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What’s in store for you –

More benefits than ever before

Banking Benefits

  • Convert at any time by transferring to your Current or Savings Account

Account Benefits

  • Retain foreign exchange earnings in the currency you receive the funds

Transaction Benefits

  • Stay updated on your transactions with free monthly account statements and alerts

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Additional Benefits

Wondering if you are eligible?

You can open an RFC Domestic Current Account if you are: 

  • Resident Indian Individual
  • If you are a new customer, you need to first open a Current or Savings Account with the Bank.
  • This is an individual level account and cannot be jointly held with other account holders.
  • Currently Partnership, Proprietorship, HUF and Minors are not eligible to open such accounts
RFC Domestic Account

Documents required to get you started

For individuals:

Voter ID

Passport

Driving Licence

Aadhaar

For individuals:

Telephone bill

Electricity bill

For businesses:

TAN (Tax Deduction and Collection Account) allotment letter by the Income Tax

Property registration documents

Property Tax/Water Tax bills

Title deeds or rental registration documents

Existing Bank Account statements

Any of the following documents: 

Registration and Licenses issued by Municipal Authorities (e.g., under the Bombay Shops & Establishment Act, 1948)

Professional Tax registration certificate

Business registration certificate issued by the State Government

RBI/SEBI registration certificate

FSSAI license

Import-export license issued by the Director General of Foreign Trade

For NRIs:
Customer declaration confirming:

Funds will come from an NRO/NRE/FCNR Account

The firm does not engage in agricultural activities, print media, or real estate business

For Companies:

Memorandum of Association (MoA)

Articles of Association (AoA)

Certificate of Incorporation

Certificate of Commencement of Business (for Public Limited Companies)

List of Directors

Board resolution appointing signatories

Know more about RFC Domestic Current Account

Application Process

Self-Employed & Others

Please fill in the enquiry form and await a callback to start the Account Opening Process for your RFC Domestic Current Account.

Bank Branch

Please complete the requisite form and share it with your banker. They will guide you on the next steps.

Fees & Renewal

Important Instructions

  • 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 to happen, they need to utilise the balance before the last day of succeeding month.
  • Such mandatory conversion by the bank will be done at the prevailing TT buying card rate.
  • If 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 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.
Contactless Payment

Most Important Terms and Conditions

*The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose. 

Contactless Payment

Frequently Asked Questions

Applying for an RFC Domestic account is easy. Visit our website [RFC Domestic Account] and follow the simple online application process.

An RFC Domestic account offers hassle-free foreign currency account management, preferential rates at the time of conversion, and easy tracking of funds through monthly statements or NetBanking. It also provides convenience with facilities like NetBanking, PhoneBanking and MobileBanking.

You will need to provide identity proof (Aadhaar Card, PAN Card), address proof (Latest Utility Bill, Passport) and income proof (Latest Salary Slips for salaried individuals, Income Tax Returns for self-employed individuals) to open RFC Domestic Account in India.

  • Hassle-free foreign exchange transactions.
  • Easy management of foreign currency funds.
  • Preferential rates for conversion.
  • Convenient tracking of funds through statements and NetBanking.

  • Access to a wide range of banking facilities.
  • Expert customer support and personalised service.
  • Enhanced convenience with online account management.
  • Competitive exchange rates for foreign currency transactions.

To open RFC domestic account online:

  1. Check your eligibility on our website.
  2. Complete the online application form.
  3. Submit the required documents.
  4. Upon approval, receive your RFC Domestic Account details.