How to Open RFC Account?

Who Can Open RFC Account?

In order to open an RFC Account, it is mandatory to fulfill any one of the given three eligibility criteria,

  1. An NRI who has returned to India is eligible to open RFC account.
  2. A person who is resident outside India for a period of 1 year or more continuously.
  3. A person who has permanently settled in India since he has returned from overseas.

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 completely filled.
  • 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.

Documents Required to Open RFC Account

Just as all domestic accounts, there is a requirement of submission of multiple documents to open an RFC account. Outlined below are the documents required,

  • Latest Passport size photograph of the applicant/s
  • Copy of Current passport
  • Copy of Permanent Account Number (PAN) / Form 60 (in absence of PAN)
  • Current Indian Address Proof: Required for the current Indian address mentioned in the application form
  • Expired work permit/ employment visa

Along with the above documents, the applicant also needs to submit RFC Account opening form duly filled for opening an NRE account. Also the applicant will have to open resident CASA account while opening RFC account.