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Resident Foreign Currency Accounts
Resident Foreign Currency Accounts
Submitted by csbadminbank on Wed, 02/10/2016 - 20:30
- Safe parking of foreign currency funds for returning NRI’s who is residing in India currently.
- Funds from overseas which the customer has earned while he held a NRI Status like Superannuation, pension, or other monetary benefits from employer outside India, Conversion of assets held abroad, Gift/inheritance from a person outside India,etc.
- Savings account can be maintained in any permitted currency.
- NRE/FCNR (B) deposit held at the time of return can be converted into RFC account.
- Balances can be converted into NRE/FCNR (B) account upon change in the depositor's residential status to non-resident.
- Account can be opened either individually or jointly in the names of two or more NRIs/ PIOs. Also account can be opened jointly with close relative residents on ‘former or survivor’ basis where the NRI/PIO is the former holder and the Resident holder can operate the account only on death of the primary NR/PIO holder.
