The Resident Foreign Currency [RFC(D)] fixed deposit account by Ujjivan SFB is tailored for NRIs who have returned to India for permanent settlement.
Enjoy high Returns on Foreign Currency deposits, without foreign currency conversion risk. Additionally, the balance including the interest earned will remain fully repatriable.
Enjoy competitive interest rates on RFC Fixed Deposit Account.
Flexible Tenure from 1 to 3 Years
Safeguard your deposits against exchange rate fluctuations
(For periods exceeding 12 months, deposits are permitted only in multiples of 3 months (e.g., 15, 18, 21 months, etc).
Attractive interest rates
You can hold your deposits in USD, GBP and EUR Currency
Nomination Facility can be availed
Minimum Deposit value would be 500 USD/GBP/EUR
Principle and Interest are fully repatriable
*The account can be converted to FCNR (B) OR NRE accounts in case the person regains NRI status.
NRI who has returned to India on or after 18th April, 1992
Resident outside India for a continuous period of not less than 1 year prior to your return
Permanently settled in India since your return
In case of a new customer (Erstwhile NRIs) , an individual Savings Account in INR must be opened first. Then RFC(D) fixed deposit Account will be opened under the same Customer ID of the individual’s Savings account.
RFC Deposits AOF Click Here
An RFC(D) account can be opened in USD, GBP and EUR currency. Deposits in multiple currencies in a single account are not permitted
The minimum amount is 500 in USD/GBP/EUR currency.
No, there are no restrictions on the utilization of foreign currency balances in your RFC Account, including investments inside or outside India.
The funds in a Resident Foreign Currency (RFC) Account may be freely utilised by the account holder without any restriction on the use of foreign currency balances, including for investment or remittance outside India subject to applicable RBI and FEMA guidelines.
You can create your RFC Deposit as per below tenure:
Minimum period of 12 months (1 year)
Maximum period of 36 months (3 years)
For periods exceeding 12 months, deposits are permitted only in multiples of 3 months (e.g., 15, 18, 21 months, etc).
No interest is payable, if deposit is withdrawn before one year
If the deposit is withdrawn after completion of one year, the interest paid shall be 1.00% below the rate applicable for the period deposit has remained with the Bank or 1.00% below the contracted rate, whichever is lower.
The interest on the deposits accepted under the scheme should be paid on the basis of 360 days to a year.
Interest is paid at a frequency of 180 days each from date of Term Deposit and thereafter for the remaining actual number of days
Resident Foreign Currency (RFC) deposit account can be held jointly with another eligible individual on a Former or Survivor, Either or Survivor, Anyone or Survivor basis.
The joint holder can be:
Yes, you can register a nominee for this account.
No, you will not get a cheque book or an ATM-cum-debit card with your RFC(D) Deposit.
No, NRO funds cannot be used to create RFC deposit.
Transaction related to RFC(D) account will handled only at base branch (i.e. the branch where the account was opened)
Interest earned on RFC (Resident Foreign Currency) deposits may be subject to tax depending on the residential status of the account holder.
Any tax liability on interest earned from RFC deposits must be managed and paid by the customer themselves.
