What is Resident Foreign Currency Account?

What is a Resident Foreign Currency Account?

A Resident Foreign Currency Account can be opened by you if you are an NRI who has returned for permanent settlement in India for a continuous period of not less than one year. If you want to keep your money in Foreign Currency even post turning resident then this is the right account for you. You can open this account with an authorized dealer by submitting the necessary documents.

You can open an RFC Account with HDFC Bank in the following currency denominations-

RFC Savings account can be opened in : USD, EURO and GBP currencies.

RFC Fixed deposit can be opened in : USD, GBP, JPY and EURO currencies

In case you wish to know more details on RFC Account click here

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.