| Savings - RFC |
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 Main purpose for which normally accounts are opened
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Returning Indians who wish to keep their amounts in Foreign currency only even they intend to stay permanently in India and to avail repatriation facilities. The amounts can be converted/transferred in to NRE/FCNR account consequent to change in the status to NRI again.
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| Currency in which account is maintained |
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Foreign Currency At Present in(USD/ GBP/ EURO/ CAD/ AUD only)
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| Joint Accounts |
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Permitted with other eligible person.
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| Operation of Accounts |
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Mandate or Power of Attorney holder can be appointed P A’S powers are restricted to Local payments or eligible investments or remittance to the account holder himself.
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| Nomination |
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Nominee can be resident/ NRI/PIO
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| Permitted Credits and Debits |
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Credits:
Remittances from abroad/Transfer from other NRE/FCNR a/cs, Interest and Proceeds of Investments made from NRE account or other NRE accounts which are of repatriable nature, pension or any other superannuation or other monetary benefit from his employer outside India.
Debits:
The funds are free from all restrictions regarding utilization of foreign currency balances including any restrictions on investment in any form. |
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| Tax benefits |
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Tax free
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| Nominations |
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Allowed. Nominee can be Resident or Non-resident
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| Repatriation/Repayment |
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Repatriable. Inclusive of interest earned can be repatriated outside India without reference to Reserve Bank of India
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| Documents required/introduction |
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i) Copies of Passport and Residence VISA.
ii) Document indicating Foreign Residential address
iii) Attestation of documents/Introduction
a) Indian Embassy Abroad
b) High Commission/consulate
b) Our Foreign Correspondent Bank
c) Officials from our Representative Offices
d) A local customer who is subjected to full KYC norms
e)A Local Resident subjected to full KYC norms
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