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FOREIGN CURRENCY ACCOUNTS FOR RESIDENTS AND OTHER ASPECTS
What is an RFC (Resident Foreign Currency) account and who can open it?
An RFC account is a foreign currency account that can be opened by a person resident in India who was previously a Non-Resident Indian (NRI) and has returned to India after being a non-resident for not less than one year.
What is the maximum period for which an RFC account can remain dormant before banks impose restrictions?
Banks apply dormancy rules typically after 2 years of inactivity.
In which currencies can RFC accounts be maintained?
RFC accounts can be maintained in any permitted currency, i.e., a foreign currency which is freely convertible, such as USD, GBP, EUR, JPY, and other major currencies.
Can the proceeds of life insurance policies received in foreign currency be credited to an RFC account?
Yes, foreign currency insurance proceeds can be credited to RFC accounts.
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