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Resident Foreign Currency Term Deposit
Axis Bank offers NRIs who have returned to India or have been residing in India continuously for more than one-year, Resident Foreign Currency Term Deposit.
With the RFC Term Deposit, you can avail high returns on foreign currency deposits, without foreign exchange conversion risk. Additionally, the balance in your account including the interest earned will remain fully repatriable.
Features & Benefits
Avail attractive interest rates
Avail high interest rates on your deposits. For details, check interest rates on NRI Deposits
Currency of Deposit
Any permitted foreign currency
Permitted Credits
- Remittance from abroad such as funds in bank account outside India, income such as dividend, interest, profit, rent, etc., sale proceeds of eligible assets abroad
Withdraw from deposit if and when you need to
- USD- No penalty for individual deposit below USD 1 million
Permitted Credits
- Remittance from abroad such as funds in bank account outside India, income such as dividend, interest, profit, rent, etc., sale proceeds of eligible assets abroad
- Pension or other monetary benefits received outside India, arising out of employment outside India prior to his returning to India
- Interest earned on RFC account
- Foreign currency notes or travellers cheques
- Transfer from other RFC accounts
- Balance transferred from NRE or FCNR accounts
- Transfer from RIFEE account
Remittance out of the accounts after the account holder’s death
- If the nominee is a person resident outside India, then funds may be remitted outside India to the extent of his share or entitlement from the account of the deceased
- If the nominee is resident in India, and for meeting the liabilities of deceased, wants to remit funds outside India, he can do so after obtaining permission from RBI
Withdraw from deposit if and when you need to
- USD- No penalty for individual deposit below USD 1 million
- EURO- No penalty for individual deposit below EURO 1 million
- GBP - No penalty for individual deposit below GBP 750,000
- AUD- No penalty for individual deposit below AUD 1.5 million
- CAD- No penalty for individual deposit below CAD 1.5 million
Permissible Debits
Any bona fide remittance outside India through normal banking channels, withdrawals or payments in India (in Indian rupees),
transfer to other RFC accounts
Payment in foreign currency in India can be permitted only with the permission of RBI
Eligibility for Resident Foreign Currency Term Deposit
The following individuals are eligible to open Resident Foreign Currency Term Deposit:
NRI (Non Resident Indian)
An Indian citizen residing outside India for the purpose of:
- Employment, studies, business or vocation
- Individual posted in UN organisation or official deputed abroad by Government of India or public sector undertakings
- Indian nationals who may be Mariners or working on oil rigs or foreign registered airlines
PIO (Person of Indian origin)/ OCI (Overseas Citizen of India)
An individual holding a Foreign passport (other than Pakistani and Bangladeshi) who:
- Has held an Indian passport at any point of time
- Parent or their grandparent was Citizen of India by virtue of the Constitution of India or India Citizen Act 1955
- Is a spouse of an Indian Citizen or spouse of PIO
Documentation for Resident Foreign Currency Term Deposit
To know more about documents, please click here
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