RFC Deposits

Resident Foreign Currency Deposits is a strategic way to optimize returns in foreign currency for returning NRIs and manage currency exposure effectively reducing risk associated with currency fluctuations.

Earn up to

7.50 * % p.a.

NRI Savings Account

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8.10 * % p.a.

NRI Fixed Deposits

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$¥€

NRI FX Rates

*T&C Apply

Key Benefits

Foreign Currency denominated fixed deposits for returning NRIs
RFC Deposits are available in two major currencies USD & GBP
Tenure ranging from 1 year to 5 years
Fund the deposit from an existing overseas account or NRE/FCNR accounts held in other Banks
Upon regaining NRI status, transfer funds back to NRE account or re-designate them into FCNR deposits
Interest payout options are - half yearly & reinvestment
Principal amount and interest earned are fully repatriable

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Returning NRIs

RFC Fixed Deposits are ideal for returning NRIs who have returned to India indefinitely and want to keep their overseas earnings in foreign currency

Who can open Resident foreign currency (RFC) fixed deposits?

Non Resident Indians(NRIs) returning permanently to India and wish to hold their overseas earnings in foreign currency can open RFC deposits with the bank.

What are the currencies in which RBL offers RFC deposits?

RFC deposits are offerred in two major currencies USD & GBP.

What is minimum and maximum tenure of the RFC deposit?

Minimum 1 year and maximum 5 years.

What are modes of transferring funds to book a RFC deposit?

Funding to book RFC deposits can be received via foreign inward remittances or via transfer from NRE Fixed deposits/FCNR deposits maintained with any bank or by FCY cheque deposit.

What is the minimum deposit amount for booking a RFC deposit?

Minimum deposit amount is USD 1000 & GBP 1000.

What are the permissible credits in a RFC Deposit?

Following are the permissible credits for booking RFC Deposit:

Closure of existing NRE / FCNR(B) deposits
Pension or superannuation benefits or other monetary benefits from an overseas employer
Credits by converting assets which were acquired as a non-resident Indian or inherited from or gifted by a person resident outside India and repatriated to India
Any income arising or accruing thereon which is held outside India in pursuance of a general or special permission granted by the Reserve Bank; before July 8, 1947
Proceeds of LIC claims/ maturity/ surrendered value settled in forex from an Indian insurance company permitted to undertake life insurance business by the Insurance Regulatory and Development Authority

What are the permissble debits in a RFC Deposit?

Foreign outward remittance
Local funds transfer (NEFT/RTGS/RBL bank account)

Can a customer prematurely withdraw the deposit? Is there any penalty of premature withdrawal of funds?

Yes, customer can prematurely withdraw the deposit. On premature withdrawal of the deposit, interest shall be paid at the rate that was applicable on the date the deposit was placed and only for the period for which the deposit is maintained with the Bank subject to 1% penalty. No interest is paid if deposit is pre-maturely closed within a period of 1 year.

Can the balances in the Non-Resident External (NRE) Account and Foreign Currency Bank [FCNR (B)] Account can be utilized to book RFC deposit?

Yes, The balances in the Non-Resident External (NRE) Account and Foreign Currency Bank [FCNR (B)] Account can be utilized to book RFC deposit when the residential status of the non-resident Indian (NRI) or person of Indian origin (PIO) changes to that of a Resident.

How can customer transfer funds to book RFC deposit?

By following three methods: