Other Facilities

RESIDENT FOREIGN CURRENCY ACCOUNTS (Facility to returning Indians)

Returning Indians can also benefit from our Deposit schemes. They can open and maintain a Resident Foreign Currency account (RFC) to transfer balances held in NRE/FCNR accounts. Proceeds of assets held outside India at the time of return, can be credited to RFC account. The funds held in RFC accounts are free from all restrictions regarding utilization of foreign currency balances including any restriction on investment in any form outside India.

Salient features:

  • Operates in seven currencies VIZ. USD, GBP, EURO, CAD, AUD, SGD and HKD.
  • Operates in the form of Saving, Current, Term Deposits.

Rate of Interest:

  • Term Deposits: As applicable to FCNR (B) Deposit Scheme.
  • Saving: 0.50% per annum for deposits in USD, GBP, and EURO.
  • Current: Nil

Returning Indians may continue to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India, if such currency, security or property was acquired, held or owned when resident outside India.


  • Shares and convertible debentures under portfolio investment.
  • Government dated securities (other than bearer securities) or treasury bills.
  • Units of domestic mutual funds.
  • Bonds issued by PSUs in India.
  • Shares in public sector enterprises being disinvested by the government of India.


  • Units of money market mutual funds in India.
  • Exchange traded derivative contracts (ETDC) approved by SEBI.


  • May acquire any immovable property in India other than agricultural/plantation/farm house out of the funds received in India by way of inward remittances or from the funds held in NRI accounts.
  • May repatriate sale proceeds of property other than agriculture/plantation property or a farmhouse provided it should not exceed the amount paid for acquisition of the immovable property in foreign exchange. In the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
  • NRIs / PIOs can remit out of balances in NRO account including sale proceeds of immovable property provided the amount does not exceed USD 1 million per financial year.