Resident Foreign Currency Accounts

CSB RFC Deposit Scheme

A unique scheme for returning NRIs

Joint A/Cs

Permitted to include resident close relative(s) as a joint holder(s) on ‘Former or Survivor’ basis

Types

Savings, Current, Term Deposits

Period

Minimum 12 months, Maximum 36 months

Currency

Designated currencies

Remittances to the a/c

Foreign exchange by way of

• Superannuation, pension, or other monetary benefits from employer outside India
• Conversion of assets held abroad
• Gift/inheritance from a person outside India

Tax benefits

Exempt during 'RNOR' (Resident but Not Ordinarily Resident) status

Other Important Features:

• NRE/FCNR (B) deposit held at the time of return can be converted into RFC account
• Balance held in the account is free from all restrictions and can be utilized for investments outside India
• Premium of a policy issued by an insurer outside India can be remitted by debit to the account
• Immovable property outside India can be purchased out of balances held in the account
• Balance, being held in foreign currency, is free from exchange risk on account of depreciation of rupee
• Balances can be converted into NRE/FCNR (B) account upon change in the depositor's residential status to non-resident