Account for returning nris

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More About Account for Returning NRI

Features of Resident Foreign Currency Account

  • RFC Accounts can be opened in multiple foreign currencies, typically USD, GBP, and EUR. 

  • The funds in an RFC Account are fully repatriable, which means they can be transferred back to a foreign account if needed. 

  • The account earns interest, which is exempt from tax in India under certain conditions. 

  • The account holder can freely deposit and withdraw funds in foreign currency.  

  • The account is available to returning NRIs who have been abroad for a continuous period of not less than one year

Telegraphic/Wire Transfer

Benefits of Resident Foreign Currency Account

  • Facility to maintain foreign earnings in their original currency, shielding them from exchange rate fluctuations. 

  • Funds are fully repatriable for legitimate purposes, facilitating easy transfers abroad. 

  • Open the account in major currencies like USD, EURO, and GBP. 

  • Enjoy tax exemptions on interest income when declaring Resident But Not Ordinarily Resident (RNOR) status.  

  • Manage investments and finances across international borders efficiently. 

Telegraphic/Wire Transfer

How to apply for a Resident Foreign Currency Account?

  • To apply for this RFC Account, take the following steps: NRI-> SAVE-> NRI Accounts-> Offerings For Returning NRIs. 
How to apply for a Resident Foreign Currency Account?

Frequently Asked Questions

A Resident Foreign Current Account is an Account designed for Returning NRIs. You can open a Resident Foreign Currency Account (RFC) at HDFC Bank if you are an NRI returning to India permanently. This account lets you keep your foreign earnings in their original currency. Individuals can also enjoy tax exemptions on interest income when declaring Resident But Not Ordinarily Resident status.  

To qualify for a Resident Foreign Currency Account at HDFC Bank, NRIs must have returned to India for permanent settlement after residing abroad continuously for at least one year.

You can connect with HDFC Bank officials or visit the nearby HDFC Bank branch to learn about the account opening process.