Resident Foreign Currency Accounts for Returned Indians

As a returned NRI, if you choose to stay back in India for an indefinite period, you may open a 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.

Resident Foreign Currency (Domestic) Accounts for Resident Individuals

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 who is not a resident in India, as an honorarium or gift or you have received the same for rendering any services or by a settlement of any lawful obligation. It may also be your unspent foreign exchange acquired by you from any authorized 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.

Resident Foreign Currency Accounts by Diplomatic Missions / Diplomats and their family members

Foreign diplomatic missions and diplomatic personnel and their family members in India may open rupee deposits with an AD Bank.

Rupee-denominated accounts
Rupee Denominated Accounts

Diplomatic missions, diplomatic personnel and non-diplomatic staff, who are the nationals of the concerned foreign countries and hold official passports of foreign embassies in India can open foreign currency accounts in India. The account may be held in the form of a current or term deposit account, and in the case of diplomatic personnel and non-diplomatic staff, may also be held in the form of a savings account. Such accounts can be credited by way of inward remittances and from the rupee account of the diplomatic mission in India. Funds held in such an account if converted in rupees shall not be converted back into foreign currency. The funds in the account may be repatriated outside India without the approval of the Reserve Bank.

Diverse options
Diverse Options

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