Resident Foreign Currency Accounts | FCNR Deposit

From an individual who is not a resident of India, as either an honorarium or gift.
In exchange for rendering any service.
As settlement of any lawful obligation.

You can also fall back on the account to store unspent foreign exchange you might have procured from an authorised person while you were travelling abroad.

Do note that the accruals earned via this account be converted during a calendar month into rupees either on or before the last day of the succeeding calendar month.

To get a clearer picture of how a Domestic RFC Account functions, reach out to an SBM Bank branch official.

As an NRI (Non-Resident Indian) returning home, you may require the right infrastructure and tools to manage your finances in India. If you plan to stay in India on a permanent basis (typically for more than 6 months and longer), then opening a Foreign Currency Account can be a beneficial option. With an RFC account, you can park your funds in a foreign currency and manage your finances seamlessly. As a returning NRI, you can open an RFC Account with SBM Bank as a Savings Account, Current Account and Term Deposit. You can park funds in USD, GBP and EUR. Your account funds are repatriable throughout your life. If you change your residential status to NRI, you can open an NRE Account or FCNR Deposit using your RFC Account funds.

We offer RFC Accounts for officials on diplomatic missions or diplomats residing in India. Additionally, our services extend to their family members, subject to regulatory guidelines, ensuring a seamless banking experience.

Our offerings also include accounts for non-diplomatic staff, who are nationals of foreign countries and hold passports from foreign embassies in India, enabling them to open RFC Accounts.

Key Points About the Diplomatic RFC Account:

This RFC Account can be held as a Current or Term Deposit account.
Diplomatic personnel and non-diplomatic staff also have the option to hold the account as a Savings Account.
Accounts can be credited through inward remittances or the rupee account of the diplomatic mission in India.
Once funds are converted to rupees, they cannot be re-converted into foreign currency.
Funds in RFC Accounts can be repatriated outside India without prior Reserve Bank of India approval.

For diplomats and non-diplomatic staff seeking additional options, consider our FCNR Deposit offerings for diversified banking solutions.

From an individual who is not a resident of India, as either an honorarium or gift.
In exchange for rendering any service.
As settlement of any lawful obligation.

You can also fall back on the account to store unspent foreign exchange you might have procured from an authorised person while you were travelling abroad.

Do note that the accruals earned via this account be converted during a calendar month into rupees either on or before the last day of the succeeding calendar month.

To get a clearer picture of how a Domestic RFC Account functions, reach out to an SBM Bank branch official.

We offer RFC Accounts for officials on diplomatic missions or diplomats residing in India. Additionally, our services extend to their family members, ensuring a seamless banking experience, subject to regulatory guidelines.

We also provide non-diplomatic staff, who are nationals of other foreign countries and hold passports of foreign embassies in India the option to open RFC Accounts.

Here are a few key points to remember regarding the Diplomatic RFC Account:

This type of RFC Account can be held in the form of a Current or Term Deposit account.
If the person opening the account is a diplomatic personnel or non-diplomatic staff, they can also hold the account in the form of a Savings Account.
Accountholders can easily credit such accounts via inward remittances or via the rupee account of the diplomatic mission in India.
Do note that once the funds held in these accounts are converted to rupees, they cannot be re-converted into foreign currency.
Plus, the funds held in this type of RFC Account can be repatriated outside the country without prior approval of the Reserve Bank of India.

FAQs

Although it is easy to get confused between an NRE Account and an RFC Account since both help manage income earned from abroad in some capacity, they are distinct. An NRE Account is available for Non-Resident Indians and helps them handle any income they generate in a country other than India. However, an RFC Account is geared towards people who were living abroad but have now returned to India for a prolonged period. It helps them store and manage any funds they have in a foreign currency.

Yes, an RFC Account is available either to resident Indians or to members of a diplomatic mission. If you are an NRI, you can opt for an NRE or NRO Account.

No. If you are a resident holding an RFC Account, you can transfer the funds parked in the same to an NRE Account upon changing your status to that of an NRI.

Per RBI regulations, an RFC Account can be credited with the following:

Foreign exchange received as superannuation or monetary benefits from the overseas employer
Money received as a result of conversion of assets per section 6(4) of the Foreign Exchange Management Act (FEMA)
Foreign currency received as a gift per section 6(4) of FEMA
Foreign currency received as Life Insurance Corporation (LIC) earnings in the form of claims, maturity or surrendered value that are settled in the foreign currency from an Indian insurance company
Transfer of balance from NRE and FCNR account after change in residential status

Resident Foreign Currency (RFC) Account

How to Open a Resident Foreign Currency Account at SBM Bank?

FAQs

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Resident Foreign Currency (RFC) Account

Domestic RFC Account for Resident Indians

RFC Account for Returning NRIs

RFC Account for Diplomatic Missions/Diplomats and their Family Members

How to Open a Resident Foreign Currency Account at SBM Bank?

FAQs

1. What is the difference between an NRE Account and an RFC Account?

2. Is an RFC Account available only after your convert back to resident status?

3. Can an RFC Account be converted into an NRE Account?

4. What are the permissible credits to an RFC Account?

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