RFC FD Interest Rates (as on 27 Jul 2024)
RFC account full form is Resident Foreign Currency Account. For an NRI who is coming back to India, an RFC account can be helpful for him to deposit his foreign earnings and to manage foreign earned income easily. Most of the major banks in India offer facility of RFC account like RFC Account SBI, RFC Account in Axis Bank, etc. An RFC account can be opened as current accout, savings account or fixed deposit account.
With an RFC account, you get the freedom to keep your foreign earned currency and then convert it to INR and transfer to your Indian rupee account whenever you want.
RFC Account Eligibility
RFC Account Eligibility criteria is mentioned below,
- NRI who has returned to India on or after 18th April, 1992.
- Resident outside India for a continuous period of not less than 1 year prior to his return.
- Who have permanently settled in India since returned from overseas
RFC accounts can be opened as current account, savings account or term deposit account. A person resident in India can open an RFC account with following moneys,
- Foreign exchange received as pension or other monetary benefits from his employer outside India
- Foreign exchange received as proceeds of assets being foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India
- Foreign exchange received as gift or inheritance from a person who was resident outside India
- Foreign exchange acquired before the July 8, 1947
- Balances in NRE/ FCNR (B) accounts on change in residential status
- Foreign exchange received as earnings of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company
Bank RFC FD deposit Interest Rates (as on 27 Jul 2024). The RFC FD interest rates on currency like USD, GBP, EUR ,AUD, CAD, YEN. RFC Fixed deposit depend on which category for example 1 year, 2 year, 3 year ... 5+ year, you fall under and your choice between different banks. To see all fixed deposit interest rates for selected bank, click on "All FD Rates" button listed below.
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