RFC Savings Interest Rates (as on 26 May 2024)

About RFC Savings Account

Resident Foreign Currency (RFC) Savings Account is an savings account which is opened by a resident Indian for safe parking for his/her foreign currency assets who was an NRI earlier and who is returning to India for permanent stay. RFC Savings Account is maintained in a foreign currency. RFC account balance including interest is fully repatriable. If your status is again changed to NRI then the funds kept in your RFC account can be transferred to your NRE/ FCNR account. It is to be noted that you can not withdraw cash in foreign currency and the cash withdrawals can be made in INR only.

Documents Required for RFC Account

Following documents are required to open an RFC account along with duly filled RFC Account opening form.

NRIPIO
  • Self-attested copy of current passport
  • Self-attested copy of expired work permit/ employment visa
  • Self-attested copy of current Indian address proof
  • Self-attested copy of current passport
  • Self-attested copy of PIO/ OCI card (OR) Past Indian passport of self / spouse / parent / grand-parent along with a self-declaration about Indian origin (OR) self-declaration for PIO as given on the relationship form
  • Self-attested copy of Indian work / resident visa
  • Self-attested copy of current Indian address proof

provides different services to its customers some of them are Home loan,Personal loan,Car loan,Two Wheeler loan, Gold loan. You can get IFSC Code,MICR Code, Swift Code for NEFT, RTGF fund transfer.

RFC Savings Interest Rates by Banks (as on 26 May 2024)

Bank Name USDGBPEURAUDCADYEN
Axis Bank0.50%0.50%0.10%0.75%0.50%-
Bank Of India0.09%0.14%----
Canara Bank------
Central Bank Of India0.12%-----
Corporation Bank------
Hdfc Bank0.01%0.01%----
Icici Bank Limited0.25%0.10%----
Idbi Bank------
Indian Bank0.08%0.05%----
Indian Overseas Bank0.09%0.12%-0.03%0.07%-
Indusind Bank1.25%1.45%0.10%---
Karnataka Bank Limited0.17%0.10%-0.10%0.10%-
Laxmi Vilas Bank0.05%0.05%----
Oriental Bank Of Commerce------
Punjab National Bank------
South Indian Bank0.50%0.50%0.50%---
Uco Bank-0.50%-1.50%--
Vijaya Bank------

Key features and benefits of Resident Foreign Currency (RFC) Account

  1. Account is maintained in foreign currency like USD, GBP, etc.
  2. Protect the savings from exchange rate risks.
  3. It can be current, savings or fixed deposit account.
  4. It can be opened either individually or jointly with any other person eligible to open RFC account.
  5. Funds can be repatriated on genuine grounds.
  6. Earn tax exemption on interest accrued.
  7. Loan or overdraft is not granted by the banks against the balance held in RFC accounts.
  8. Fixed Deposit is available in different foreign currencies.
  9. The entire amount brought in by returning Indians from abroad and or balances in their FCNR / NRE accounts can be converted and credited to such accounts.
  10. Balances held in an RFC account are free from all restrictions regarding utilization. They can be utilized for making investments or for remitting money abroad or for making payments or investments in India.
  11. An RFC account can be converted to NRE (non resident external) or FCNR(B) (Foreign Currency Non Resident (Bank)) account, in case the account holder regains NRI status.