What is an RFC Savings Account?
An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.
Features and Benefits
Simple eligibility: account can be opened by any returning Indian.
Flexibility in currency: open your account with any convertible foreign currency; maintain it in 2 foreign currencies: USD, GBP.
Joint holding: in case of joint account, the joint holder must be a returning Indian as well.
Cash withdrawal: in rupees from your branch.
Easy movement: balance in the account including interest earned is fully repatriable.
Easy change of status: if you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.Service Charges
You need to maintain a quarterly average balance of USD 250 / GBP 200 or a total relationship size (within the same customer identity number) of INR 25,000.
If you are unable to maintain this minimum balance, quarterly service charges of INR 750 + service tax will be levied.