Accounts for Returning NRIs
Accounts for Returning NRIs (Resident Foreign Currency Account)
As an NRI relocating back to India, Dhanlaxmi Bank offers you structured deposit schemes that help minimise your income tax liabilities and ensure proper allocation of funds, assets and deposits.
You can continue to hold, own, transfer or invest in foreign currency, foreign securities or any immovable property situated outside India, so long as these investments were made while you were located abroad. You can even maintain and operate your foreign currency accounts with banks abroad with Dhanlaxmi Bank's assistance.
By opening a Resident Foreign Currency account (RFC) in India, you can transfer balances held in Non-Residential External account (NRE) or Foreign Currency Non-Resident Deposit (FCNR) on returning to India. Proceeds of assets held outside India at the time of return can be credited to the RFC account. Funds in the RFC account have no restrictions regarding utilization of foreign currency balances, including restrictions on investments outside India.
- NRIs returning to India can retain their foreign earnings in convertible foreign exchange.
- All NRE or FCNR funds, foreign exchange remittances, travellers’ cheques, foreign currency notes etc. can be credited to the RFC account.
- An RFC account can be either a savings or current account or a term deposit of a tenure between six months and three years. It can be held jointly with other eligible residents.
- Funds in an RFC account can be sent abroad for any authentic purpose without RBI approval. Withdrawals in Indian rupees are allowed for local payments.
- If the account holder gains NRI status once again, the account can be designated as a NRE account or a Foreign Currency Term Deposit.
- NRIs who have been residing abroad for at least a period of one year.
- All the requisites for complying KYC norms
- Attested copies of Passport and stamped work permit /visa
- Two photos
- Original documents needed for verification when opening account