Loading

RESIDENT FOREIGN CURRENCY (RFC) ACCOUNT

SAVINGS BANK

Resident Foreign Currency (RFC) Account Savings Bank

Karnataka Bank provides Resident Foreign Currency (RFC) Savings Bank Account for its esteemed NRI Customers who have permanently returned and settled from abroad to India for enable them to receive their Foreign earnings /monetary benefits out of their Asset held outside India.

Features of Display of Account under Internet and Mobile Banking Application under Retail CIF ID.

  • Account can be opened by NRIs on return to India for permanent settlement.
  • Can be opened by transfer from NRE/FCNR account or by remitting foreign currency notes or travellers cheques.
  • Proceeds of assets held outside India at the time of return, can be credited to the account.
  • Pension, rentals and other monetary benefits received from abroad in favour of the account holder can be credited.
  • Funds in RFC account are free from all restrictions regarding utilization of foreign currency balances, including any restriction on investment in any form outside India.
  • NRI who has returned and settled permanently in India since return from abroad ( Resident outside India for a continuous period of not less than 1 year prior to your return.
  • Photocopy of the pages containing passport details and personal details of all applicants.
  • Copy of Permanent Account Number (PAN) / Form 60 (in absence of PAN).
  • Copy of valid visa and immigration stamps showing evidence of foreign stay for at least 1 year.