RFC Domestic Account Important Instruction

Know about RFC Domestic Current Account important instruction

  • In accordance with Reserve Bank of India, the balances outstanding in all EEFC / Diamond Dollar Account (DDA) and RFC (D) Accounts – as on the last day of a Current month – will be converted into Rupees by the Bank on the last working day of the succeeding month.
  • If the account holder does not wish it to happen, they need to utilise the balance before the last day of the succeeding month.
  • Such mandatory conversion by the bank will be done at the prevailing TT buying card rate.
  • If the customer has booked Forward Contract/s for conversion of balances in these accounts at a future date (beyond last day of the succeeding month), the Bank will deduct this contracted amount from the eligible amount for the mandatory conversion.
  • If a customer has any payment to be made in future from these accounts beyond the last day of the succeeding month, they need to inform the Bank before 25th of the succeeding month in writing. The customer needs to submit the underlying documents of such future transaction/s.
  • This will be an on-going procedure till the Bank receives revised instructions from Reserve Bank of India.
  • Click here to read the Terms & Conditions

Frequently Asked Questions

You have the option to retain your foreign exchange earnings in the currency you receive the funds. At any time, you can convert them by transferring to your current or savings account. By doing so, you can benefit from preferential rates at the time of conversion, resulting in savings on your costs. Additionally, you can conveniently track your funds through monthly statements or by logging into NetBanking.

Terms and Conditions Apply

If you are a Non-Resident Indian (NRI) who has returned to India for permanent settlement for at least one continuous year, you are eligible to open a Resident Foreign Currency (RFC) Account. This account is suitable for individuals who wish to maintain their funds in foreign currency even after becoming a resident.