How to Open an RFC (Resident Foreign Currency) Bank Account?
In order to open an RFC account, you need to follow following steps:
- Download RFC account opening form from bank's website or obtain it from the bank.
- Fill up the form well and make sure that all columns like your personal details, contact numbers, special instructions etc. are complete.
- Fill up the nomination form.
- Attach a self certified copy of your passport, as a Proof of Identity, containing your personal information including visa page.
- Attach Address(abroad) proof.
- Attach a copy of valid visa and immigration stamps showing evidence of foreign stay for at least 1 year.
- Attach RFC declaration form.
- Paste current passport size colour photograph of all the holders on account opening form duly signed across.
- The account opening form with the signature verified by your overseas bank or the Indian embassy/ consulate/ high commission or a notary public.
- Post / courier or submit in a person to your home branch or preferred branch this fully completed account opening application form along with all the required enclosures.
- Make initial remittance.
- You can open it with balances brought from your overseas bank account, foreign currency notes brought by you from abroad or transfer funds from your existing NRE or FCNR account.
- Note that these document requirements may also vary from bank to bank. Check with your bank for details.