As a returned NRI, if you choose to stay back in India for an indefinite period, you may open Resident Foreign Currency Account with SBM Bank (India) and earn more on your foreign currency savings. You may park such funds in Savings / Current & Term Deposit accounts in USD, GBP & EUR which remains fully repatriable throughout your life. You may convert these funds for opening an NRE / FCNR account if your status changes to Non-Resident later. Open an account today and enjoy these facilities.
As a resident Indian, you are permitted to open and hold foreign currency in a Resident Foreign Currency (Domestic) Account acquired by you on your visit to any place outside India or the said amount had been given to you by any person not resident in India as an honorarium or gift or you have received the same for rendering any services or by settlement of any lawful obligation. It may also be your unspent foreign exchange acquired by you from any authorised person for your travel abroad, etc. You will have to convert the accruals in this account during a calendar month into Rupees on or before the last day of the succeeding calendar month. An SBM Branch official will be able to explain the product further.
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