📝 One-liners · 65 cards
RFC, RFC-D A_c, Letter of Credit, Bill of Lading, Packing credit, DDA, FEDAI Rules, ADR GDR
What does RFC stand for in the context of NRI accounts?
RFC stands for Resident Foreign Currency account, a scheme that allows returning NRIs to park their foreign currency savings in India after becoming residents.
What is the minimum balance requirement for maintaining an RFC account?
No minimum balance is prescribed by RBI for RFC accounts.
Who is eligible to open an RFC account in India?
A person who was a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) and has returned to India for permanent settlement is eligible to open an RFC account.
Can interest earned on RFC accounts be repatriated freely?
Yes, interest earned on RFC accounts is fully repatriable.
🔒
Unlock 65 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for RFC, RFC-D A_c, Letter of Credit, Bill of Lading, Packing credit, DDA, FEDAI Rules, ADR GDR.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days