Thursday, January 17, 2013

TOI: RFC accounts for returning NRIs

RFC accounts ( Resident Foreign Currency) are bank accounts that can be maintained by resident Indians in foreign currency. These accounts are especially useful for Non Resident Indians (NRI) who return to India and would like to bring back foreign currency from their overseas bank accounts. In this article, let's take a look at the features of RFC accounts for returning NRIs.

Note: The RFC account discussed in this article is particularly for returning NRIs. There is also an RFC (Domestic) account that can be opened by resident Indians. The features of the RFC (Domestic) account are slightly different and are not discussed in this article. 


Who can open? 
Currencies 
Type and form of account 
Interest 
Deposits and withdrawals 
RFC to NRE 
Nomination 
Documents needed for opening RFC account 

Read more details at TOI
Source: TOI

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