what currency can I maintain RFC Savings Account?
Your RFC Savings Account is maintained in permitted currencies such as USD, GBP, EURO.
What is the frequency of interest payment on RFC Savings Account?
Interest is credited half yearly to the respective RFC savings bank account.
Is there a nomination facility available for RFC Savings Account?
Yes. A nomination facility is available for RFC Savings Account. 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 Savings Account?
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 Savings Account?
Yes. You can credit income received from your overseas assets in the form of dividends etc, or sale proceeds of such assets to RFC Savings Account.
Can my pension from abroad be credited to my RFC Savings Account?
Yes. Pension from abroad can be credited to your RFC Savings Account.
Can funds held in the RFC Savings Account be remitted abroad?
Funds in RFC Savings Account can be remitted abroad for any bonafide Authentic, genuine purpose of the account holder.
Can funds in the RFC Savings Account be utilised for local payments?
Yes. The amount will be converted and credited to the customer's Resident Salary A/c.
What taxes am I liable to pay if I have an RFC Savings Account?
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 Savings Account?
The RFC Savings Account can be held jointly with other eligible persons.