RFC Deposits
- Deposits for returning NRI’s who is residing in India currently.
- Funds from overseas which the customer 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.
- Deposits are booked 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.
- A Resident close relative can also join under ‘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.
