Union Bank of India- Product

Search

Home You are here : path  Products path International path Foreign Currency Resident

image RESIDENT FOREIGN CURRENCY

NRIs returning permanently after a continuous stay of minimum one-year abroad, can open resident foreign currency accounts with banks in India. Those who have returned after less than a year's stay abroad need to obtain permission from the RBI for opening RFC accounts.

Funds held in a RFC account can be remitted abroad freely without the RBI's approval. The funds can also be withdrawn in rupees to meet payments in India. If one subsequently goes abroad to become an NRI, the balance in their RFC account can be converted to an NRE/FCNR account.

As long as one maintains the status of 'Resident but not Ordinarily Resident', the interest on the deposit will be exempt from tax. The money held in NRE/FCNR accounts and other foreign exchange funds brought in at the time of return can be freely invested in RFC deposits. So also, any income from assets which one continue to maintain abroad.


union

union

  • Rewarded

    Rewarded

    Earn reward points on transactions made at POS and e-commerce outlets

  • Book your locker

    Book your locker

    Deposit lockers are available to keep your valuables in a stringent and safe environment

  • Financial Advice?

    Financial Advice?

    Connect to our financial advisors to seek assistance and meet set financial goals.

  • ATM & Branch Network

    ATM & Branch Network

    Find PNB Branches and ATMs in proximity to your location.