RFC Account

RFC accounts can be opened, held and maintained by a person residing in India with an authorised dealer for depositing eligible foreign exchange funds once the individual has ceased to be an NRI.

RFC account also can be opened by citizens of India or Persons of Indian Origin (PIOs) who have been non-residents for a continuous period of not less than one year and who became a resident of India on or after 18 April, 1992. If the account holder goes abroad and becomes a non-resident again, the balance available in the RFC account can be repatriated or the account can be converted into an NRE or FCNR account.