Resident Foreign Currency (RFC) Savings Account
The Resident Foreign Currency (RFC) Savings Bank Account by Karnataka Bank is a specialized offering for NRIs who have returned to India for permanent settlement. This account is an essential tool for managing your foreign earnings and assets once you've made India your home again. Whether it's pension, rental income, or proceeds from assets held abroad, the RFC account enables you to credit these earnings smoothly. What sets this account apart is its freedom from restrictions on the utilization of foreign currency balances. This means you can invest your funds without boundaries, a critical factor for those who have spent significant time abroad. Read more
Why this account is for you
Build your future with our savings accounts
Transfer and manage your global earnings in India, aligning your international assets with local needs
Repatriate current income like rent or dividends, ensuring your funds are always within reach
Share financial responsibilities with family in India by opening a joint account with resident Indians
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Eligibility criteria
- NRIs returning to India for permanent settlement
- Resided outside India for a continuous period of not less than 1 year
Documents required
- Photocopy of passport pages with personal details
- PAN card or Form 60
- Valid visa and immigration stamps showing at least 1 year of foreign stay
As easy as 1,2,3...
Apply for a savings account in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your account is opened
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Got questions? We’ve got answers.
An RFC (Resident Foreign Currency) Account is for NRIs who've returned to India for permanent settlement. It allows you to manage your foreign earnings and assets in India. You're eligible if you've lived abroad for at least 1 year before returning.
You can fund your RFC Account by transferring from your existing NRE/FCNR accounts or by remitting foreign currency notes or travellers cheques.
Yes, pensions, rentals, and other monetary benefits received from abroad can be directly credited into your RFC Account.
No, there are no restrictions on the utilization of foreign currency balances in your RFC Account, including investments inside or outside India.
Yes, the RFC Account is accessible via internet and mobile banking, making it easy to manage your funds online.
Tax implications for RFC Accounts can vary based on individual circumstances and regulations. We recommend consulting with a tax advisor for specific guidance.
For individuals who have recently returned to India after an extended stay abroad, or for those with foreign income sources, the RFC account (short for Resident Foreign Currency Account) is a versatile financial tool to consider. This specialized account allows you to seamlessly manage foreign earnings and assets while residing in India. With an RFC Savings Account, you can take advantage of competitive interest rates to grow your foreign currency holdings steadily. Whether you're looking to safeguard your foreign earnings, diversify your investments, or simply plan for your financial future in India, the RFC account provides a flexible and practical solution.
The acronym RFC stands for Resident Foreign Currency Account, which plays a crucial role in facilitating financial transactions and investments for returning residents or individuals with foreign income sources. This unique banking offering is specifically tailored to cater to the financial needs of those who have returned to India after a period of overseas residence or have foreign income sources. The RFC account empowers you to hold, manage, and transact in foreign currencies while enjoying the convenience of a domestic bank account. Whether you're a returning resident or an individual with global financial interests, the RFC account provides the means to make the most of your foreign currency assets while living in India, offering financial stability and growth opportunities tailored to your specific requirements.
