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image RFC CURRENT ACCOUNT


Product: CA DOMESTIC RFC (CARFC)


Eligibility

Returning Indians, who have been outside India for a continuous period of not less than one year and have become residents on or after 18.04.1992 are eligible.

Scheme Code

CA DOMESTIC RFC(CARFC)

Permitted Credits:

  1. Balances held in NRE/FCNR deposit accounts.
  2. Assets held outside India at the time of return can be credited to such accounts.
  3. Forex received as gifts or inheritance.
  4. Proceeds of insurance claims/ maturity/ surrender value settled in Foreign Currency
  5. Salary/Pension/ Royalty etc., received in forex.
  6. Currency Notes/TC brought into India at the time of returning India.

 

Currency

USD/EURO/GBP

Type of Deposit

CA

Rate of Interest

Zero

TDS

As applicable to domestic products

Utilizations of funds

For local withdrawals & all permitted current/capital a/c transactions

Repatriability

Can be repatriated if holder re-attains NRI/PIO Status

How to Control

Same as applicable to FCNR(B) Deposits

Can be open jointly

Individual or Joint Account facility available

Nomination

Available