Introduction
RFC (Resident Foreign Currency) Fixed Deposits offer an excellent financial solution for returning NRIs and PIOs (Persons of Indian Origin) who wish to maintain their savings in foreign currencies. These deposits provide the flexibility to hold funds in major international currencies like US Dollars, Euros, and Pounds Sterling, while safeguarding your funds against exchange rate fluctuations.
Eligibility Criteria for RFC Fixed Deposit
You are an NRI who returned to India on or after 18th April, 1992.
You were resident outside India for a continuous period of at least 1 year before your return.
You have permanently settled in India since your return.
With HDFC Bank, you can open a RFC Fixed Deposit in three major foreign currencies. These include the United Stated Dollar (USD), the Great Britian Pound Sterling (GBP) and the Schengen Zone EURO.
For RFC Deposits, the interest is calculated on a half yearly basis. Interest for re-investment deposits is calculated every six months and the principal is increased to include the interest earned during the previous six months. To learn about the RFC Account interest payout, you can visit your nearby HDFC Bank branch, contact a relationship manager, or reach out to our customer care helpline.
Yes, you can assign a nominee to your RFC Fixed Deposits. In case your RFC FD is booked without nomination details, you can visit the bank Branch or contact your relationship manager to update the same. If the FD is not booked or renewed as per applicable terms and conditions, the Bank reserves the right to rebook the same with the correct details.