RFC Fixed Deposit - Rates

Introduction

Secure your international savings with HDFC Bank's Foreign Currency Account RFC FD. Benefit from competitive interest rates tailored for Resident Foreign Currency (RFC) Fixed Deposits, designed to maximize returns on your foreign currency investments. Explore flexible tenure options and seamless repatriation benefits, ensuring your finances are both secure and rewarding

RFC Fixed Deposit Interest Rates

  • The current interest rates for our RFC Fixed Deposits are as follows:
  • Interest rates are subject to change periodically.
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  • The applicable interest rates will be provided as of the date the funds are received by the Bank.
  • Note: As per the bank's Terms and Conditions for Fixed Deposit Accounts, the penalty for premature closure, including sweep-in and partial closures, is set at 1%. This applies to deposits booked on or after January 24th, 2011.
  • To learn more about the current RFC Fixed Deposit Rates, please click here.

 

Frequently Asked Questions

RFC FD is typically offered for a minimum period of 1 year and can go up to 5 years or more, depending on the bank's terms and conditions. The exact duration can vary between banks and is subject to their policies. RFC FDs are meant for individuals who have returned to India after a period of stay abroad and hold foreign currency. These deposits help in managing and utilising foreign currency funds while maintaining them in a deposit account in India.

Yes, RFC FD (Resident Foreign Currency Fixed Deposit) is taxable in India. Interest earned on RFC FD is considered as income and is subject to tax as per the Income Tax Act, 1961. However, if you qualify as a resident but not ordinarily resident in India, you may be eligible for certain tax benefits on your RFC FD. It's advisable to consult with a tax advisor or financial expert to understand the tax implications of RFC FD based on your specific circumstances.

The RFC (Resident Foreign Currency) Account offers several benefits to individuals returning to India after residing abroad. It allows them to maintain their foreign currency earnings in India, reducing the need for frequent conversions. The account offers high flexibility, allowing deposits in various foreign currencies. Interest earned on RFC deposits is exempt from Indian Income Tax if the individual qualifies as a non-resident or a resident but not ordinarily resident (RNOR). Additionally, RFC accounts provide a convenient way to manage foreign currency funds and offer easy repatriation of funds if needed.