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If you are an NRI who has lived in India permanently for a continuous period of not less than one year, you may open a resident foreign currency account. This is the appropriate account for you if you want to keep your money in foreign currency even after becoming a resident. By giving the required documentation to a licenced dealer, you can open this account.
Check Out NoBroker’s NRI Property Management Services! Calculate your EMI on a home loan with the help of the NoBroker EMI calculator. With NoBroker's house loan services, you may get a stress-free home loan disbursement.Ideally, the following six currency denominations, you can open an RFC Account:
British Pound
US Dollar
Euro
Australian Dollar
Canadian Dollar.
Japanese Yen
When returning to India, leave foreign currency in a secure location.
Open accounts in USD or GBP are entirely refundable, including interest.
Upon regaining NRI status, the money may be transferred back to an NRE account.
I hope this suffices your query about what RFC account means.
What are RFC account features?
Before opening an account, take into account the following features of an RFC Account:
The RFC Account balance can be transferred or repatriated if you, the account holder, relocates abroad and once again becomes a non-resident.
Any NRI who has relocated to India may register or maintain this account.
The available balance in your RFC account may be repatriated abroad or the accounts may be changed into NRE Accounts or FCNR Accounts if you opt to return to being an NRI or a Non-Resident.
Only a few required documents are needed to open the account. They consist of;
a photocopy of the pages containing each applicant's passport information and personal information
Copy of Form 60 or the Permanent Account Number (PAN) (in absence of PAN)
a replica of a valid visa and immigration stamps proving a minimum one-year stay abroad
A photocopy of your passport and an RFC declaration form
I would like to conclude here as I believe this suffices your query about a resident foreign currency account.
Read More:
How to Deposit Foreign Currency into a Bank Account? How Can I Deposit Money in NRE Account from India? Who can Open NRE Account: Full Explanation?Your Feedback Matters! How was this Answer?
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What is RFC Account?
Priya
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2022-09-02T20:57:29+00:00 2022-09-02T20:57:30+00:00Comment
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