An RFC (Resident foreign currency) account can be an excellent option for Indians who have returned to India after spending at least one year abroad and need to manage their earnings in foreign denominations only. You may open an RFC account with any Indian bank that offers this facility and maintain your money in different currencies as per the rule of your bank.
Let’s look at some of the unique features of an RFC account.
Features of an RFC Account:
Documents Required for Opening an RFC Account:
The following documents are to be submitted while applying for an RFC account:
How to Choose a Bank For opening an RFC Account
It is essential to choose a bank that has a good credibility and is known for offering world-class services to its customers. An Indian bank with a strong overseas presence may be the right choice for you. Also, ensure the bank you choose comes with ease of withdrawal of funds in India in INR. Moreover, look at service charges before deciding.
Park Your Foreign Currency Funds with RFC Accounts:
An RFC account helps you to maintain your foreign currency funds safely, with the convenience of operations. Also, if you move abroad later on, the funds can be easily transferred to your NRE or FCNR accounts.
Disclaimer: This content is distributed by ICICI Bank. No TNIE Group journalist is involved in the creation of this content.