Resident Foreign Currency Account (RFCA)

A person resident in India can open, hold and maintain a Resident Foreign Currency (RFC) Account, out of foreign exchange: -

(a) received as pension or any other superannuation or other monetary benefits from his employer outside India; or

(b) realised on conversion of assets which were acquired, held or owned by such person when he was resident outside India.

(c) received or acquired as gift or inheritance from a person who was resident outside India.

(d) acquired or received before the 8th day of July, 1947 or any income arising or accruing thereon which is held outside India by any person or acquired as gift or inheritance therefrom.

The funds held in these accounts shall be free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment in any form, by whatever name called, outside India.

These deposits can be maintained under Savings, Current and Term Deposits. Term Deposits can be accepted for a minimum period of 1 month to maximum period of 5 years.

These accounts can be opened at all branches of Punjab National Bank, which are authorised for handling foreign exchange business.

Interest rates on RFC Accounts