📝 One-liners · 65 cards
Foreign currency accounts for residents
What is a Resident Foreign Currency (RFC) account?
An RFC account is a foreign currency account opened by a resident individual in India who has returned from abroad, allowing them to hold and maintain foreign currency assets earned while non-resident.
What is the minimum period for which an RFC account can be maintained?
No minimum period is prescribed for RFC accounts.
Who is eligible to open an RFC account in India?
Persons of Indian origin or Indian citizens who were non-residents and have returned to India for permanent settlement are eligible to open RFC accounts.
Can RFC account balances be used to make investments abroad?
Yes, RFC balances can be freely invested or used abroad.
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