Other Accounts & Deposits
RFC - Domestic Account
- Personal
- Products
- Accounts & Deposits
- Current Accounts
- RFC - Domestic Account
Features and Benefits
- Retain your foreign exchange funds in the currency you receive
- Maintain a record of your foreign exchange transactions through monthly statements
- Enjoy preferential rates when converting your foreign currency into Indian Rupees
- Don’t lose money due to exchange rate fluctuations.
Eligibility
- All Resident Indians (Individuals) are eligible to open RFC Domestic Accounts
- If you are a new customer to the bank, you will first need to open either a current or savings account with HDFC Bank.
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What are the features and benefits for an RFC Domestic Current Account?
Features and Benefits
- Retain foreign exchange earnings in the currency you receive the funds.
- Convert at any time you wish by transferring to your current or savings account.
- Enjoy preferential rates at the time of conversion and hence savings on your cost
- Track your funds through monthly statements or through logging into NetBanking.
- Open your RFC Domestic account in three different currencies – USD / Euro / GBP
How am I eligible for an RFC Domestic Current Account?
- All resident Indian individuals can open RFC Domestic account.
- If you are a new customer, you need to first open a current or savings account with the Bank.
- This is an individual level account and cannot be jointly held with other account holders.
- Currently Partnership, Proprietorship, HUF and Minors are not eligible to open such accounts.
Have questions?
Can I access my account by telephone to conduct routine daily transactions?
Yes you can. You can use PhoneBanking to perform the following operations:
- Access your account details
- Request account statements
- Make Fixed Deposit related queries
- Inquire about interest and FX rates
- Request a cash delivery or pick-up
- Order a new cheque book
In what currencies can I open an RFC Domestic account?
An RFC Domestic Account can be opened in three different currencies, i.e. USD / Euro / GBP.
What are the permissible Debits from an RFC Domestic Account?
The funds in a Resident Foreign Currency Domestic Account opened or held or maintained shall be free from all restrictions regarding utilization of foreign currency balances, including any restriction on investment in any form, by whatever name called, outside India.
What are the permissible credits from an RFC Domestic Account?
As per the RBI directive, the following can be credited into an RFC Domestic Account:
- a) Received as pension or any other superannuation or other monetary benefits from his employer outside India; or
- b) Realised on conversion of the assets referred to in sub-section (4) of section 6 of the Act, and repatriated to India; or
- c) Received or acquired, as gift or inheritance, from a person referred to in sub-section (4) of section 6 of the Act; or
- d) Referred to in clause (c) of section 9 of the Act, or acquired as gift or inheritance therefrom.
Who can open an RFC Domestic Account?
Any person who is a resident Indian can open an RFC Domestic account, as long as the foreign exchange earned is in line with the permissible credits as defined in the RBI circular.
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What can you do online?
- Download/Request for an account statement through NetBanking
Did you know?
- You can maximise the benefits of your FOREX funds by converting them at an opportune time.
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Get started with your RFC Domestic Account
Have you got your Welcome Kit? Inside your welcome kit you should find a:
- Welcome Letter – This is to welcome you as an HDFC Bank RFC Domestic Account customer so you can enjoy all the privileges and services we offer.
- Terms and Conditions booklet – This is to make you aware of all the terms and conditions relevant to your RFC Domestic Current Account.
Did you know?
- You can maximise the benefits of your Forex Funds by retaining your FOREX funds in the same currency in which you receive them and converting them at an opportune time into an INR Current Account / Savings Account for domestic use.
You can also benefit from
- Our Forex services including Forex Travellers Cheques, Forex Cash and a Forex Plus Card when you travel. click here for details.
- Netbanking / Mobile Banking by tracking your funds online at anytime and from anywhere.
- A wide range of our Current Account / Savings Account products that will help you to speed up the time to perform your transactions and offer you additional banking privileges. click here.
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