Resident Foreign Currency Term Deposit

Avail High interest rates on your deposits. For details, check Interest Rates on NRI Deposits

*For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all existing Reinvestment Term Deposits that may be renewed on and after 1st August, 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.

USD- No penalty for individual deposit below USD 1 million.

EURO- No penalty for individual deposit below EURO 1 million.

GBP- No penalty for individual deposit below GBP 750,000.

JPY- No penalty for individual deposit below JPY 125 million.

AUD- No penalty for individual deposit below AUD 1.5 million.

CAD- No penalty for individual deposit below CAD 1.5 million.

For RFC Deposits qualifying for no penalty as mentioned above, interest rate shall be prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower

For RFC Deposits qualifying for penalty as mentioned above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower

Currency of Deposit
Any permitted foreign currency

• 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 bona fide remittance outside India through normal banking channels Withdrawals or payments in India (in Indian rupees)

Transfer to other RFC accounts

Payment in foreign currency in India can be permitted only with the permission of RBI

Remittance out of the accounts after the account holder’s death

• If the nominee is a person resident outside India, then funds may be remitted outside India to the extent of his share or entitlement from the account of the deceased
• If the nominee is resident in India, and for meeting the liabilities of deceased, wants to remit funds outside India, he can do so after obtaining permission from RBI