RFC Savings Interest Rates (as on 06 Dec 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.
| NRI | PIO |
|---|---|
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RFC Savings Interest Rates by Banks (as on 06 Dec 2024)
| Bank Name | USD | GBP | EUR | AUD | CAD | YEN |
|---|---|---|---|---|---|---|
| Axis Bank | 0.50% | 0.50% | 0.10% | 0.75% | 0.50% | - |
| Bank Of India | 0.09% | 0.14% | - | - | - | - |
| Canara Bank | - | - | - | - | - | - |
| Central Bank Of India | 0.12% | - | - | - | - | - |
| Corporation Bank | - | - | - | - | - | - |
| Hdfc Bank | 0.01% | 0.01% | - | - | - | - |
| Icici Bank Limited | 0.25% | 0.10% | - | - | - | - |
| Idbi Bank | - | - | - | - | - | - |
| Indian Bank | 0.08% | 0.05% | - | - | - | - |
| Indian Overseas Bank | 0.09% | 0.12% | - | 0.03% | 0.07% | - |
| Indusind Bank | 1.25% | 1.45% | 0.10% | - | - | - |
| Karnataka Bank Limited | 0.17% | 0.10% | - | 0.10% | 0.10% | - |
| Laxmi Vilas Bank | 0.05% | 0.05% | - | - | - | - |
| Oriental Bank Of Commerce | - | - | - | - | - | - |
| Punjab National Bank | - | - | - | - | - | - |
| South Indian Bank | 0.50% | 0.50% | 0.50% | - | - | - |
| Uco Bank | - | 0.50% | - | 1.50% | - | - |
| Vijaya Bank | - | - | - | - | - | - |
Key features and benefits of Resident Foreign Currency (RFC) Account
- Account is maintained in foreign currency like USD, GBP, etc.
- Protect the savings from exchange rate risks.
- It can be current, savings or fixed deposit account.
- It can be opened either individually or jointly with any other person eligible to open RFC account.
- Funds can be repatriated on genuine grounds.
- Earn tax exemption on interest accrued.
- Loan or overdraft is not granted by the banks against the balance held in RFC accounts.
- Fixed Deposit is available in different foreign currencies.
- 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.
- 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.
- 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.