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Introduction

The RFC (Resident Foreign Currency) Savings Account is tailored for individuals residing in India who earn income in foreign currencies. This specialised account allows holders to deposit, hold and manage funds in major foreign currencies while enjoying benefits such as tax-free interest earnings and protection against currency fluctuations.

Key Features of RFC Savings Account

  • Preserve your foreign earnings in their original currency, shielding against exchange rate fluctuations.
  • Quickly transfer funds to NRI Accounts upon regaining NRI status.
  • Withdraw cash in Indian Rupees as needed.
  • Benefit from tax exemptions on interest under Resident But Not Ordinarily Resident status.
  • Repatriate funds for legitimate purposes seamlessly.
  • Utilise the nomination facility for added security.
  • Access free Email Statement facility for convenient account tracking.
  • Enjoy complimentary 24-hour Phone Banking services.
  • Bank conveniently at any of our branches across India.

More Info

Features of RFC Savings Account

  • You can preserve your foreign earnings in their original currency and safeguard yourself  against exchange rate fluctuations.
  • You can transfer funds to NRI Accounts swiftly upon regaining NRI status.
  • You can withdraw cash in Indian Rupees as and when needed.
  • Enjoy tax exemptions on interest under Resident But Not Ordinarily Resident status.
  • You can repatriate funds for legitimate purposes seamlessly.
Card Reward and Redemption

Benefits of RFC Savings Account for NRI

  • Make use of the nomination facility for added security.
  • Enjoy free Email Statements for seamless account tracking.
  • Access complimentary 24-hour Phone Banking services.
  • Explore banking services at any of our branches across India for convenient fund management.
Card Management & Control

Frequently Asked Questions

An RFC Savings Account is usually associated with Regulated Financial Corporation (RFC) entities, which are institutions that provide financial services under specific regulatory frameworks. The NRI RFC Savings Account at HDFC Bank enables returning NRIs to keep their foreign earnings in their original currency, shielding them from exchange rate fluctuations. The funds from an existing NRE or FCNR account can be transferred to the RFC Account.

Yes, you can convert the balances held in your NRE Saving Account into an RFC account at the time of converting your residential status in HDFC Bank. This enables you to preserve your foreign currency earnings and convert them into Indian Rupees whenever required.

A NRE Account facilitates the transfer of foreign earnings into Indian Rupees. In contrast, an RFC Account lets you maintain your foreign earnings and convert them into Indian Rupees as required. RFC Accounts can only be opened by returning PIOs (Persons of Indian Origin) or NRIs who have permanently settled in India after being resident outside India for a continuous period of not less than one year. On the other hand, NRE Accounts can be opened by any NRI, PIO or OCI.

You can apply for an RFC Savings Account by visiting HDFC Bank's official website and adhering to the following steps: NRI-> SAVE-> NRI Accounts-> NRI Savings Account-> RFC Savings Account.