RFC Savings Account in ICICI Bank ICICI

September 30, 2013 11:09
RFC Savings Account in ICICI Bank

 

What is an RFC Savings Account?

An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies - USD and GBP - for NRIs who have returned to India and hold funds in foreign currency.

Features and Benefits

Simple eligibility: account can be opened by any returning Indian.

Flexibility in currency: open your account with any convertible foreign currency; maintain it in 2 foreign currencies: USD, GBP.

Joint holding: in case of joint account, the joint holder must be a returning Indian as well.

Cash withdrawal: in rupees from your branch.

Easy movement: balance in the account including interest earned is fully repatriable.

Easy change of status: if you change your status to NRI, the funds parked in RFC account can be transferred to NRE/FCNR account.Service Charges

You need to maintain a quarterly average balance of USD 250 / GBP 200 or a total relationship size (within the same customer identity number) of INR 25,000.

If you are unable to maintain this minimum balance, quarterly service charges of INR 750 + service tax will be levied.

If you enjoyed this Post, Sign up for Newsletter

(And get daily dose of political, entertainment news straight to your inbox)

Rate This Article
(0 votes)