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Personal Banking

Last Updated on: 21/03/2023

Resident Foreign Currency Account (RFC)

A Resident Foreign Currency account in India can be maintained by a Non-resident Indian who has returned home for permanent settlement, after staying abroad for a minimum period of one year. An RFC account can be opened without any regulatory approval from the Reserve Bank of India.

RFC accounts can be maintained in USD/EUR/GBP/JPY/AUD/CAD in the form of Savings / Term Deposit

Credits to the account can be in any of the following means:

  • Balances standing to the credit of NRE and FCNR accounts at the time of return.
  • Income from overseas assets or sales proceeds from overseas assets.
  • Entire amount of pension received from abroad.
  • Balance in the account can be remitted abroad for bonafide purposes either for self or dependents.


If you decide to go abroad again you can transfer your funds to NRE/FCNR account (s)

Interest earned on RFC account is subject to tax.