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Last Modified : Apr 23, 2007 1:13 PM
 
Resident Foreign Currency (RFC) account






   
Credits to the Account
Debits to the Account
Definition of close relatives (as defined in the Companies Act)
     
A Non-Resident Indian upon his / her return to India can open, hold and maintain in India a Resident Foreign Currency (RFC) Account to keep his / her Foreign Currency assets.

RFC Account can be maintained in the form of a Current or Savings or Term Deposit (minimum period 1 month, maximum period 3 year with applicable simple interest) account in cases where the account holder is an individual and in the form of current account or term deposit account in all other cases.
 
Credits to The Account

Following credits are allowed in RFC accounts :
1) Remittances from outside India representing
a) Funds in Bank accounts outside India held by NRIs
b) Income such as dividend, interest, profit, rent etc. earned on eligible assets held abroad;
c) Sale proceeds of eligible assets
2) Pension or other monetary benefits received from outside India arising out of employment taken up outside India prior to returning to India.
3) Interest earned on RFC account.
4) Foreign Currency Notes / TCs brought back by returning NRIs.
5) Balances in NRE / FCNR Accounts of the account holder.
     
Debits to The Account

The funds in a RFC account are free from all restrictions regarding utilisation of the Foreign Currency balances including any restriction on investment outside India.
     
Definition of close relatives (as defined in the Companies Act)

Two persons shall be deemed to be ‘relatives’ if and only if, -
a) They are members of a Hindu Undivided Family or
b) They are husband and wife or
c) The one or the spouse of the one is related to the other or the spouse of the other as parent and child, grandparent and grandchild or brother and sister;
d) The one is related to the other in the manner indicated in schedule I-A
 
SCHEDULE I-A : List of Relatives
  1. Father
  2. Mother (including step-mother)
  3. Son (including step-son)
  4. Son’s wife
  5. Daughter (including step-daughter)
  6. Father’s father
  7. Father’s mother
  8. Mother’s mother
  9. Mother’s father
  10. Son’s son
  11. Son’s son’s wife
  12. Son’s daughter
  13. Son’s daughter’s husband
  14. Daughter’s husband
  15. Daughter’s son
  16. Daughter’s son’s wife
  17. Daughter’s daughter
  18. Daughter’s daughter’s husband
  19. Brother (including step-brother)
  20. Brother’s wife
  21. Sister (including step-sister)
  22. Sister’s husband
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