- From an individual who is not a resident of India, as either an honorarium or gift.
- In exchange for rendering any service.
- As settlement of any lawful obligation.
You can also fall back on the account to store unspent foreign exchange you might have procured from an authorised person while you were travelling abroad.
Do note that the accruals earned via this account be converted during a calendar month into rupees either on or before the last day of the succeeding calendar month.
To get a clearer picture of how a Domestic RFC Account functions, reach out to an SBM Bank branch official.
As an NRI (Non-Resident Indian) returning home, you may require the right infrastructure and tools to manage your finances in India. If you plan to stay in India on a permanent basis (typically for more than 6 months and longer), then opening a Foreign Currency Account can be a beneficial option. With an RFC account, you can park your funds in a foreign currency and manage your finances seamlessly. As a returning NRI, you can open an RFC Account with SBM Bank as a Savings Account, Current Account and Term Deposit. You can park funds in USD, GBP and EUR. Your account funds are repatriable throughout your life. If you change your residential status to NRI, you can open an NRE Account or FCNR Deposit using your RFC Account funds.
We offer RFC Accounts for officials on diplomatic missions or diplomats residing in India. Additionally, our services extend to their family members, subject to regulatory guidelines, ensuring a seamless banking experience.
Our offerings also include accounts for non-diplomatic staff, who are nationals of foreign countries and hold passports from foreign embassies in India, enabling them to open RFC Accounts.
Key Points About the Diplomatic RFC Account:
- This RFC Account can be held as a Current or Term Deposit account.
- Diplomatic personnel and non-diplomatic staff also have the option to hold the account as a Savings Account.
- Accounts can be credited through inward remittances or the rupee account of the diplomatic mission in India.
- Once funds are converted to rupees, they cannot be re-converted into foreign currency.
- Funds in RFC Accounts can be repatriated outside India without prior Reserve Bank of India approval.
For diplomats and non-diplomatic staff seeking additional options, consider our FCNR Deposit offerings for diversified banking solutions.
