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Resident Foreign Currency account for Returning Indians

Resident Foreign Currency account for Returning Indians

Eligibility

  • Account can be opened by returning Indians i.e. those Indians who were non residents earlier, and are returning now for permanent stay.

Salient Features

  • Account held in foreign currency.
  • RFC deposits are accepted in USD, GBP, SGD, Euro, Australian Dollar, Canadian Dollar, JPY and CHF.
  • Account can be opened by transfer of NRE/FCNR funds or by remitting foreign currency notes or travelers cheques.
  • Foreign currency assets held outside India and brought to India at the time of returning for permanent stay can be credited to RFC account.
  • Foreign currency received as pension or any other superannuation or other monetary benefits from the employer outside India can be credited to RFC account.
  • Foreign currency received or acquired when a person was resident outside India as gift or inheritance from a person resident outside India can be credited to RFC account.

( Last modified on Feb 02, 2024 at 04:02:55 PM )

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