- 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, ensuring a seamless banking experience, subject to regulatory guidelines.
We also provide non-diplomatic staff, who are nationals of other foreign countries and hold passports of foreign embassies in India the option to open RFC Accounts.
Here are a few key points to remember regarding the Diplomatic RFC Account:
- This type of RFC Account can be held in the form of a Current or Term Deposit account.
- If the person opening the account is a diplomatic personnel or non-diplomatic staff, they can also hold the account in the form of a Savings Account.
- Accountholders can easily credit such accounts via inward remittances or via the rupee account of the diplomatic mission in India.
- Do note that once the funds held in these accounts are converted to rupees, they cannot be re-converted into foreign currency.
- Plus, the funds held in this type of RFC Account can be repatriated outside the country without prior approval of the Reserve Bank of India.
