Resident Foreign Currency Account

• This is a foreign currency account which can be opened, held and maintained by any person who was a NRI but is now residing in India.
• It can be opened with any authorised dealer for depositing eligible foreign exchange funds.
• It can be held by only those citizens and PIOs who have been non-residents for a continuous period of not less than one year and have become resident in India on or after 18th April, 1992.
• A foreign currency account is particularly useful for people who travel abroad or stay back in India for longer period of time.
• It gives them the ability, ease and flexibility to remit, repatriate and hold their funds in India depending upon their preferences and their residential status.
• Submitting a few couple of documents at best is all you need to get started.
• With such flexibility, convenience and simplicity you can rest assured that the Resident Foreign Currency (RFC) Account will take care of all your relevant banking needs.

If the account holder once again goes abroad and becomes non-resident then the balance available in RFC account can be repatriated abroad or the accounts can be converted into NRE or FCNR accounts.

• Remittance from abroad such as funds in bank account outside India, income such as dividend, interest, profit, rent, etc., sale proceeds of eligible assets abroad
• Pension or other monetary benefits received outside India, arising out of employment outside India prior to his returning to India
• Interest earned on RFC account
• Foreign currency notes or travellers cheques
• Transfer from other RFC accounts
• Balance transferred from NRE or FCNR accounts
• Transfer from RIFEE account

• Any bonafide remittance outside India through normal banking channels
• Withdrawals or payments in India (in Indian rupees)
• Resident Foreign currency (RFC) accounts
• Payment in foreign currency in India can be permitted only with the permission of RBI