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Foreign Currency Accounts of Residents
What is a Resident Foreign Currency (RFC) account?
An RFC account is a foreign currency account maintained by a resident Indian (who was previously a non-resident) to hold foreign currency assets brought back to India upon return.
What is the maximum amount of foreign currency that can be held in an RFC(D) account?
No upper limit is prescribed for RFC(D) account balances.
Who is eligible to open an RFC account in India?
A person who was a Non-Resident Indian (NRI) and has returned to India for permanent settlement (i.e., become a resident) is eligible to open an RFC account.
Can proceeds from foreign currency travellers' cheques be credited to an RFC(D) account?
Yes, unspent foreign currency travellers' cheques can be credited to RFC(D).
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